Managing money is scary for many people, especially olim who move from America to Israel who may struggle to navigate Israel’s financial system. For that reason, it can be especially helpful to work with a cross-border advisor who understands the challenges of having U.S.-based investment accounts while living in Israel.
Whether your financial fears began with aliya or from financial mishap, acknowledging the discomfort money holds for you is a first step in ending financial fears.
Acknowledging Money Traumas
Many people may have some sort of childhood trauma related to money. Others have lost money due to bankruptcy, divorce, lawsuits, or other major financial events. Anyone who’s experiencing challenging financial moments may be fearful about market volatility and may lack financial confidence. Even “normal” fluctuations can heighten anxiety in someone who’s petrified about losing money.
Money is more than a tool that lets you eat well and have a warm roof over your head; it can also hold emotional significance. Unfortunately, some folks judge their personal self-worth by the size of their investment account.
The key to addressing financial fears is to be honest with your financial advisor. Let him know about your financial baggage and what worries you. A good advisor will listen to your fears, focus on your long-term goals, and select investments accordingly. Good communication between you and your advisor can help you mitigate your concerns and make wise financial decisions.
Becoming More Self-Aware About Money
How does money make you feel? Are you constantly worried about making ends meet each month? Are you always tempted to spend what you have in the bank? Are you concerned about teaching your children good financial habits? Understanding your predispositions toward money can help you work more effectively to overcome your concerns.
Increasing your financial knowledge can also help you become more self-aware about your relationship with money. Knowledge is power, so by increasing your own understanding of financial awareness, or by bringing in a professional advisor, you can help reduce stress and improve your overall financial awareness.
Are you ready to move forward? Connect with our team (02-624-2788) to put an investment plan in place that not only enriches your own financial future, but helps you overcome some of the limitations that could be holding you back.
Douglas Goldstein, CFP®, GFP®, is the director of Profile Investment Services, Ltd. www.Profile-Financial.com He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation on how to set up your American assets to meet your financial goals. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.
Published February 14, 2024.