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4 Things to do to Ease Your Financial Worries

June 26, 2018 by Katie E. Moore, CDFA®

We all have them: financial worries that keep us up at night and leave us feeling uneasy about whether we’ll have enough money to do what we want.

The things you might worry about most are the things that feel out of your control. Maybe you feel concerned about your job security, or you wish you made more money. You might feel regret that you didn’t save more in the past and you wonder if it’s too late to do anything about it now.

Financial worries won’t ease up if you only focus on the things that are out of your control. Instead, you can improve your financial situation — and plan around some of your current fears — by taking a good hard look at what you can control.

Identifying those areas of your financial life is step one. Step two? Create a plan of action around them and take action where you can make an impact. Here’s where you can look, and how you can start making a difference with your money to reduce your financial stress.

1. Invest Strategically and with Confidence

You can’t necessarily control the market. But you do get to decide where your money goes within it. And a strategic investment plan set to your goals, needs, risk tolerance, and opportunities gives you a lot of control over your wealth.

If you’re worried you won’t have enough money to live out the lifestyle you want (now or in the future), investing appropriately can help solve that problem.

You need to think about:

  • Whether your passive investing strategy is too passive causing you to miss out on investment opportunities in long-term mega trends taking place globally, including Artificial Intelligence (AI), Virtual Reality (VR), the Internet of Things (IOT), Robotics, Gene Sequencing, 3D printing and blockchain
  • If your investment strategies are designed to help improve your life, and are properly linked to your investment goals and lifestyle objectives
  • If your financial advisor is aware of and up-to-date on new and disruptive technologies and trends, including blockchain, bitcoin, and digital currencies

Getting the right investment portfolio in place can do a lot to ease your financial worries, because you can trust that your money is working hard for you — just like you work hard for it.

2. Avoid Overspending (or Spending on What You Don’t Value)

It’s a simple fact of financial life: if you spend more than you make, you’re going to be stressed, struggling, and unable to sustain your lifestyle.

Cutting back on your spending is a very simple way to put yourself back in control of your financial situation. Keeping more money in your pocket means more peace of mind and more choice over what you do in your life from a big picture.

The point of financial planning is to help you use your resources wisely, so you can learn to create the life that you want today, without sacrificing your future lifestyle. It’s a tricky balancing act.

You can have it both ways. It just requires a plan, and it means focusing on what’s most important to you. You really can afford anything that you want. But you probably can’t afford everything. A plan can help you prioritize and stay focused on what matters.

Avoiding more debt is also an important part of this conversation. While there is such a thing as good debt, or financing that you leverage to create an appreciating asset (like an education or a business), most debt will only increase your financial stress.

Take care to avoid getting into things like consumer credit card debt, and focus on paying down your mortgage — especially if that’s something that weighs heavily on you.

You don’t necessarily need to pay this down as quickly as possible, but if the emotional burden of debt is too much to bear, paying down your home loan can help mitigate some of that stress.

3. Create and Keep a Budget

“Budget” might seem like shorthand for “boring,” but keeping one is a simple, easy way to reduce your financial worries. It’s also your best weapon against overspending.

A budget allows you to track your spending while staying mindful and aware about your choices. It can give you a lot of insight into your cash flow and where the money goes each month. That is, assuming you both have a budget and maintain it. You need to use it if you want it to work for you!

There isn’t any one right method or system to use. What’s most important is finding a way to budget that you’ll stick to. Some people like to tinker with spreadsheets; others need an approach that’s as hands-off as possible.

Apps like Mint or You Need A Budget can make things simple and automated, and might be good options to start with (especially if you struggle to keep a budget on your own). Most financial planners can also help you with cash flow planning if you need additional support.

4. Don’t Try to Do Everything Yourself

Of course, it might not be the budget that causes you problems. It could be that you just feel overwhelmed from trying to do everything yourself.

But you don’t have to go it alone. In fact, the smartest and most successful people in the world know they need help, support, and accountability to reach their greatest potential. It doesn’t matter if we’re talking about professional athletes, CEOs, or simply people who grew their own wealth from modest means.

In every case, these people have a team supporting them: coaches and professionals who are experts in their respective fields and who can give advice and guidance to make sure those successful people stay successful. That includes experts like accountants, consultants, financial planners, and more.

You can create your own team to get you to success, and getting a financial planner is a great place to start. Everything in life costs money, after all — so getting your money in a good place is a critical step to take if you want to align everything else you want to enjoy in your life.

Even more important than the advice and the guidance than an advisor can give you? The accountability they can provide. It’s one thing to know you need to do something (like keep a budget… or save more, or invest appropriately, and so on).

It’s another to consistently do it over and over again, getting it right every time. Someone who can hold you accountable to the right actions can make a huge difference in your financial life — and ease your financial stress, because you know someone has your back and is there to support you.

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Eric C. Jansen, ChFC

Fun Facts About Me

When he is not researching the next great stock to add to client portfolios, you can find him travelling frequently with his family to Jackson Hole Wyoming.

  • Hometown: Chicago, IL
  • Birth Month & Year: November, 1964
  • Favorite Hobby: Goldmining in Nome, AK
  • Favorite Food: Steak at Charley’s Steakhouse in Orlando FL
  • Can't be interrupted when: Watching the Discovery Channel
  • Hidden Talent: Finish Carpenter
  • Something on bucket list: Obtain Helicopter Pilot License
  • Family Pet: Goldfish

Steven C. Johnson, ChFC

Fun Facts About Me

Steve would tell you that one of the best parts of the day is spent talking to clients and relationships that result from it. When away from the office, he loves to travel the back roads of New England enjoying all the great sites that can be found off the beaten path.

  • Hometown: Townsend, MA
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  • Favorite Hobby: Playing Hockey
  • Favorite Food: Chicken Caesar Salad
  • Can't be interrupted when: Watching the Bruins
  • Hidden Talent: Cooking – Makes a great Thanksgiving turkey
  • Something on bucket list: Travel to Italy and Greece
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Frederick M. Lane, ChFC, CASL

Fun Facts About Me

When not managing client portfolios, Fred can be found relaxing with family and friends.

  • Hometown: Nutley, NJ
  • Birth Month & Year: July, 1954
  • Favorite Hobby: Dog Walking
  • Favorite Food: Italian
  • Can't be interrupted when: Listening to Pink Floyd
  • Hidden Talent: Landscaping
  • Something on bucket list: Space Flight - Tourism
  • Family Pet: None

Catherine M. Gareri

Fun Facts About Me

When not caring for her clients Cathy enjoys relaxing in her yard at home.

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  • Hidden Talent: Dog Whisperer
  • Something on bucket list: Spending a couple months on the Almalfi Coast
  • Family Pet: In Between Mastiffs now so a little blue fish “Willy”

Katie E. Moore, CLTC

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When Katie is not busy taking care of her clients, she spends her time being a mom to her two little ones, Owen and Isla.

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  • Hidden Talent: Climbed Yosemite's Half Dome, twice - no fear :)
  • Something on bucket list: See the Northern Lights and Potty Train my 2 year old
  • Family Pet: Caddy and Sierra – our two cats

Hesper Duval

Fun Facts About Me

Loves spending time with 2 daughters and enjoys participating in 5k obstacle races throughout the year.

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When not cheering for the Patriots, Donna spends her free time travelling throughout the United States looking for new haunted places to explore. She loves to wear her cowboy hat and boots when travelling out west.

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  • Can't be interrupted when: Eating my pizza
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  • Something on bucket list: Travel to Australia
  • Family Pet:  Had a pet skunk

Danielle Drew

When Danielle does not have her head in a book studying to expanding her financial planning knowledge, she enjoys anything active and outdoors, including visits to the beach and hiking.  

  • Hometown: Dennis, MA
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  • Favorite Food: Lobster pot pie, cheeseburgers, BBQ, the list goes on...
  • Can't be interrupted when: Working out 
  • Hidden Talent: Country line dancing
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Jay Willwerth, ChFC

Fun Facts About Me

Jay’s days are spent helping clients achieve their financial goals, followed by nights and weekends typically watching his daughters play competitive volleyball.

  • Hometown: Melrose, MA
  • Birth Month & Year: September, 1959
  • Favorite Hobby: Golf
  • Favorite Food: Anything at a Patriot’s Tailgate
  • Can't be interrupted when: Watching the Patriot’s Game
  • Hidden Talent: Competitive Volleyball Watcher (Mostly his 2 daughters)
  • Something on bucket list: Play a round of Golf at Pebble Beach
  • Family Pet: Bella, our Shih-poo
 

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