Halloween is once again upon us. It’s the one time each year where we get to think of creative ways to playfully scare each other…and ourselves! Then there’s the rest of the year where fear is something we try everything to avoid.
This is no more true than in the world of finances. However, financial fear can often be minimized or even conquered. What are the most common issues that cause financial fear?
- Risk – This type of fear is the kind you find in the stock market. How do you deal with this fear? Education. The market may be unpredictable, but your approach doesn’t have to be.
- Debt – It’s good to be cautious, even a little bit fearful of certain types of debt. But learn the difference between good debt and bad debt and how to live with a healthy balance.
- Budgeting – There is no need to fear having a budget. The only thing that should worry you is not having one! It’s the only way to see where your money comes from and where it goes.
- Estate Planning – Nobody likes planning for things such as their own death. But death is inevitable. Instead, try to focus on those who will be left behind and how you can ensure they are cared for once you are gone.
- Taxes – Just because you may not like paying taxes doesn’t mean that you have to be afraid of them. Do your research, document your deductions, and prepare yourself in advance to avoid any surprises.
So in summary, combat fear with knowledge. In today’s information age, there is almost always an answer to every financial question. Do your homework, research your concerns, and always remember your financial planner or tax specialist is just a call away!