Money Management With Severe Mental Illness

 

When I was younger I had a lot of mixed up ideas about money, and they only got worse as I got older and had to take care of myself. I was a bit of a math whiz in school, having taught myself to program my computer to do such things as play games of chance, create graphic designs, calculate mortgages and do my math homework much faster than when I did it without my computer. When I look at this bridge, I think of the old one that was rusting and getting very old, and I get pretty fascinated with the design of it. A friend who is a much better photographer, took a night shot from around this angle and used a long exposure to make the lights of oncoming cars into a streak of white light, and cars going away a red streak. If you break it down, there are so many ways to apply formulas of money to these situations. In our part of Canada, people, or often for young people their families, must purchase their cars themselves. Some of them put a pretty high value on who they are if they have an expensive car like a Corvette or a Mercedes Benz. Granted, they do pay for their car but without the pooled resources of a major city like Edmonton, things like this bridge don’t get built. To relate money to the photographs, although I did get free training in Air Cadets and at school in photography, my hands are tied when it comes to affording a high quality camera, or a vehicle for that matter. Still, this bridge is something I have every right in the world to use because there is no discrimination (supposedly) when it comes to being a have or a have-not. I did experience one thing right on the street I live on. A car pulled up and slowed for a stop sign in front of where I was about to walk, and I stepped out and he almost hit me. He literally had no intention of stopping for a pedestrian, even though he had a stop sign. I pointed at the sign and I forget if I said anything, but then he rolled his window down, and said to me, “We pay for the road, you don’t!” I was left a bit curious as to what he meant. First off, paying or not paying, he has no right to endanger my life. The other thing that was odd was that he should have been pretty sensitive about saying and doing those things because he was obviously an immigrant. Last year I was in a position to buy a new car, something I have never been able to do but decided instead with the advice of my dad, to just keep walking and buy a bus pass each month. I ended up doing so and I have gotten myself into incredible shape and also lost a good deal of weight, something that has done wonders for my confidence, my social life, my fitness and many more things. It has also allowed me the freedom to have a fair amount of extra money here and there. I feel especially proud of the fact that I was able to buy my brother a TV. It is so important for him to have things like this because he has had back surgery and has difficulty getting out of the house.

Now, to get back on topic. I always wonder what readers from the United States or Great Britain will think of my posts because I am extremely fortunate to be a Canadian. I am provided with a disability pension, subsidized housing, discount bus pass, free fitness and swimming facilities, free health care and free medications. I don’t mean to brag about these things, I would like to see every country in the world move towards a situation like this, but that may take some time. As for readers from the US, I know it is extremely difficult to get by when you have to take medications for any reason. One of the things you can do is to write to the company that makes your medication and ask about any subsidy or free medication programs. It may take an Internet search and a few emails, but be persistent. It really is hard enough for people with psychosis or mood disorders to be medication compliant without having the extreme hardship of paying for medication that won’t exactly cheer you up overnight. Medications often seem awful for the first few weeks or even months until your body can adjust to them and then they will begin to deal with your symptoms. If you do have health care and still don’t like taking medications and there is concern you may impulsively stop and have to go into the hospital again, ask your Doctor about injectable medication. I get a shot in the shoulder every two weeks. By some freak chance my Doctor tried to switch me to a more effective, newer medication and it simply did not work for me. I ended up having to spend a month in the hospital. This became a financial burden, but fortunately I have just about gotten myself back to normal physically mentally and financially.

For anyone, especially those who have to pay for medications and work all week, there is a book that I feel could help them all a lot. It is called “The Richest Man in Babylon” and it talks a lot about tried and true, proven, tested concepts on how to get yourself on firm financial footing no matter what your situation. The most important thing talked about in this book is to always take 10% off the top of what you earn and put it away. Do this for a while. Aim for a year or two. While you wait, another thing is that you will need to increase your earnings. Look for classes on things like beading or about jewelry or self improvement classes through the library. Depending on your interests, you could possibly learn how to set up a website like the one you are reading from now. Or, you could make your own jewelry that you can sell at a farmer’s market or flea market. The book focuses on education and self-improvement as a lifelong thing. The next concept the book covers is how to seek advice. One day your mechanic friend may come to you with an idea to buy a stock of encyclopedias that you can re-sell. Don’t listen to him. Listen to your mechanic when he directs you to a deal on a used car in great shape, that’s his field of expertise. Always make sure advice comes from those qualified and experienced to give it. And, the principles in this book emphasize paying down your debt bit by bit, but not cutting into your savings or what you need to live. 20% is a reasonable figure for debt payments. Now, a couple of years have passed. You have some money saved. You paid off your debts. Now is a good time to look into investing, and not on a vacation to Hawaii. You can go to Hawaii all you want when you retire. The next step is to make sure you have adequate insurance for those who depend on you. It may not have to be much if you are older and your children make a good living. The next step is to own your own home. If not a house, maybe a condo. If not a condo, maybe a lot with a trailer that you will pay off. No matter what, you will have to pay for a place to live, why not make this something that will increase your overall equity?

Now, I have given a lot of information here. Maybe some that are close to impossible. I do know that disabled (mentally or physically) Canadian young adults have a program where the Government will match their savings practically 3 to 1 until you turn 49. The only restriction is that it has to stay in savings for ten years. This I feel is a better program than anything. If you qualify when you do your taxes as a disabled person (your Psychiatrist/Doctor must fill this out) then you qualify for this huge potential sum of savings. Honestly, it shouldn’t be passed up.

One of the things that I think about a lot is the situation where someone can’t work at all and have debt. Sadly, sometimes there will be situations where a person with a mental illness needs to declare bankruptcy or even have all their finances given to a public trustee. Both of these things happened to me and not in any way by my own choosing. This is something that often happens in extreme cases. I have seen people who due to depression, ideas of some time soon killing themselves, and many other reasons, simply give away all of their money. Then there is an even worse situation when persons with a mental illness gets credit. I honestly feel most people on a fixed income should not have credit or have a low amount of credit, say less than a thousand dollars. This helps head off scammers who prey on vulnerable people, it also helps in case a person has an episode of mania and overspends. Sometimes it pays to cut up your credit cards and put the pieces in separate garbage collection bins.

Sadly dear readers, it is getting late and I have been writing more than I should. Please message me or email if you want more information or if there is any topic you wish to see on this blog. Have a great long weekend to all my Canadian, British, and Commonwealth friends!

Leif Gregersen, viking3082000@yahoo.com

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