Six Ways to Overcome Financial Uncertainty
Six Ways to Overcome Financial Uncertainty If the political and economic uncertainty of the day causes you stress, know that you are not alone.
4. Control the controllable. Set aside thoughts of all the unknowns which could adversely impact your future, and focus on the matters within your control instead. You have control over how much you save and spend, and how you react to market volatility.
In January 2017, the American Psychological Association conducted a survey which revealed that money (61%), the political environment (57%), concern over the future of the nation (66%), and the economy (50%) were among the highest root causes for stress.
5. Have a strong defensive position. A recent study shows that two out of three people have an unfortunate situation which had long-term financial implications or been harmful to retirement. The average length of the disruption was five years. A good financial defensive position comes in many forms, ranging from an emergency fund, to disability income, long-term care, and life insurance.
Stress often leads to inertia, or the tendency to do nothing in the face of uncertainty. The concept of inertia is as powerfully applicable to your financial world as it is in other aspects of your life, like pursuing career goals or embracing a habit of a good diet and exercise. Rather than allow the uncertainties of today’s political and economic climate stress you out and resist moving forward with your financial plan, take a proactive stance. Here are six ways you can overcome financial uncertainty: 1. Remind yourself of your values and goals. External factors bear significant weight on your ability to succeed, but it is important to remind yourself of what success means. It probably isn’t a number. More likely it is people and causes. Reaffirm what is important to you and what you want your money to help you achieve in life. 2. Look at the big picture. By reminding yourself of your longterm goals, the day-to-day decisions you need to make to achieve those goals become easier. 3. Know where you stand. No matter where you fall on the financial spectrum, you could stand to benefit from having your account information recorded and tracked in one place. The exercise will help you become better organized and more confident in your financial decisions.
6. Seek guidance. A trusted financial advisor has value wellbeyond creating a financial plan and designing strategies to meet your goals. A good advisor can help reduce your stress by sharing experience and insights and putting current events into the proper context of your long-term goals. While it is natural to feel uncomfortable in the face of uncertainty, I can help you take a proactive stance to secure your financial future. To learn more, call me at 212.536.6093 or email me at [email protected]. Life insurance regrets differ from other types of regrets because there is little opportunity for a do-over. While I can’t predict the unexpected events life has in store for you, I can help you make the best possible decisions for your financial security today and in the future. To learn more, call me at 212-536-6093 or email me at [email protected].
530 FIFTH AVENUE, 14TH FLOOR NEW YORK, NY 10036 PHONE: (212) 536-8706 • FAX: (212) 202-4899 EMAIL: [email protected] WEBSITE: WWW.CLEARVIEWFSLLC.COM
Securities, investment advisory and financial planning services offered through MML Investors Services, LLC. Member SIPC. Supervisory office: 530 Fifth Avenue, 14th Floor, New York, NY10036. (212) 536-6000. ClearView Financial Solutions is not a subsidiary or affiliate of MML Investors Services, LLC, or its affiliated companies. SOC6442 417
CRN201905-212113
4. Control the controllable. Set aside thoughts of all the unknowns which could adversely impact your future, and focus on the matters within your control instead. You have control over how much you save and spend, and how you react to market volatility.
In January 2017, the American Psychological Association conducted a survey which revealed that money (61%), the political environment (57%), concern over the future of the nation (66%), and the economy (50%) were among the highest root causes for stress.
5. Have a strong defensive position. A recent study shows that two out of three people have an unfortunate situation which had long-term financial implications or been harmful to retirement. The average length of the disruption was five years. A good financial defensive position comes in many forms, ranging from an emergency fund, to disability income, long-term care, and life insurance.
Stress often leads to inertia, or the tendency to do nothing in the face of uncertainty. The concept of inertia is as powerfully applicable to your financial world as it is in other aspects of your life, like pursuing career goals or embracing a habit of a good diet and exercise. Rather than allow the uncertainties of today’s political and economic climate stress you out and resist moving forward with your financial plan, take a proactive stance. Here are six ways you can overcome financial uncertainty: 1. Remind yourself of your values and goals. External factors bear significant weight on your ability to succeed, but it is important to remind yourself of what success means. It probably isn’t a number. More likely it is people and causes. Reaffirm what is important to you and what you want your money to help you achieve in life. 2. Look at the big picture. By reminding yourself of your longterm goals, the day-to-day decisions you need to make to achieve those goals become easier. 3. Know where you stand. No matter where you fall on the financial spectrum, you could stand to benefit from having your account information recorded and tracked in one place. The exercise will help you become better organized and more confident in your financial decisions.
6. Seek guidance. A trusted financial advisor has value wellbeyond creating a financial plan and designing strategies to meet your goals. A good advisor can help reduce your stress by sharing experience and insights and putting current events into the proper context of your long-term goals. While it is natural to feel uncomfortable in the face of uncertainty, I can help you take a proactive stance to secure your financial future. To learn more, call me at 212.536.6093 or email me at [email protected]. Life insurance regrets differ from other types of regrets because there is little opportunity for a do-over. While I can’t predict the unexpected events life has in store for you, I can help you make the best possible decisions for your financial security today and in the future. To learn more, call me at 212-536-6093 or email me at [email protected].
530 FIFTH AVENUE, 14TH FLOOR NEW YORK, NY 10036 PHONE: (212) 536-8706 • FAX: (212) 202-4899 EMAIL: [email protected] WEBSITE: WWW.CLEARVIEWFSLLC.COM
Securities, investment advisory and financial planning services offered through MML Investors Services, LLC. Member SIPC. Supervisory office: 530 Fifth Avenue, 14th Floor, New York, NY10036. (212) 536-6000. ClearView Financial Solutions is not a subsidiary or affiliate of MML Investors Services, LLC, or its affiliated companies. SOC6442 417
CRN201905-212113
