By Suzanne Hazlett, MBA, CIMA®, CFP®
“When things feel out of control, the best thing to do is to narrow your attention to the things you can control.” – Mel Robbins
Melanie Robbins is a television host, author, and motivational speaker. And while she readily admits she is not a financial advisor, she is sharing with her followers some mindsets that can create a greater sense of control amid uncertainty. Within the outline of her five steps, you will also find specific actions that may help alleviate some of the financial anxiety many are experiencing.
Personal + family safety
First and foremost, confirm you’re doing everything possible in following current guidance about social distancing and hygiene practices to care for those in your household.
Proper perspective
Remind yourself you are not alone in this experience. Recovery—health-wise and financially—will take time. That timeline is not known. To reclaim a sense of control, turn inward, and examine your current financial state. Gather together your bank statements, monthly bills, loan information, and any other information about your financial obligations.
Plan
Our relationship with money under normal circumstances is highly emotional. In taking these steps, you will be able to move from paralysis to being proactive. Make a list of those discretionary monthly expenses you may be able to suspend for now. Organize the contact information and account numbers of your lenders and vendors and begin making calls or go online to learn your options. Whether you’re an employer or an employee, have those hard, candid conversations with each other so you can prepare for your next steps.
Patience + resilience
Communicate and stay connected with family, friends, neighbors, customers, and clients using the telephone, email, and other connectivity tools. Within the Wood River Valley, community connections and information about resources and support can be found on Facebook at 5B Community Support, and Uplift Blaine County. Many others are available. Seek them out and opt-in for updates that may offer you practical and emotional sustenance.
Opportunity to take control
Take small steps each day to grow your awareness of opportunities and resources about many ways you are in control. There are essential services and food distribution offerings. You will find some creditors are offering payment deferments and fee reductions. Utility providers will accept financial arrangements. For business owners—payroll tax credits, SBA disaster loan relief, and other assistance are available.
As Robbins espouses, “The only thing that will lower anxiety about money is taking action.”
HAZLETT WEALTH MANAGEMENT, LLC is independent of Raymond James and is not a registered broker/dealer. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. 675 Sun Valley Road Ketchum, Idaho, 208.726.0605. HazlettWealthManagement.com