Mines and Associates Archives - MINES and Associates

Simple Tips to Help You Actually Stick to Your Goals in 2024

Nic Mckane — Mon, 18 Dec 2023 09:00:55 +0000

Have you ever made a New Year’s Resolution that you didn’t follow through on? Most of us have. Too often, we start the year overflowing with motivation to work toward our goals – only to watch that motivation flow away as the months go by. One survey by Forbes Health found that the average New Year’s Resolution lasts just over 3 months.

But it’s possible to do things differently – to set goals in a way that helps you to actually achieve them.

In our last article of 2023, we’ll give you simple tips on how anyone can set realistic, achievable goals – and sustain long-term motivation so that you continue to take steps toward your resolutions all year long.

Why are goals important?

Research has found that setting goals is an important component of good mental health and overall well-being. Setting and reaching goals helps you stay motivated and uplifted in life. It can also help you reflect on where your life is headed and make changes when you need to. Going on to meet those goals can give you a sense of confidence and mastery.

Setting goals is especially important if you live with a mental health condition like depression or anxiety. When we set goals for recovery, we can measure each small step we take toward taking care of ourselves and overcoming mental health challenges.

But New Year’s isn’t the only time we can set goals. Goals are important all year round. The start of a new year can mark a great opportunity to start working toward a new goal, but you don’t need to wait until January 1st if inspiration strikes another time.

How to stay focused on your goals

There are simple changes you can make to help yourself stay focused on your goals throughout the year. Here are some helpful, easy tips that you can follow as you prepare to make resolutions for the new year.

Set clear goals

When goals are vague, it becomes difficult to measure whether or not you’re meeting or even making any progress toward them. For example, take the goal, “Improve my physical health” – one of the most common goals that people set. What, exactly, does it mean? How will you know whether you’ve met this goal, and exactly how much “improvement” is enough?

Avoid this confusion by setting clear, measurable goals. For example, instead of “Improve physical health,” think about exactly what you want to improve and how. Is it taking your prescribed medication every day? Going to the gym 3 times per week? Whatever it is, make it as specific as possible.

Tell people

Research has found that committing to your goals publicly – telling other people about them – makes you more likely to stay focused on them. It’s the accountability partner effect – when others know that you’re working toward a goal, you don’t want to let them down. It becomes about more than just you.

But be careful about who you tell. Accountability partners are only effective if you value their opinions. Choose your partners wisely, and tell people you respect about your goals.

Think about what you want, not what you don’t want

A 2020 study looked at what helped people stick to New Year’s resolutions. They found that people who had approach-oriented goals (trying to get closer to what they do want) rather than avoidance goals (trying to move away from what they don’t want) were more likely to be successful.

When you’re setting your resolutions, look toward what you want rather than what you don’t want. Stay away from goals that start with “stay away from” or “stop doing.” Reframe them to think about what it is that you do and what your life looks like.

For example, instead of “Stop drinking,” set a goal of “Call my sponsor every time I want to have a drink.” Instead of “Stop mindless scrolling,” set your sights on “Spend at least 5 waking hours every day doing screen-free activities.”

Connect to your “why”

Motivational interviewing (MI) is an evidence-based counseling technique that was originally developed to help people overcome alcohol addiction. One of the core concepts in MI is ambivalence or the idea that we usually both want to change something and don’t want to change it at the same time.

For example, if your New Year’s resolution is to go to the gym, there are probably lots of reasons why you want to accomplish that – losing weight, increasing energy levels, and so on – but also lots of reasons why you don’t want to go, including a lack of energy and want to spend your time doing other things.

To overcome this ambivalence, it’s important to be aware of the reasons that it’s important for you to meet these goals. Think deeply; why is it important to you to go to the gym? What would improved health mean for your life? What’s the deeper reason why you chose this goal?

Ask for support

Lastly, don’t be afraid to ask for help. It’s challenging for any of us to meet all of our goals on our own. Asking for the support you need may mark the difference between being able to stay motivated toward your goals and letting them fall by the wayside.

Ask your friends to check in with you and encourage you to take steps. Be specific about how they can help you; for example, do you need someone to go to the gym with you? Do you need a sober friend to hang out with when you feel tempted to drink?

In addition, a professional counselor can help you stay focused on your goals by:

Helping you identify triggers that lead you to stray from your goals
Equipping you with coping tools to overcome those triggers
Providing a safe and therapeutic space to explore the inspiration behind these goals
Addressing any underlying mental health issues that could get in your way

Employee support and well-being with MINES

MINES has free and confidential counseling available to you 24/7. We’ve been offering unparalleled expertise in the area of business programs and employee psychology for 43 years – and 2024 will be no different.

We look forward to continuing to work together to support your organizational and personal wellness.

To Your Wellbeing,

The MINES Team

The post Simple Tips to Help You Actually Stick to Your Goals in 2024 appeared first on MINES and Associates.

September is Suicide Awareness and Prevention Month. Here’s How Employers Can Do Their Part

Nic Mckane — Fri, 01 Sep 2023 16:21:29 +0000

In September, we recognize Suicide Awareness and Prevention Month, when we discuss and learn how each of us can do our part in preventing suicide. Unfortunately, suicide continues to be a very serious problem both in the United States and globally, and it doesn’t seem to be getting any better. Suicide rates have risen across all states in the past several years, according to the CDC.

Around 4.8% of adults in the U.S. experience serious suicidal thoughts. Tragically, suicide is the second-leading cause of death for children aged 10 to 14; it’s the 3rd leading cause of death for young people aged 15 to 24, and the 12th leading cause of death overall.

It’s clear that suicide is a very serious and growing public health crisis that’s taking lives. But there is something that we all can do to help promote awareness and prevent suicide. This is especially true in the workplace, considering most people who die by suicide are of working age. Employee wellbeing is a cornerstone focus for the team at Mines and Associates.

In today’s MINES blog, we’ll talk in-depth about the topic of suicide, including what you can do to help.

If you’re having serious suicidal thoughts or are thinking of ending your life, there is crisis support available to you. You can dial or text 988, open an online chat with the National Lifeline, text hello to 741741, or visit your nearest emergency room.

Do you know the warning signs of suicide?

One of the most powerful ways to help prevent suicide is to learn how to recognize the warning signs that someone might be feeling suicidal. When you’re able to recognize that someone needs support, whether that be the mental wellbeing of an employee or a friend, you’re more likely to be able to help them in a timely manner.

According to the American Society for Suicide Prevention, most people who die by suicide do show at least one sign that they’re having suicidal thoughts. These warning signs are especially important to pay attention to if they’re paired with a stressful event or sudden change in the person’s life – something like a divorce, job loss, and so on.

Some of the most commonly seen warning signs for suicide include:

Behavioral changes: You may notice sudden and unexplained shifts in behavior, like withdrawal from social interactions and isolating oneself.
Talking about death: People who are thinking of suicide often talk a lot about feeling hopeless, wishing they were dead, or not having a reason to live. Take these things very seriously.
Performance decline: At work, you might notice a sudden drop in performance or productivity.
Mood swings: The person might have frequent mood swings or get irritable more easily.
Hopelessness: Listen for expressions of hopelessness, helplessness, or feelings of being trapped.
Searching methods of suicide: You might find out that someone has been searching for methods to end their lives or trying to gain access to a weapon. This should be taken very seriously.
Self-criticism: Be aware of increased self-criticism or negative self-talk.
Giving away possessions: Watch for signs of giving away personal belongings or making final arrangements.
Saying goodbye: Be alert if someone says goodbye in a way that sounds final or unusual.
Increased substance use: Notice an increase in alcohol or drug consumption.
Reckless behavior: Pay attention to engaging in risky or reckless behavior without concern for consequences.

What to do to help someone who may be thinking about suicide

If you’re concerned that someone in your life is thinking of ending their life, then it’s important to act as quickly as possible. The wellbeing of employees and friends alike is very important to pay attention to. When people feel listened to and supported without judgment, they tend to feel less hopeless and overwhelmed. You can be the one to help and support a suicidal person in this way. In general, you can follow these 5 actions for suicide prevention suggested by the Suicide & Crisis Lifeline:

Ask the person about how they’re feeling. Don’t be afraid to ask them directly if they’ve been thinking about taking their own life. Despite common misconceptions, asking people directly about suicide can actually decrease, not increase, suicidal ideation.
Talk to the person and listen to them with empathy. Your simple presence can make a huge difference. Check-in with the person regularly and make sure they know you’re there for them and that they matter to you.
People without access to lethal means (like a firearm) are much less likely to die by suicide. Take necessary actions to keep the person physically safe. For example, you might ask them if you could store their firearm or drugs for them until they’re feeling more hopeful.
Connect them to helpful resources. Stay with the person while they call one of the crisis resources above. Go with them to an emergency room or crisis center. Help them get in touch with their therapist. Treat the situation like the life-threatening emergency that it is.
Follow up with the person continuously, especially after they’ve been discharged from a hospital or another type of treatment. Don’t forget about them after the immediate crisis passes.

Suicide prevention at work: What role do employers play?

Most working-age adults spend many of their waking hours in the workplace. This means that employers have an enormous responsibility – and opportunity – to create a priority for mental health and actively support suicide prevention through employee wellbeing initiatives.

Here are some actions that employers can take. This Suicide Awareness Month, take a look at your workplace policies and culture and consider what may need to be improved.

Raise awareness. Educate employees about available mental health resources, including hotlines, support groups, and online platforms. This information should be easily accessible and openly discussed.
Destigmatize Mental Health Conversations. Encourage open dialogue about mental health to break down stigmas. Training sessions or workshops can help managers and employees navigate these conversations appropriately. Lead by example, and talk about your own mental health as well.
Offer flexible work arrangements. Recognize that mental health struggles can impact your employees’ ability to work consistently. Providing flexible schedules or remote work options can alleviate stress and promote work-life balance.
Develop comprehensive mental health policies that include guidelines for addressing concerns, accommodations, and resources. Ensure these policies are communicated clearly to all employees for their wellbeing and workplace success.
Offer mental health training for managers and supervisors to recognize the warning signs of suicide (and other mental health concerns) and respond effectively.
Develop a clear crisis response plan that outlines steps to take in case of a mental health emergency. This can help ensure a fast and appropriate response when an employee is in need.
Promote an overall supportive work environment. Cultivate a workplace culture that values well-being. Recognize achievements, encourage breaks, and discourage overworking.
Consider partnering with mental health organizations. Collaborate with local mental health organizations to access resources, training, and support for employees.

Lastly, your Employee Assistance Program (EAP) is a mental health resource that’s always at your disposal. The MINES & Associates EAP offers free and confidential counseling 24/7 to all of our members. Our team is staffed by doctoral-level psychologists, clinical social workers, and masters-level therapists who can provide help and support for an employee who may be in need. Employee wellbeing is important for the greater good in all of society.

To learn more, get in touch with us!

To Your Wellbeing,

The MINES Team

The post September is Suicide Awareness and Prevention Month. Here’s How Employers Can Do Their Part appeared first on MINES and Associates.

Mental Health Awareness Month: Best Everyday Tips to Support Your Mental Health

Nic Mckane — Mon, 15 May 2023 15:00:00 +0000

Happy Mental Health Awareness Month! At MINES & Associates, we believe that mental health isn’t just about preventing and treating mental illness (although this, of course, is important!). True mental health is about more than just the absence of illness. It’s about thriving and being at your best in terms of your mental well-being.

Even if you haven’t been diagnosed with a mental health condition like depression or anxiety, are you at your best mentally? How do you take care of your mental health on an everyday basis?

You don’t need to – and shouldn’t – wait for a mental health crisis to happen before you start taking care of your mental well-being. Here are some research-backed tips for your mental health from your MINES team that you can use all the time, not only when you’re having a problem with your mental health. MINES & Associates offers mental health training courses and services to help elevate your organization’s culture and viability.

Get in touch with your feelings

One thing you can do to help support your mental health to prevent problems from arising is to learn how to notice, and manage, your emotions. So many of us never learned this skill (although many schools are now teaching it through social-emotional learning lessons). But the good news is that it’s never too late; even as an adult, practicing this skill regularly can lead to enormous benefits.

The next time you’re feeling upset about something, stop to notice it. Don’t sweep it under the rug or try to suppress it. Label the emotion – yes, you’re feeling bad, but what else? For example, are you feeling lonely, guilty, angry, or grieving? Put a name to it.

Next, learn how to manage these emotions in healthy ways. When you mindfully notice and put a name to emotions, you are less likely to turn to your “auto-pilot” coping mechanisms that may be unhealthy (like reaching for a drink, for example). How would you like to manage these feelings? What would truly be helpful at this moment?

The team at MINES & Associates offers mental health services and training courses to bolster emotional health across organizations. Contact us to learn more.

Get regular exercise

You’ve probably heard it before, but that’s because it’s true: getting regular physical activity is one of the best things you can do for your overall health, including your mental health. Research shows that people who exercise regularly are less likely to experience depression, anxiety, and stress. Exercise can also help you sleep better, which comes with its own large set of mental health benefits (see below!).

We all know that exercise is good for us, but it’s easier said than done to get yourself to the gym. The good news is that exercise can look many different ways. If you don’t enjoy going to the gym, there’s no need to force yourself – gardening, dancing, walking your dog, swimming, hiking, and more are all forms of effective exercise.

The important thing is to get your heart rate up on a regular basis. Experts recommend getting at least 150 minutes of aerobic activity every week.

If you’re interested in alternative strategies than regular exercise, the team at MINES & Associates offers mental health services and training courses – contact us to learn more.

Get better sleep

As we just mentioned, getting enough restful sleep every night does wonders for your mental health. Experts recommend that healthy adults get between 7 to 9 hours of sleep each night. But it’s important that these are restful sleep hours; tossing and turning for 9 hours won’t do much good (although it’s better than nothing).

Sleep allows all of your organs to rest, including your brain. Not only that, but getting enough sleep is essential for every level of your body’s functioning – molecular functioning, cognitive functioning, energy, and more.

It’s easy to sacrifice sleep in order to get everything done. But think twice the next time you’re tempted to stay up late to catch up on work. That extra hour could be the difference between a well-functioning brain and an exhausted one.

Go outside more

Nature lovers rejoice: Research shows that spending time outside in green areas is very beneficial for our mental health.

Spending time in nature can calm you and reduce anxiety. It can make you feel more hopeful about your life and the world. Studies have found that spending time in nature is an effective intervention for anxiety and depression.

You don’t need to have a National Park in your backyard to benefit from nature. Spending time in any green area will do. Is there a small park in your neighborhood? Can you find a plant or a tree to connect with?

You can practice connecting to the natural world wherever you are. Notice the sights, smells, sounds, and textures around you. What can you connect to the natural world? For example, maybe you hear a bird singing or can see the green of the grass.

The team at MINES & Associates also offers mental health services and mental health training courses to compliment the strategy of getting outside more. Contact us to learn more.

Be kind

Research shows that people who practice kindness are more likely to be happier and less stressed. In one famous study, people were asked to practice random acts of kindness over a period of time. The study found that these people experienced numerous benefits including higher well-being, more happiness, and even lower blood pressure.

The best part is that you don’t need anything at all to start practicing kindness. It doesn’t matter what the acts of kindness are – all that matters is that you do something or someone else with no expectation of anything in return. For example, you can write a thank you note to a friend for their support or do a favor for a colleague.

After you do an act of kindness, notice how it feels.

Consider counseling

We tend to think of counseling as something we do when our mental health is already in trouble. For example, you might talk to a mental health therapist when experiencing symptoms of anxiety, or talk to a grief counselor when you’ve lost someone you love.

But you don’t need to wait for something to go wrong in life to benefit from counseling. Many people see a counselor simply to work on their self-esteem, get to know themselves on a deeper level or explore how their past experiences have affected them. They might see a counselor to talk about how to manage stress from work better, or how to improve their relationships.

Counseling is a great way to address your mental health before problems arise. And it’s a service you might have free access to if you’re a member of MINES’ Employee Assistance Program. We offer free and confidential counseling 24/7. Contact the team at MINES & Associates to learn more about our mental health services and mental health training courses.

Get in touch with us to learn more about the mental health benefits services that you have access to!

To your wellbeing,

The MINES Team

The post Mental Health Awareness Month: Best Everyday Tips to Support Your Mental Health appeared first on MINES and Associates.

Resilience in Vegas

Nic Mckane — Tue, 10 Oct 2017 21:09:28 +0000

This week I was in Vegas for a client’s open enrollment. This trip had been scheduled weeks before the mass shooting and I was quite looking forward to the trip between getting to see our clients in the Vegas area and enjoying some great food, there is nowhere else in the world quite like Vegas. However, as I was preparing to leave and heard the news of the shooting, it completely shifted my focus to how I personally could support our clients and the city while I was down there. I had no idea what the atmosphere would be like when I arrived but I should have guessed that Vegas would pull together and support each other through this tragedy.

The emotions down there ranged from solemn, to anger, to anxiety over the unknown, to great sadness. You could feel people reaching out for support, talking about the incident, and wanting to encourage each other. The word resilience, solidarity, and strength constantly popped in my mind as I walked the streets and talked to locals. The police were out in full support, talking to tourists and locals alike, on the sidewalks, on the streets, and in venues. It was amazing to me to see the police force stand together and willingly work overtime so that the rest of the community could feel supported and protected. Everyone I talked to, both locals and tourists, were appreciative of the support and attentiveness of the police and other first responders. Words cannot express the gratitude I heard and felt towards those who gave up vacations, wedding anniversary plans, and sleep in order to help their city. You could not go 10 feet without seeing the now trending hashtag #VegasStrong, or seeing advertisements for free counseling and other support services. (http://www.ktnv.com/news/counseling-trauma-relief-services-made-available-following-las-vegas-shooting) Venues, superstars, locals, and workplaces could all be seen working together, offering help with what they could.

As I talked to various locals about the experience, it was clear that though this act would be etched in their minds for a long time, the sense of unity and connectedness was firmly stated. During my stay, the names of the victims had not been released yet, which made many people unsure if they knew someone among the injured or dead. Parents expressed concern over their children’s’ friends who did not show up for school on Monday.

The biggest question on everyone’s mind was “why?” Unfortunately, this still has not been explained. Even now, the FBI and local first responders continue to pick through evidence, review what happened, and decipher the reasoning behind this shooting. I am very grateful for their efforts and the opportunity to experience the camaraderie amongst those that I talked to and helped while I was there. There is not enough “thank yous” and praise to go around to all those who have stepped up to help, support, and give services. I am very proud to work for an organization and with affiliates who stepped up to provide process groups and counseling to employees, family members, and household members who were affected by this tragedy. Through quick responses and taking time away from other responsibilities, MINES and its affiliates have set up groups to go through the different stages of grief, PTSD, and how to help those who are struggling with this event. It was a great privilege to see this happen first hand while I was in town.

The United States has faced many tragedies in the last several years, both from man and nature. However, in each city that something has happened, it has brought the city together and made the city stronger, better, and full of community support. New programs come out of tragedy and new support systems are created. I am optimistic that the same will happen with Vegas. I look forward to traveling back there and seeing how the community has come together after this event and how they are stronger overall. I want to encourage any of you who knew someone who was at the concert or lives in Vegas to seek out counseling support to help you work through this horrific event and the aftermath that is to follow. And as always, MINES is here to support you and your companies if you need it. Please feel free to outreach us at 1-800-873-7138 if there is anything we can do.

To Your Wellbeing,

Raena Chatwin

The MINES Team

The post Resilience in Vegas appeared first on MINES and Associates.

Mental Health Awareness Day 2017

Nic Mckane — Tue, 10 Oct 2017 18:27:04 +0000

World Mental Health Day

World Mental Health Day is observed on the 10th of October every year with the goal of raising awareness and boosting efforts to provide care and resources to those in need. Here at MINES every day is mental health day as we are constantly striving to raise awareness and provide helpful, often life-saving, resources to not just our clients but also our community.

Impact

Whether you suffer from a mental health condition or not the impact on our workplaces and communities is undeniable. In the workplace alone, increased absenteeism and lowered productivity due to mental health condition and substance abuse cost US organizations nearly 100 billion dollars per year according to the World Health Organization. The WHO also reports that mental health conditions are the leading cause of disability-adjusted life years worldwide, accounting for 37% of lost healthy years from non-communicable diseases. With this information in mind, it is no question that we need to continue the fight to provide access to resources and care around the mental health crisis, especially in a society where the importance and funding of mental health services are being undermined. So what can we do?

Helping

Try as we might we are not able to reach everyone with our messages and resources, which is why it is so important that as we all do our part to help those around us. If yourself or someone you know is struggling with mental health conditions, please seek help. Aside from traditional counseling that may be covered under your health insurance, there are many community-based and employer-supported resources that may be available to you such as an Employee Assistance Program. If your employer does not have an Employee Assistance Program in place, there are numerous resources that you can that can point you in the right direction and help find solutions for long-term goals or just help you deal with a crisis you may be going through here and now. Below is a selection of resources including national helplines, information sources, support groups, and organizations dedicated to helping.

Resources

Anxiety and Depression Association of America – adaa.org
Colorado Mental Wellness Network – coloradomentalwellnessnetwork.org
Depression and Bipolar Support Alliance – dbsalliance.org
Mental Health America – mentalhealthamerica.net
Mental Health America of Colorado – mhacolorado.org/gethelp
National Action Alliance for Suicide Prevention – actionallianceforsuicideprevention.org
National Suicide Prevention Lifeline – suicidepreventionlifeline.org
- 1-800-273-8255
National Institute for Mental Health – nimh.nih.gov
NAMI (National Alliance on Mental Illness) – nami.org
Substance Abuse and Mental Health Services Administration Treatment Referral Helpline –
- 1-800-662-HELP
United Way- unitedway.org/local/united-states/
Veterans Crisis Line – veteranscrisisline.net
- 1-800-273-8255

If you want to take an even more active approach and receive training on mental health first aid head over to mentalhealthfirstaid.org to find courses near you where you can learn how to better identify, understand, and respond to those that may be suffering from mental health or substance abuse issues.

Going Forward

Remember that the need for access to quality mental health resources is not just an issue on World Mental Health Day. Today is a great conversation starter, but it is action by people like you and me and action and support by organizations like yours and mine (MINES) that will provide real results that may just save the lives of people in need. So, let’s talk to each other, lets act together, and as a society let’s take the next step towards less stigma, more support, and better care for everyone.

To your wellbeing,

The MINES Team

The post Mental Health Awareness Day 2017 appeared first on MINES and Associates.

MINES celebrates 35 years of behavioral health excellence

Nic Mckane — Mon, 25 Jan 2016 20:56:42 +0000

Did you know that just a few weeks ago, MINES celebrated our 35^th anniversary? It’s true, back in January of 1981, MINES was started with the vision of being a psychology firm addressing the needs of its clients based on the expertise of multiple professionals even though it initially consisted of one psychologist, our founder, Dr. Robert A. Mines. Soon after, Dr. Richard Lindsey joined the firm and over the ensuing years, MINES became well-known for providing health psychology services such as its expert case management in behavioral health, a leader in Employee Assistance, and a valued partner to our clients regarding organizational psychology services. We’ve been proud to call Colorado our home and to expand to all 50 states. We’ve seen many changes in our industry over the years but no matter how we partnered with groups or consulted on projects we’ve always maintained our core vision as a guiding principle for doing business: to save lives and influence the course of human events.

So, to commemorate the occasion, we wanted to reconfirm our solemn promise to our clients, past, present, and future, to continue to work in every way that we can to serve the good of those organizations and individuals/families. MINES continues to strive to apply the latest evidenced/research-based practices for the wellbeing of our clients. We do this with compassion and loving kindness to relieve their suffering and enhance the quality of their lives.

As a practical matter and update moving forward, we have rolled out a brand new website at www.minesandassociates.com that will significantly improve the ability of individuals to access our services and information about our program through mobile devices. We have a number of changes to our Provider Portal that will streamline our billing and reporting processes. We’re upping our social media game to provide great content on facebook and twitter (so make sure to check it out!) And we have a number of projects underway that will be rolling out in 2016 that will make it easier and more enjoyable to access services with MINES.

We want to thank all of our clients for their partnership over the years and look forward to the next 35 years! Have a great 2016 and, as always, “to your wellbeing!”

The MINES team

The post MINES celebrates 35 years of behavioral health excellence appeared first on MINES and Associates.

Psychological Aspects of Financial Wellbeing

Nic Mckane — Fri, 21 Feb 2014 18:02:18 +0000

There are countless resources online that give advice on how to budget, how to get out of debt, how to save, how to invest, and so many more topics on money and finances. The interesting question, then, is why is money still such a difficult issue for people? Why don’t we all feel financially confident and successful, all the time?

At first glance, money and wellbeing (one’s state of overall health, across all components of life) may not seem to go together. However, there are numerous psychological components associated with people and their financial wellbeing. The broad categories include brain chemistry, the behavioral economics of loss aversion, family views of money and what it means, and personal beliefs regarding money, its meaning and how to manage it. There are also many others that will not be addressed in this blog.

The neurochemical elements related to money have to do with brain changes related to spending money versus saving money. It is well documented that when people act on urges for immediate gratification (i.e., I need those shoes NOW!), they activate specific chemical “pleasure centers” in the brain, which can cause them to have stronger, more frequent urges to repeat the gratifying behavior. Some people have a more difficult time delaying gratification than others. This experience alone accounts for significant differences in people who are able to save: they are able to study instead of play, achieve higher levels in education and subsequently higher levels of income, which can be tied to money wellbeing later in life. People who routinely act on spending impulses often run up debt, have cash flow problems and subsequent stress related to these situations. Other neurochemistry-related conditions that negatively affect financial wellbeing include addiction (to food, drugs, alcohol, sex, gambling, etc.), which often includes diverting money to support those immediate gratification demands of addiction with corresponding money problems.

The area of behavioral economics includes a significant body of research related to factors of influence and people’s decisions about money and subsequent financial wellbeing. For example, most people would rather not lose money than take the risk of getting more money. This was played out again in the last recession, when people pulled their money out of a market that was dropping in prices, bonds paid virtually nothing. Yet people who had cash and were risk-aversive did not reinvest ended up missing out on 70-200% returns in stocks over the next few years. Those who thought bonds were safe ended up losing money against inflation, even as low as it was during that time. This clearly had an impact on financial wellbeing.

Family views about money are passed on in the form of modeling, messages and social influence. For example, a family that views money as a typically scarce resource that should be shared equally will expect family members who do succeed in attaining higher levels of financial wellbeing to subsidize them. This can create family stress if the individual who has the money disagrees with the others’ beliefs about it. There is case after case of lottery winners suddenly being contacted by family members they had not heard from in a while asking for money. There are also a number of lottery winners who went bankrupt. Some of the reasons for this can be traced to family views about money, a feeling or belief that they did not deserve it, not knowing how to manage it, and an inability to tolerate the social isolation of being in a different economic stratum than their extended family, among other elements.

Individual beliefs about money play an important role in financial wellbeing. How people think about money plays out in their everyday decisions. If one cannot see their “future self” clearly, they may have difficulty saving or participating in their employer’s 401K. Those who do have a clear view of their future self generally find it easier to save and invest systematically. Some people have “all or none” beliefs about money. If they have it, they spend all of it. If they were going to save, and spent it instead, then they say they will start tomorrow. Unfortunately, tomorrow never comes because they repeat the same sequence the next time. This is in contrast to people who view money with more complexity, who are able to allocate money to budget categories, and value the practice of paying themselves first (saving) versus spending.

What can you do to build your awareness of the psychological aspects of financial wellbeing, and make them work in your favor?

Spend time becoming aware of your thoughts and beliefs about money. Where did you learn them? How do they serve you? How do they positively or negatively impact your financial wellbeing?
If your neurochemistry is part of your financial wellbeing in a negative way (addictions, impulse control) consider seeking professional help.
Identify your family patterns related to money. How do they enhance or detract from your financial wellbeing? How do you feel about what you learned or did not learn from your family related to money?
Become aware of external factors related to behavioral economics that lead to risk-aversive versus “irrationally exuberant” decisions.

To Your Wellbeing,

Mines, R.A., Stone, W.C., DeKeyser, H.E.

The post Psychological Aspects of Financial Wellbeing appeared first on MINES and Associates.

[insert opinion here]

Nic Mckane — Wed, 27 Apr 2011 16:15:10 +0000

Since recommitting to our blogging efforts here at MINES, we have seen a tremendous response in viewership. In the Marketing Department here, we like statistics and so we watch for data that help us make informed decisions. I wanted to share a couple of interesting statistics with you all:

Since January 1, the number of views has increased by 50%
The most searched term that has brought viewers to our blog so far this year was, “healthy decision making.”

We’ve been working very hard to provide useful information to those that visit our blog and want to use this venue for sharing with you as well. We want you to comment with feedback, “like” the posting if you find it useful, retweet it if you think it’s valuable, or share it with your friends and colleagues in any other way you’d like. The more you share with us about your interests and what you’d like to see, the more we can focus our attention on providing content you want to see.

Ryan Lucas
Marketing Supervisor

The post [insert opinion here] appeared first on MINES and Associates.

Happenings from Account Management

Nic Mckane — Thu, 07 Apr 2011 19:41:20 +0000

Labor’s Community Agency is a nonprofit organization that serves as the community services arm of the Colorado AFL-CIO. They provide assistance to union members, their families, and the community at large. The phone number for the LCA is prominent on MINES’ resource contact list and given to those with nowhere else to turn for assistance – they have never let us down. As with any organization that does this type of work, volunteers and donations are a big part of what keeps them going and each year at the annual meeting they pay tribute to those that help. This year the Community Services Award was given to Judy Braun (a long-time MINES employee who retired last year). Two MINES member organizations were also acknowledged: Sheet Metal Workers Local 9 received the Community Excellence Award and Volunteer of the Year Awards were given to Ed Knox and Michael Hixson, both with IBEW. A big “Thank You” to all for the support of this organization that touches so many lives in a positive way.

Until next time!

Peggy Hill
Britney Kirsch
Account Management

The post Happenings from Account Management appeared first on MINES and Associates.

Incarceration Doesn’t Solve the Problem

Nic Mckane — Wed, 23 Mar 2011 14:55:36 +0000

MINES and Associates is proud to be partaking in the Access to Recovery III program. This is a federally sponsored program that helps those with substance abuse problems and little economic resources to get help kicking their addiction and becoming productive members of society. It also may be a step in the right direction for our government and our society. Our government, at the federal, state, and local levels, spends billions on enforcing our current drug policy with little to no effect on overall drug usage. The costs for one year of incarceration only (i.e., excluding law enforcement and court costs), is approximately seven times higher than one year of court mandated drug treatment. The efficacy of prison on rehabilitating inmates is abysmal as well. Approximately 67 percent of prison inmates will offend again in the three years following their release compared to only 16 percent of drug court graduates being rearrested for drugs. Seven times the cost for only 40 percent of the success rate with no tangible effect on overall availability of drugs or on their usage? From an economic stand point, this doesn’t make any sense.

The other side of this is the human side. Many addicts have underlying psychological and physical conditions that they are self-medicating with their illicit, or in the case of tobacco and alcohol, legal substance of choice. For example, in some cases of depression a chemical in the brain called dopamine may be low. This can be elevated to normal levels with medication from a medical provider or can be extra-elevated with street drugs such as cocaine and meth. Someone who tries the illegal drug before getting medical treatment may continue to use the illegal drug to treat their depression eventually becoming physically dependent and an addict instead of treating their depression with medication and therapy.

There is, of course, much more to this debate than a blog post can allow but perhaps it is time for an honest debate about how we treat people who may be damaging themselves but have not committed any other crime against another person or someone else’s property. What do you think about this issue?

Mike Mines
Executive Vice President, Finance & Operations

The post Incarceration Doesn’t Solve the Problem appeared first on MINES and Associates.