Fear is a powerful emotion... how to not let it destroy your finances

?? Fear is a powerful emotion??

It could save you from a physically dangerous situation.

But what could it do your finances?

It can drive you to make decisions designed to provide instant comforts, to take away the distress.

But what if in acting to fear - you caused detrimental outcomes to yourself long time?

This happens with people’s finances all the time.

When making an important financial decision such as buying, changing or selling assets worth more than $1,000- ask yourself:

*Am I reacting to fear?

?*Write down the situation and your related fears - dump the worries into words instead of leaving them in your brain.

*Remove the triggers of the fear if possible. Stop watching the news, limit or turn off certain social media channels or pause notifications from a particular source- for a few days to see if that helps.

*After a few days- review the list of fears, to see if your feelings have settled or changed before taking any action.

*Discuss the decision and your fears with a trusted person for their perspective.

*And if you have a financial adviser get in touch with them and arrange a call or a review- before doing anything!

As financial advisers- we are perfectly placed to assist as a professional, objective third party to guide people when fearful- providing behavioural counselling and preventing financial mistakes.

People often make financial decisions that are not in their long term best interests. Whereas financial advisers are legally bound to act in your best interests.

You can’t remove the inputs causing fear but you can try to control your reaction to them- with the right help.

If you are over 50 and want to talk about any financial concerns or fears you may have- please see my About section for how to get started.?