Why Do We Worry About Money
It may be surprising to hear, but even those who’ve accumulated substantial wealth may still worry about money. While financial success often brings comfort, it doesn't alleviate every fear, insecurity, or concern. These fears run deep, often stemming from childhood experiences, societal pressures, or the responsibility of managing wealth.
Understanding the psychology behind this phenomenon can help us address it more effectively. Here are three main reasons why we worry about money, even when we have enough of it.
1. Fear of the Unknown
One of the most significant sources of financial anxiety is the fear of the unknown. This includes concerns about market volatility, economic downturns, and unexpected life events. Even with substantial assets, the unpredictability of the future can cause stress. Being mindful about money is what helped you build your assets in the first place, but it can also lead to excessive worry.
It’s important to have a comprehensive financial plan that includes contingency strategies. Regularly reviewing this plan can provide a sense of control and preparedness, reducing the anxiety associated with financial uncertainty.
2. Responsibility to Others
Many of our clients feel a strong obligation to provide for their families, support charitable causes, and contribute to their communities. This responsibility can be a source of worry, particularly when it comes to ensuring that wealth is managed wisely and ethically.
Creating a legacy plan that aligns with your values can help address these concerns. By clearly defining your financial goals and establishing trusts or other structures to manage your wealth, you can ensure that your resources are used in ways that reflect your principles and provide for those you care about.
3. Maintaining Financial Independence
Maintaining financial independence is a common worry, even for those with significant wealth. The fear of running out of money or becoming a burden to others can be a powerful source of anxiety. This is often magnified as people approach retirement or face health issues.
It's crucial to plan in advance for concerns regarding healthcare and to consider long-term care insurance. This can provide reassurance and help ensure you remain self-sufficient.
We are empathetic to these concerns and are committed to helping you navigate them with confidence. Our personalized approach and deep client relationships allow us to tailor strategies that address your unique financial worries. Remember, while it's natural to worry about money, having a trusted advisor by your side can make all the difference in planning your financial future.
Material prepared by Oechsli a third party non-affiliated with Raymond James.
Any opinions are those of Steven Bayardelle or The Wang Group and not necessarily those of RJA or Raymond
The information contained in this report does not purport to be a complete description of the securities,
markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any
information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. You should discuss any tax or legal matters with the appropriate professional.
The examples referenced herein are hypothetical and are not intended as investment advice. Please consult with your financial advisor if you have questions about these examples and how they relate to your own financial situation.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
These policies have exclusions and/or limitations. The cost and availability of Long-Term Care insurance depend on factors such as age, health, and the type and amount of insurance purchased. As with most financial decisions, there are expenses associated with the purchase of Long-Term Care insurance. Guarantees are based on the claims paying ability of the insurance company.
