Financial Anxiety: There’s a Better Way

Post Written by: Thomas K. Williams, CFP®, CPA

Money stressors happen sometimes – that bill you didn’t expect, missing a payment by accident, the new roof your house needs, or the stock market volatility making us uneasy.

For many of us though, thinking about our finances is a major and ongoing worry.

64 percent of us report financial anxiety affects our mental health, according to a report published through Empower. It also affects our relationships, as 56 percent of us cite finances as the most common reason we have tension in our relationships.

And in a year like 2020, the reasons to feel financial stress seem to be multiplying faster than we can keep up. What will happen during and after the election? How will the market react and how will my retirement accounts and investments be affected? Will I still be able to retire on time? Will I have enough cash flow for my lifestyle? Will I still be able to support my children’s education? How will the economy affect my future? What if the pandemic creates illness in my family, not only dangerous for health reasons but for financial reasons?

Whew. Deep breath. The world is still turning and with the right supports, we’ll get through this.

Do you have a financial plan?

One of the biggest steps you can take down the path to feeling less anxiety around your finances is to have a financial plan. Working with a CERTIFIED FINANCIAL PLANNER™ professional can set you on a path that can be followed and adjusted as life rolls on. If a curve in the road arrives, the plan can be altered to match the circumstances. As you’re going along in your day-to-day life, you can rest easy knowing that your goals are laid out and you know how you’re aiming to achieve them.

Are you relying on someone you trust as a financial advisor?

Having someone in your corner who you know and trust that’s thinking about the details of helping you manage your finances can be an enormous stress reliever for financial anxiety. Knowing they are there to answer questions, while also proactively helping you keep your finances on track to meet your goals can lift a huge burden. Knowing someone is available to be a financial sounding board and will keep working with your best interest in mind as a fiduciary can free up your time and allow you to focus on other things (like the best binge-worthy show or a great new book – you deserve to relax!).

Is someone overseeing your finances using a tax-savvy strategy?

Tax planning can be an important facet of a financial plan. Working with a financial advisor who has a background in tax planning can not only keep your plan on track to meet your long-term goals, they can make modifications to best maximize your tax position each year. Especially in a year such as 2020 with laws and regulations changing, market swings, and many unknowns, being focused on the details of tax planning can have a major impact on your finances.

How are your investments managed?

Do you work with someone on managing your investment portfolio? A portfolio management and research analyst team can keep a close eye on your investments, rebalancing your portfolio to assist with better results over the long term as markets shift. A great investment team strives to ensure your investment strategy is completely tailored to your financial plan and is well coordinated with your risk tolerance, rather than putting you in a model based on demographics or with products that may benefit them financially. 

Having financial peace of mind during this season of uncertainty is something we all deserve. If you’d like to speak with a financial advisor or learn more about financial planning, investment management, or tax planning, we’re always available! Give us a call at 855-855-5455 or email today!


Important Disclosure

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this article serves as the receipt of, or as a substitute for, personalized investment advice from Domani. A copy of Domani’s current written disclosure brochure discussing our advisory services and fees continues to remain available upon request.


Couple with financial advisor

Send this to a friend