Take Control of Worry
What worries you about your finance? Are you worried that you are making financial mistakes that will affect your future? Do you worry about losing your job, unexpected emergencies, running out of money, paying taxes or paying for college for your children? Financial stress can have a negative impact on your emotional well-being and your health. It can also do the same for other family members. Developing a comprehensive financial plan will alleviate your financial stress as well as improve the return on your investments, lower your tax obligation and provide a more stable income. Do not allow your finances to control you — take control of your finances.
If you lay awake at night worrying about your finances, you are not alone. When you are not sleeping at night, it negatively affects your cognitive functions, mood and immune system. This can cause friction with other family members, poor performance at work and stress relationships with friends. Many families are still recovering from the negative effects of the recession including losing substantial assets when the stock market dropped.
Credit card debt has risen to an all-time high as many families are forced to turn to credit cards to pay for necessary living expenses. Many people are not using credit cards for extravagant purchases; they are using them to survive from day-to-day. In order to save money, some people cut back on preventative healthcare. This only adds to the negative impact on overall health as health problems escalate from small problems to big problems as people forgo healthcare to save money. Worry about finances can also lead to unhealthy coping mechanisms such as overeating, drinking and smoking.
The fact that people are living longer, and possibly outliving their retirement, is a huge financial concern. How to provide for retirement and stretch those retirement dollars longer is one of the most common worries of people in their 40s and 50s. You may think you are prepared for retirement; however, the fear of running out of money is beginning to affect your daily decisions about finances. In addition to worrying about your own finances, you may also find yourself taking care of elderly parents as you try to raise your own children and worry about how you will pay for their college education.
You can relieve your worries about financial matters by taking steps to plan for your future and manage your money wisely today. You will be able to stop worrying once you being to take action. Financial planning is essential if you want to be prepared for any financial eventuality. In order to have a comprehensive financial plan, you must learn to create and live within a budget. You should meet with a financial planner to discuss retirement planning, your accountant to discuss taxes, and an estate planning attorney to discuss estate planning tools. Working with a variety of professionals including accountants, estate attorneys and an investment advisor, is essential for developing a plan and executing it properly. Each professional has various financial tools to use that will benefit your overall financial plan.
If you feel that you do not have enough money to consider professional planning, you are wrong. Everyone needs a good financial/estate plan in order to foster well-being. You can begin by creating a budget and looking for ways to cut expenses to increase savings. Set short-term and long-term financial goals and take steps to reach those goals. As soon as possible, begin consulting financial professionals to help you take your finances to the next level and contact an estate planning attorney to take control of your legacy. Remember action is the key to controlling worry. Take some type of positive action and you will feel better about your situation.
For more information contact our office to schedule a consultation with the attorneys at Krause Donovan Estate Law Partners, LLC. Their experience and knowledge can help you have the peace of mind of knowing that you have a plan. Contact Attorney Daniel J. Krause or Nelson W. Donovan today.
Reach us through our website or call our office at (608) 268-5751 to schedule your confidential, no obligation initial consultation