BRIDGEPORT, W.Va (WDTV)- Question: I am a successful professional, but I have constant anxiety over money. Do you have any suggestions on how I can handle this?
Answer (John Halterman, Beacon Wealth Management): "I think everybody has a tendency to worry about the things they can't control or the things that come up unexpectedly in your life.
Let's think about the opposite of how you are feeling right now. The first thing that I would say is that we have to focus on the things that we can actually control. Let me give you three examples of what you can do. Number one, you have to have a written well strategy. You have to make sure you have established provisions that regardless of what happens to you, whether you plan for retirement, whether you plan for college, unexpected death, unexpected disability, or an emergency, any of those types of things, that you have something in place that you can feel confident in.
Second thing, I tell people even though you have a written strategy, now you have to review it because out of sight out of mind does not work when it comes to money. Every six months at minimum review what you have. Take a look at why you are doing it, what you're doing, and should you make any adjustments?
The third thing, which I really think is the biggest component, you have to have a strong emergency fund. Without a strong emergency fund, you are basically living paycheck to paycheck and and you are in survival mode. In order to really get rid of your anxieties, we have to get to the point where we can think long-term and not just live for today.
If you do those three things I think your anxieties will start to go away and you'll feel much better about your money."