Do you feel anxious whenever you have to tackle financial planning? Would you rather do anything but take a good, hard look at your wealth plan? One of the most overlooked aspects of a good formal education is financial knowledge. So, while you might be excellent at your job or a successful independent professional, you might also have a fear of handling your money.
There are many reasons you might feel anxious about money. Maybe you don’t feel you have enough? Or you don’t know how best to manage what you do have? Or you feel foolish for not understanding how insurance and investments work? Whatever the reason, you are not alone – many people feel this way – and there are a number of things you can do to overcome your financial anxiety.
Five ways to handle your financial anxiety:
1. Acknowledge where you are
One of the best ways to tackle anxiety is to face it. Find some time and space to take a look at your financial situation and write down any questions or concerns you might have. If you’re living salary to salary, have major debt, or don’t know where you should be investing the wealth you do have, get a clear idea of where you are at. Forget judgement, understand your position, and decide what needs to be done so that you feel back in control of your finances.
2. Educate yourself
Feel stressed about all things financial because you don’t really know how they work? Learn about money – take a course, read up on wealth management strategies, ask your financial adviser. These steps will help you to make more informed decisions going forward. Knowledge is power and the more you have, the less anxious you will feel.
3. Create financial goals
Are you anxious about money because you’re not where you thought you would be by this age or stage? Develop smart, detailed goals (with timelines, amounts, and specific incentives) to get you focused on what you need to do to get there. Anxiety thrives in an environment of uncertainty or when you are feeling overwhelmed. Put yourself back in the driver’s seat by being proactive and chasing specific goals.
Having a financial cushion against the unexpected can help to calm your nerves. From a savings plan to an emergency fund, it is comforting to know that, should the worst happen, you don’t have to worry about financial ruin. Budget, protect your income, and make a safety net for what you do have, then you can focus on creating a wealth plan with prosperity (and security) in mind.
5. Get professional advice
While it is an excellent idea to educate yourself about wealth management, you do not need to be an expert in every aspect of money management. Find and speak to a reputable financial adviser who can help you understand what you need to do to ensure your financial security and growth. Talking to someone you trust about your money concerns and dreams will go a long way to calming your fears and helping your achieve your goals.
Taking action is the key to overcoming anxiety and it’s never too late (or too early) to take control of your finances. Looking for a reputable financial adviser to get you on the right track? Talk to a TRG team member. As professional independent advisers, we offer a range of financial services, from insurance to investment, and we can help you manage and grow your wealth today and into the future.