Financial Wellness 101: Take Control of Your Financial Stress
If money and financial issues are a struggle for you, don’t worry, you are not alone. According to the Financial Planning Standards Council study, 42 % of Canadians rank ‘money’ as their greatest stress, ahead of ‘personal health’. Furthermore, stress is often one of the main culprits of many chronic diseases and illnesses, making financial wellness essential for good health and well-being.
“Financial wellness has to do with an individual’s ability to ‘feel good’ about their financial situation,” says Kara Polson, a local financial consultant with a background in health sciences. Even though money is a top-rated issue, most Canadians still don’t have a comprehensive written financial plan to meet their life goals.
These are Polson’s top 3 suggestions for those in need of achieving financial wellness in their lives:
1. Understand your financial goals.
“Ask yourself, ‘What do you want out of life?’ Many individuals start out with the goal of eliminating debt and creating an emergency reserve. Once these goals have been met, the focus can shift towards achieving other financial goals that may be further into your future (i.e., purchasing a recreational property),” suggests Polson.
2. Get advice.
“Research has proven that those who seek the guidance from a financial professional will have a better financial picture than those who choose not to, however this is not related to investment performance. We regularly seek advice of medical professionals to ensure our health is on track, so our financial picture should be reviewed regularly as well. Many people don’t understand that they will not receive a bill after their appointment with a financial advisor. Don’t be afraid to find an advisor, book an appointment, and start reviewing your finances regularly,” encourages Polson.
3. Stop procrastinating.
“When it comes to finances, time is your biggest asset,” explains Polson. “Einstein said it best: ‘Compounding interest is the 8th wonder of the world’. Starting to save at a young age can make all the difference in the world!”
Polson also cannot stress enough the importance of seeking out the right financial advisor for you. “Not only it is important for you to choose someone you trust and feel comfortable being honest with, but I also encourage you to look for a planner who is happy to educate you along the way,” says Polson.
To learn ways to deal with the stress in your life, visit http://bit.ly/financialstress