By Eric Tashlein
Your Finances
Eric Tashlein.
Do you think Americans are losing sleep over politics?
According to a new survey, our nation’s political squabbles barely make the top five items keeping us up at night. Research from Bankrate reveals that relationships are our biggest worry, with money a close second.
For baby boomers aged 54 to 63, money is the top worry.
Among 1,000 people interviewed last summer, 69 percent said stress and worry sometimes keep them from getting a good night’s sleep. Of those, 41 percent cited relationships, 36 percent said money, 30 percent cited work, 28 percent cited health, 14 percent said politics, and 31 percent answered, “none of the above.”
The only population segment that named money as their top concern were younger baby boomers: 39 percent said money worries keep them awake at night. Many people in this group, between 54 and 63 years old, are facing the need to ramp up saving for retirement.
Dealing with unbridled stress and worry is no way to live. There are many ways to tackle this issue, such as taking up yoga or starting a journal. From a financial advisor’s perspective, the most important thing to do is to take action. You need to create a financial plan that you can follow. And the first step toward creating a financial plan is to identify and prioritize your financial objectives.
Start by getting specific. Write down your goals for your family and for your life. Financial goals may include buying a house, helping children pay for college, building your retirement accounts or paying off debt. You may want to get your family involved.
Once you finalize your list, you must prioritize the goals. Otherwise some goals will conflict with others. For instance, you may not be able to set aside money for education at the same time you are trying to pay off long-standing debts.
To prioritize, decide which goals are the most important and work toward those first. Think in terms of which goals are most likely to increase your family’s health and happiness in the long run.
Once you have a list of prioritized goals in your mind, you will be more likely to take actions that will contribute to those goals and less likely to take actions that will work against those goals. When you’re tempted to spend frivolously, you will be more likely to consider your long-term interests first.
Here’s the point: When you know you’re on track to achieve your financial goals, and your actions are better aligned with your long-term interests, you will be far less likely to lie awake at night worrying about money. You will know that you are doing what you need to do to secure your financial future.
Eric Tashlein is a Certified Financial Planner professional™ and founding Principal of Connecticut Capital Management Group, LLC, 2 Schooner Lane, Suite 1-12, in Milford. He can be reached at 203-877-1520 or through connecticutcapital.com. This is for informational purposes only and should not be construed as personalized investment advice or legal/tax advice. Please consult your advisor/attorney/tax advisor. Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., A Registered Investment Advisor. Cambridge Investment Research Inc., and Connecticut Capital Management Group, LLC are not affiliated.