MONEY

Merkle: Say goodbye to financial anxiety

By Loren Merkle, Special to the Register

Turn a stressful time of year into positive experiences and take action!

We are approaching the beginning of the season where anxieties of all types kick into high gear. Our hibernation instincts are upon us as cold weather looms, days get darker and our exercise appetite fades — but above all else, we are entering one of the leading financially anxious times of the year.

Financial anxiety seems to always find its way near the top of the stress list.

It has been well-documented that stress related to finances is one of the leading causes of relationships going sour and just general life apprehension. My contention is that much of this has to do with procrastination on tough financial decisions.

Many don’t fully understand the impact of making one financial decision over the other.

The world of finance is a strange place for most because they have only been exposed to it on the peripheral.

This vast universe of unknowns often leads to decision paralysis.

It is important to remember, however, that not making a decision is a decision. What this means is the prescription for financial ailments is to simply take action.

Find sources to help yourself

If you have the desire and ability to consume large quantities of information, there is an array of sources you can use to increase financial literacy.

Use as many sources as you can to compile pros and cons for each decision you need to make. This is the information age — it is everywhere!

If you make the commitment to take that information and turn it into wisdom, you can be extremely effective on your own.

Get help from financial experts

Talk to your friends and family about their experiences with their advisers.

If your retirement is more than 15 years ahead, then interview advisers who specialize in accumulation strategies.

If your retirement is within 15 years or you are already retired, then interview advisers who specialize in retirement strategies.

Regardless of the specialty of the adviser, make sure your interviews are focused on strategies and not products. If the adviser only wants to talk about products, then find someone else to interview immediately. Your conversation is probably benefiting the adviser more than you. Your conversations with advisers should not be centered on buying mutual funds, stocks, bonds or annuities. Your conversation should be focused on some of the following questions:

• What troubles you financially?

• What would you like your resources to accomplish for you over the next few years and beyond?

• How do you maximize your resources?

• What pitfalls should you be aware of with the decisions you are considering?

Finding the right help can be challenging and intimidating, but if you’re not equipped with the interest or ability to do it yourself, find someone who is qualified and has your best interests at heart. Remember: Making no decision is making a decision, and deciding to procrastinate will only compound your anxiety.

Turn a stressful time of year into a medley of positive experiences and sound financial decisions. Take action.

LOREN MERKLE is a certified financial planner and the co-founder of Weiss-Merkle Financial LLC. He can be reached at 515-278-4110 or loren@weissmerklefinancial.com.