What are you actually worried about?

28 Nov 2014

By Patrick Fagan

Everyone worries about money from time to time and while everyone's worries are different, there are usually some common themes. Do I have enough money? How can I get more? What factors might affect my investments? How can I protect my assets? Am I making the right financial decisions?

Understand the real cause of your worry

I recently met with a couple who had numerous concerns about investments in their existing superannuation portfolio. As the conversation progressed they became more dejected as we discussed some of the plans they had for their retirement. When I asked them why they were so sad about discussing these sorts of plans - when they appeared to me to be quite exciting - they said they were apprehensive about how global issues and domestic politics might affect their finances.

As the conversation progressed and despite the initial concerns they raised about the affects of current events on their portfolio, in the end, the underlying cause of their worry was that they did not think they would have enough money to be able to do anything they had planned. What was keeping them up at nights was a deep regret about not having saved enough money earlier in life and a worry about being unable to provide themselves with a comfortable retirement.

Let the planning begin

Once we had identified the real cause of their money worries we were in a much stronger position to find a solution to this couple's problems. In this case it involved running through a cash flow modelling exercise which showed the couple their current financial position and what this was likely to look like at retirement. This then allowed us to formulate a plan to work on improving their savings in the all important years leading up to retirement.

Getting the help you need

Some people worry that they don't have enough money to seek the help of a financial adviser, or feel embarrassed that they don't have as much savings as they'd like. However, a financial adviser is there to help you identify the root cause of your financial worries and then put in place a financial plan that is right for your unique situation.

So ... what makes you worry about money?

Put your fears aside and seek financial advice to make sure you are on a path that you feel confident in. With so many different strategies available to get your finances on track life really is too short to be worrying unnecessarily about money.

To learn more about Patrick, view his online profile.​​​

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