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Resources & guidance to help you

Make the most of your money

How Do I Stop Worrying About Money?

Do you ever think “I’ll stop worrying about money when I make more”? Worrying about money is the number 1 cause of stress for most Americans. Crazy markets, rampant inflation, and doomsday news headlines only serve to increase our concerns about money.

Even Wealthy Women Worry About Money A Lot of the Time

This article reports that even high-earning women, defined as women who earn $200,000 or more a year, worry about money. Whether you make $50,000 or $500,000, money worries lurk in our minds.

What can you do right now to alleviate some of the creeping money stress?

Learn more about personal finance.

A large part of your worries about money stems from fear of what you don’t know.

  • Will I be okay?
  • I know I should be investing my money, but I’m afraid I’ll make a mistake.
  • I’m embarrassed that I don’t know anything about personal finances.
  • Will I run out of money and be forced to live under a bridge with 10 million cats if I-stop-working/downshift-my-career/insert-any-life-change?

These are comments I hear on a regular basis from women and men. Well, not the cat thing, this seems to be a uniquely female fear.

It’s ok to start where you are. It’s not ok to pretend that the worries will go away if you ignore them long enough.

For some of you, hiring a financial planner or advisor may be helpful in walking you through your finances. Here are 8 questions to ask yourself. For others, taking small action steps will help.

I encourage you to start. One small step may be signing up for financial newsletters. Read what’s interesting or what sounds relevant to you. Ellevest does a great job with content although they do try to guide you into paid products.

If you are ready to dip your toe even further, here are some free educational resources that I recommend:

Savvy Ladies: a website with free financial education and advice for all women. Savvy Ladies also offers a free financial advice hotline.

Clever Girl Finance: 100% free financial education

The Worst Years Ever in the Stock Market

This is a really excellent read if you are concerned about the current market. As I send this note, the S&P Index is down almost 19% from its high on January 3, 2022. Ben Carlson gives us a historical perspective on the markets. During each downturn, investors pulled their money from the market because they think “this time it’s different”. Yes, the reasons for each downturn are different (2001: Dot Com bust; 2008: Great Financial Crisis; 2022: rampant inflation and war in the Ukraine), but history shows us that markets are resilient and longer-term returns after the worst years tend to be good. See the graph below.

Worried About Stocks? Why Long Term Investing Is Crucial

More food for thought from a well-respected investor.

A Few Beliefs

Morgan Housel shares some tidbits of wisdom. Here are some of my favorites:

The best way to deal with uncertainty without hiding in a bunker
is to save like a pessimist and invest like an optimist.

Debt removes options, savings add them.

People like weekends because it’s when they have the most control
over their time; financial goals should keep this in mind.

Steve Kerr Makes Emotional Plea

I remember sitting on the couch with my parents and brother in 1997 watching Steve Kerr hit a three-pointer to win the NBA Championship for the Chicago Bulls. I was not expecting the raw emotions that poured out of him in his press conference last night. He expressed the horror and frustration that many of us feel. Violence against other humans, especially children in schools(!), is just too much. I don’t pretend to know what the right answer is for our nation, but something needs to change at the highest levels.

My heart is in Uvalde.

Disclosures: BW Financial LLC dba BW Financial Planning is an Investment Adviser registered with the State of Colorado.All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. We may, from time to time, have a position in the securities mentioned and may execute transactions that may not be consistent with this communication’s conclusions. This communication is for informational purposes only and should not be construed as legal, accounting and/or tax advice. Should you have any questions and/or issues in these areas, please consult your legal, tax and/or accounting adviser.

Behavioral Finance, Investing