It’s that time of year when millions are feeling financially nervous (or overwhelmed).
The reasons vary…
- Christmas overspending
- Not enough savings
- Worries about retirement
- A big purchase you regret
- Rising consumer prices
- Concerns about what’s ahead
Yes, the market has had two stellar years. But that’s old news. What about THIS year? You hear about wars—and rumors of wars. You wonder if your job or business is safe in this economy.
As a result, there are too many nights you don’t sleep well. What can you do?
Let me give you six tips that can help you overcome the financial jitters:
- Clear your head.
Doesn’t it seem some days like a thousand voices are yelling at you all at once? The ancient psalmist described it as his “anxious thoughts multiplying within.”
A good first step to quieting that mob of voices in your head can be to take a break from all media (including social media). Studies confirm that the more of that stuff we consume, the more anxious we tend to be.
- Get some rest.
Think of any feeling of exhaustion as a warning light on the dashboard of your life. It’s a reminder that we’re not machines; we need spiritual, emotional, and physical rest.
For you that might mean spending time in prayer, sleeping in this weekend, taking a walk, or taking a few days off. Coach Vince Lombardi said, “Fatigue makes cowards of us all.”
The truth? You won’t make much progress on your financial issues—or any other problems—until you address your worn-out mind, body, or soul. Invest in yourself. Get some rest.
- Recruit another set of eyes.
High levels of stress can cause us to lose perspective. We ignore important things, and we obsess over trivial matters. What can you do? Invite a trusted friend or advisor into your situation and get their objective perspective. Don’t expect them to “fix you” or solve your problem instantly. But they might be able to talk you off your ledge.
- Make a prioritized list.
Ultimately, you have to face and deal with your money problem, not just feel better about it. So (perhaps with the help of that trusted friend), list out all the financial issues you need to address. Then prioritize them. Which one do you need to address first? Second? Third? (You get the idea.)
- Do first things first.
So far, you haven’t actually DONE anything. All the preceding has been prepping you to take one specific action step that will move you forward…closer to where you want to be.
It’s time to act.
Step one for you might be to call your mortgage company or dip into your savings to pay off that credit card balance (then cut up your card!). You first might need to contact an attorney, your CPA, or a life insurance agent. You may need to trade that new(ish) vehicle with the HUGE monthly payments for a less expensive, older model. Maybe your first order of business is to make ten networking phone calls in your search for a better job. Only you can determine what’s the wisest first move for you.
- Repeat as needed.
These steps aren’t a one-time instant “quick fix.” Financial stress isn’t like the measles—something that only happens to you once in a lifetime.
You’ll almost certainly find yourself stuck again in the future. So, repeat this process as needed—and let me know of any helpful additions to this list you can think of!
I’ll close with this…maybe one of your most pressing financial concerns is to FINALLY get a Retirement Income Plan in place.
I’ve got a free tool that can get you started. It’s called the RISA (i.e., Retirement Income Strategy Assessment). In less than 10 minutes, it can show you what kind of retirement income plan best aligns with your personality, goals, and lifestyle. There’s no obligation, and you can access it by emailing me (bmoore@argentadvisors.com).
Then if you want to discuss your results further, give me a call!
Argent Advisors, Inc. is an SEC-registered investment adviser. A copy of our current written disclosure statement discussing our advisory services and fees is available upon request. Please See Important Disclosure Information here.