The financial worries are very real for many of us, given the pandemic, inflation, employment concerns and more. Financial anxiety now affects about three-fourths of Americans and has a myriad of health and social impacts. Whether you fear outliving retirement savings, losing a job, unplanned medical expenses, or the countless other financial burdens that face society today, there are ways to ease some of the worries about the future. It is easier to get started than you might think.
Think ‘big picture’ first.
Determine your long-term goals first, such as retirement savings and home purchasing. It is harder to think long-term when you have short-term goals like a trip to Hawaii as a focus. When you think long-term, and know there is time on your side, it helps to decrease stress.
We have the tendency to spend what we make. When you really take a close look at your budget and expenses, you’ll likely find you’re wasting a bit of money. Whether you could decrease your monthly app subscriptions, take-out dinners or weekly car washes, there are areas where you can eliminate unnecessary ‘want’ expenses to feel better about your balances at the end of the month.
Lead with logic, not emotion.
The stock market has been volatile, but don’t buy into the temptation to make emotional decisions. This just leads to more financial hurt. Stick with your long-term strategy that is appropriate for your age, risk, tax bracket and overall goals.
Give yourself the confidence of knowing your portfolio has the amount of risk YOU’RE comfortable with.
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You can’t change the past, but you can prepare for the future. Having regret will not help your financial or emotional situation. Once you have new, clear goals, take action to work toward achieving them. And don’t look in the rearview mirror too much.
Partner with someone you trust.
Advice is more important than ever today. Make sure to work with a financial advisor you trust. The right advisor will develop a strategy to help you pursue your goals and create opportunities. Don’t be afraid to ask hard questions and make sure that any poor past experiences are not influencing current decisions.
Lastly, share all of your goals, both large and small, with others including your family and your financial advisor. Having a support system in place can significantly lessen financial stress. Your support system will be able to contribute to your long-term success and planning over time.
Your financial wellbeing is as important to us as it is to you. If you would like to have your current financial plan reviewed, or if you are looking for a new financial plan, schedule an appointment on Bayntree’s online calendar by selecting the date and time that is most convenient for you! You can also always reach us by emailing firstname.lastname@example.org.
Bayntree Wealth Advisors provides comprehensive financial planning and wealth management. The Bayntree team specializes in all aspects of financial health, including retirement planning, risk management, investment advice, tax strategies, estate planning and insurance.
Bayntree does not provide specific legal or tax advice. Please consult with your tax advisor or legal professional for guidance with your individual situation.