Fear of managing your hard-earned money can be paralyzing, but small steps can lead to significant financial gains. As a financial planner, I’ve seen many clients whose fear of making a mistake prevents them from making any financial decision, good or bad. I recently met with a woman who was widowed for more than 20 years and left her money sitting in a bank out of fear and uncertainty. Don’t let fear control you. There are simple, actionable steps to overcome financial fear and manage your money stress-free.
Go sailing!
The first step in any journey is to set a clear goal. Clarify your financial goals. What do you want your money to do for you? Imagine you’re the captain of a ship; you need to set a course before you can navigate the waters. Your financial advisor is like your first mate, helping you steer the ship in the direction you choose.
Start Small and Build Confidence
James Clear, author of Atomic Habits, suggests starting with tiny habits to build confidence. If your goal is to expand your philanthropic giving, set a goal to research a charity a week. If your goal is to update your estate plan, set a goal to interview financial planners, accountants, and lawyers. If your goal is to get a better sense of your portfolio’s growth, set a time for a monthly review of performance.
Consult with Financial Professionals
While it’s essential to know your goals, designing the right investment portfolio to achieve them requires professional expertise. Work with advisors licensed in the relevant jurisdictions, especially for those managing cross-border finances between the U.S. and Israel.
Practical Steps for Immediate Action
- Insurance Check: Ensure you have the right amount of insurance coverage. Many people are either overinsured or underinsured.
- Estate Planning: Start with a simple step like writing down who should inherit your assets.
- Legacy Building: Focus on your core values and make sure your investments reflect your highest ideals.
If you need a first mate for your financial ship, schedule a call to see if Profile can help you: profile-financial.com/call. Together, we can create a portfolio tailored to your needs.
Douglas Goldstein, CFP® 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 January 14, 2025.