Are you worried about the economy and how it affects your finances? You’re not alone. We’ve officially dropped into a bear market, inflation is skyrocketing, and it seems like the only consistent part of the economy is that it keeps getting worse. 

When you’re constantly surrounded by news articles decrying the state of the market, it’s easy to start panicking. What do falling stock prices mean for your investments? Will you have to delay your retirement because of inflation? If you’re already retired, will these economic problems cause you to outlive your money?

At Guiding Wealth, we understand how it feels to look at the economy and feel frightened. We’ve had many clients come to us full of anxiety and panic. 

But we also know that it doesn’t have to be this way. One of our clients, a man who was extremely anxious when he started working with us, just retired. He retired the same month the market took a 10% drop. But he didn’t panic! 

Instead of panicking, he was confident that his finances would withstand the downturn. This client went from constantly worrying about his money to feeling secure in the face of a significant market drop.

So, what’s the trick? It’s all about the plan. 

Money Worries Are Normal

Thinking about your personal finances can be overwhelming. There are so many things to consider. You and your spouse have to figure out how to cover your current spending needs while also saving enough for retirement. If you are also supporting your children and/or your parents, the situation is even more complicated.

We’ve had many clients come to us because they feel anxious about money. They’re worried that they aren’t saving enough or that they don’t have an effective investment plan. Fortunately, however, they don’t stay that way.

The Right Perspective Makes a Difference

When we have clients who are panicked and stressed about money, the first thing we do is talk about perspective. Having the right view of your finances makes a big difference. 

Watching the market fall is scary, but it’s not an unprecedented event. We’ve been through downturns and recessions before, and every time, we get better at preparing for them and recovering from them.

When you have a financial expert on your side, you don’t have to panic about the economy. You can trust your advisor to use their knowledge and experience to protect your finances from the whims of an unpredictable economy.

Having a Plan Builds Confidence

The final key to overcoming your financial worries is a plan. You’ve talked with your spouse and worked with your financial advisor to define the future you want. Now it’s time to make a plan to actually achieve those goals.

The earlier you can make a financial plan and start following it, the better. But that doesn’t mean that it’s hopeless to make a plan later in life. Even if you’re already retired, a financial planner can still help you optimize your finances so you can move toward your goals.

If you’re not ready to retire yet, it’s a great time to start planning, especially in a down market! This is the perfect time to analyze your investment portfolio and make sure it’s optimized for the long game.

Effective financial planning is all about preparing for the future. Whether retirement is several decades away or looming on the horizon, the way you manage your money now can move you toward the future you want. 

Expect the Best, Plan for the Worst, and Focus on What You Can Control

It’s only human to feel anxious when you think about what the current economy could do to your retirement savings. But you don’t have to feel worried or panicked. With a strong plan and a financial expert on your side, you can feel confident that your savings and investments will withstand economic ups and downs. You can’t control the market, but you can manage your money so you’re ready to handle whatever the market throws at you.

At Guiding Wealth, we are passionate about helping people create financial plans that reflect their personal values and priorities. We work with each client to prepare for the future they want.

Do you have a comprehensive financial plan? Or are you feeling panicked about the market every time you turn on the news? We can help. With a Certified Financial Planner™ on your side, you can feel confident in your financial plan, even when the market is scary. To get in touch with our team, call 214-810-3835 or schedule a consultation online.