Where should you invest your money?
Answer: Put it in booze. Where else would you get 40 percent?
When people panic, they start to second-guess themselves. The American Psychological Association’s annual “Stress in America” survey consistently cites money as the biggest source of stress by about two-thirds of respondents.
Here are some common reactions:
Sometimes when people are nervous about money, that Amazon “Buy” button is irresistible. It may offer temporary relief from the anxiety, but in the end, shopping only makes the anxiety worse.
Accumulating more stuff may make someone feel more secure, but at what cost? An overcrowded living space doesn’t exactly make someone feel calm. And hoarding money often is risky, let alone losing out on the opportunity for it to accumulate interest. (Ease up on the toilet paper!)
Overdoing it with frugality
Some people may worry about future living expenses so much that they forego spending the bare minimum on themselves. You can miss out on life’s joys like a vacation or even handling necessary expenditures like home repairs.
If you find yourself hard-pressed to relax and take a break, it’s time to give us a call. We have just the prescription to help you focus on things you can control. We have a wonderful checklist for financial tasks that can help decrease your financial anxiety.
Speaking of lists, we’d like to think we’re at the top of yours when it comes to figuring out how to get the most out of your money. We want to make sure you enjoy a worry-free life. For money-saving and money-making strategies, give us a call at 513-563-PLAN (7526) or book online. We’ll give you the answers you’re looking for.
Nikki Earley, CFP® & Dan Cuprill, CFP®
PS: To learn the steps you can take to protect and even capitalize on recent investment volatility in light of COVID-19, check out my webinar.