Balancing financial security and physical health isn’t always easy. Over the past 20 years, we’ve seen how the stresses of financial instability can wreak havoc on you and your family’s well-being. We want to ensure your future self is healthy in all respects.
Here are three quick tips on how to manage and avoid financial stress.
If you worry about financial health, you’re not alone. Data from the American Psychological Association shows that money ranks number one in causes for stress. Results revealed that, “Regardless of our economic climate, money and finances have remained the top stressor since our survey began in 2007.”*
Financial stress can become toxic and it’s important that you find the right balance to live a healthy life. So how can we cope with financial stress? Finding the right management skills is essential to feeling in control of your life and building a more secure future.
Activating the right investment strategy is a key tool for stress management. Start with where you are and then make manageable goals towards where you want to be. It’s important you know your challenges and what you’re up against. You don’t want to be overwhelmed, so start with what you feel you can take on first.
Our Investment Committee has created a philosophy we call the “Three-Legged Stool.” This is a three-prong approach to your investment portfolio that can set you up for retirement success:
To maintain a healthy cash flow is to understand the cycles of money. Did you know 54 million people in America pay for a gym membership, yet 67% of them never use it?** A lot of us have the tendency to put out more than what we get back, and that needs monitoring. A part of having a healthy cash flow is to make the most out of your income and being wise about your spending.
Standard Financial Rules:
Balance is the name of the game. Spend according to the budget you’ve set up. This doesn’t mean it’ll be easy, but remind yourself of your financial goals and where you want to be. Make sure that you have the ability to re-invest in a tax-smart way and create investment strategies that provide protection and growth.
If your income needs change, which often happens unexpectedly in retirement, you’ll need a financial support system to ensure your investment strategy is evolving with you.
The lack of money is a common source of stress among most Americans. In order to combat that, you must set up financial stress management tools. If you don’t know how to do this alone, find a supportive, well-informed financial team to help you with your goals.
At Ty J. Young Wealth Management, we’ve done this with over 5,000 clients to make this piece of the retirement puzzle much easier. Are you interested in a holistic investment strategy that provides peace of mind and better financial health?
*Source: Stress in America™: Paying With Our Health survey by the American Psychological Association
**Source: StatisticBrain.com, International Health, Racquet & Sportsclub Association
***Source: Northwestern Mutual 2018 Progress & Planning Study
Ty J. Young Wealth Management
Ty J. Young Wealth Management
Over the last 20+ years, Ty J. Young Wealth Management has built custom investment strategies for over 7,000 clients and accrued $850m in assets under management.