It seems everywhere we turn these days, something causes stress...
And there are many more. In fact, the American Institute of Stress has a whole web page of stresses to explore...
And of course, we’ve got the biggie, financial stress. Ugggh, don’t remind me, right?
The good news is that most of the time, with a modest amount of planning, financial stress can be greatly reduced. Why is that?
It’s because good financial planning can help reduce and potentially even eliminate the fears and misunderstandings we may have about our finances. You probably have a general sense of whether you are ahead or behind with your retirement planning or college planning, but:
- Do you know how far ahead or behind you are?
- Do you how you are doing compared to your peers?
- Do you know what will happen to your portfolio if there is a correction in the market?
- How exposed or protected are you?
- Is your money really going to last or is there a risk you will run out?
All of those questions can be answered and addressed through financial planning.
Most people are stressed because they don’t really know the answers to their financial worries and many people don’t want to ask because they don’t really want to hear the answer. OK. But in many cases, the answers and results may be better than you thought and you may be doing better than you think.
Now, to be fair, the answers could also be worse that you expected, which probably isn’t going to decrease your stress, BUT formulating and executing an action plan to get back on track, might help reduce your stress. Many people are relieved just knowing that very few people have lived their financial lives perfectly.
For most people, the certainty of knowing the situation they are in and having an action plan to address it is enough to reduce and minimize their stress.
Balancing living now, with saving for college, saving for retirement and saving for other life priorities and wanting to be responsible with your spending isn’t easy. There are many different strategies and approaches individuals can use for their specific situation and a little financial planning can help uncover them.
So hit those holiday parties, enjoy the season and post those pictures on Facebook, but at some point spend some time with your advisor doing some deeper financial planning or get started yourself with some on-line tools. Some financial stress relief may be closer than you think.
- INVESTING AND INVESTMENT MANAGEMENT INVOLVES RISK, INCLUDING THE LOSS OF YOUR INITIAL INVESTMENT OR ANY INVESTMENT GAINS.
- PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
- THIS GENERIC INFORMATION IS PROVIDED FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS A RECOMMENDATION FOR ANY INDIVIDUAL TO TAKE A SPECIFIC ACTION.
- PLEASE INVEST PRUDENTLY AND SEEK PROFESSIONAL HELP FROM A FINANCIAL ADVISOR, INVESTMENT MANAGER, ACCOUNTANT, LAWYER OR OTHER PROFESSIONAL ON MATTERS THAT YOU ARE UNSURE OF OR THAT ARE UNIQUE TO YOUR PERSONAL CIRCUMSTANCES.
- FINANCIAL PLANNING AND INVESTMENT MANAGEMENT SERVICES PROVIDED BY J. BRADFORD INVESTMENT MANAGEMENT, NASHUA NH.