This Time Is Different!

Financial stress is normal and the average American worries about money six times a day according to recent research.

Unfortunately, the media preys on this anxiety to get eyeballs on their sites, articles, tweets, shows, etc., which only exacerbates the emotion.

During the 2008 Great Recession, I worked in financial services and I can attest that when you are “in it,” as we were then, and are again right now, it feels like the end of the world. This feeling of fear leads to panic and panic leads to regrettable financial decisions, such as exiting the stock market.

Below are three practical tips to help you navigate this situation:

• Zoom Out: Zooming out will adjust your perspective. This is easier said than done, but it often helps to look at the “blip” that was the “Great Recession,” a decade later.

• Don’t Listen: Don’t listen to the media! They exist to provide entertainment, not financial advice, and the “end of the world” sells much better than “this too shall pass.” The truth is that this time is NOT different! Economic boom and bust cycles have occurred throughout history, and this is simply another one of those cycles.

• Get Help: As a society, we struggle with asking for help, especially when it comes to our finances. We need to normalize seeking assistance during economic booms to reduce fear, panic, and anxiety during busts. The world of personal finance is too confusing, overwhelming, and jargon filled to successfully navigate alone. That’s why Walk You To Wealth exists! Also, if Walk You To Wealth isn’t the right fit for you, simply make sure you are working with a licensed professional who you can find on the Certified Financial Planner’s site.
  

In summary, to counter financial stress, try to adjust your perspective, ignore the noise, and ask for help!

Disclaimer: The information in this post is provided for your convenience only and is not intended to be treated as financial, investment, tax, or other advice. The information is intended to be educational and is not tailored to the investment needs of any specific individual.  It is also not intended to be relied upon as a forecast and is not an offer or solicitation to buy or sell any securities or to adopt any investment strategy.  The opinions expressed are those of the author.  Reliance upon the guidance and information in this presentation is at the sole discretion of the individual.