Are You Worrying Too Much?
By David Smyth
We have become a very news-conscious society. Thanks to social media, live-streaming newscasts and online journalism, we have access to information instantly, and can read about current events as they’re happening. While this instant access may give us tools to make more informed decisions, it has also introduced a whole new level of worry into our culture.
This sense of increased worry has presented itself in my line of work, and it has changed how I communicate with and advise clients. When I started in the business, financial planning was about encouraging families to be proactive when it comes to managing their wealth and play an active role in the planning process. And while this is still a major focus, I’m now seeing more and more clients who worry too much about their financial health.
What do I mean by “too much worry”? Folks who fall into this category begin to sweat upon hearing a single report of a negative change in the market. They are tied to their smartphones and check on their accounts multiple times each day. They read online articles about money and saving, and feel as though they’ll be left behind if they aren’t taking part in the latest investing trends. Put simply, they are too informed…and they are stressed.
When I meet with a client who is overly-anxious about his or her finances, my job is not only to make sure they have the information they need. I must also help these clients strike a healthy balance between planning for the future and living in the present.
If you are overly anxious about your financial health, let me suggest a different approach. Try spending the next several months focusing on your lifestyle and on your habits, rather than the market and the latest trends. Allow our team to worry about investment strategies, and leave it up to us to let you know when something comes up that needs your attention. Use your free time to invest in what matters most to you: your family, your career, your physical health. Rather than fixating on the destination, take some time to focus on the journey, and developing positive habits in all areas of your life.