August 2, 2016

Seven Steps to Financial Wellness -- Lake Michigan Investment Services

Over the past decade, psychologists coined the term Money Anxiety Disorder (MAD) to describe a condition of constant worry and unease about money. The emotions that arise from worrying about money can lead to health issues that affect job performance, relationships, and feelings about work-life security.

De-stressing about money
Financial experts often suggest taking a direct approach to analyzing your relationship with money so that you can manage financial stress. Some recommend taking one or more of the following steps that can help lead to financial wellness.

1. Understand the role of good health in your life. Money is never a substitute.
2. Prioritize your savings and control your spending. Warren Buffett said it best: “Do not save what is left after spending, but spend what is left after saving.”
3. Budget. You cannot manage your finances without a plan.
4. Plan for life events. Experts suggest setting aside specific “buckets” for near-term emergencies, education and long-term retirement.
5. Locate a trusted source for advice. This could be a colleague at work, an investment professional or a close relative who is sensible about money.
6. Participate. Get the most out of the benefit programs you’re offered at work.
7. Choose carefully. Select “sleep well” investments that don’t cause anxiety.

Sometimes all it takes to get comfortable is some unbiased guidance. Call Lake Michigan Investment Services at (616) 234-6301 for a free, no-obligation appraisal of your finances.