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 podcaster, author, and motivational speaker. While she readily admits she is not a financial advisor, she shares with her followers some mindsets that can apply to personal finance and create a greater sense of control amid uncertainty. Within the outline of her five steps, you will 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 to care for those in your household. Building a cash reserve for contingencies, emergencies, and opportunities is a foundation that can also provide peace of mind.
Proper perspective
During periods of political and social discord and their impacts on our economy and financial markets, regain focus on those details under your roof. To reclaim control, turn inward and examine your current economic state. Gather your bank statements, monthly bills, loan information, and other information about your financial obligations. Confirm your understanding of your assets, debts, and income.
Plan
Our relationship with money is highly emotional under normal circumstances. By taking these steps, you can move from paralysis to proactiveness. Make a list of forgotten discretionary monthly expenses you can suspend. Remedy any discrepancies in your accounts. Track your spending and your credit reports.
Patience + resilience
Communicate with family, friends, neighbors, customers, and clients using the telephone, email, and other connectivity tools.
Opportunity to take control
Take small steps each day to increase your awareness of opportunities and resources regarding the many ways you are in control.
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
