When it comes to saving money, a little know-how, some commitment, and practice all make the task easier as time goes on. Setting your child up with the opportunity to start saving money from a young age is an awesome way to ensure that they are prepared to make smart saving and investing decisions once they start working as an adult in the real world. Assigning paid tasks around the house and using jars as “bank accounts” for saving and spending is an effective foundation to start with. Here, you’ll learn tips, tricks, and techniques that can be implemented as your little one ages to accommodate their learning abilities and maximize their chance of saving success in the future.
Teaching Your Little one to Save Like a Pro
How Wealth Managers Help Overcome 4 Emotional Responses To A Windfall
Claudia Bravo
For most Americans, receiving a sudden and unexpected windfall is a dream come true. But it actually can have an adverse effect on your mental and emotional health. What types of emotional problems can sudden wealth wreak? And how can a good wealth management team help overcome these? Here's what you need to know.
1. Increased Stress
With that influx of money, you now have a wide array of new choices to make and responsibilities to handle. How will you spend it? How can you maintain it? Who should get some, and how much? Which causes should you support? Who should you tell and how can you protect yourself from scams? How should you invest? When should you stop investing?
If all these questions may overwhelm you, start by getting professional assistance. A skilled and trained financial pro will work with you to develop a plan in which you have confidence. They'll spearhead your education in financial subjects. And they guide you through the steps so you don't miss anything.
2. Anxiety Over Fluctuations
Once you have more to lose, you may start focusing too much on changes within the economy or the markets. This is sometimes called 'ticker shock,' referring to stress over the ups and downs of stock market investments. Your wealth manager will help you assess your personal risk tolerance and choose investments you are more comfortable with. They will also smooth out the peaks and valleys of investment returns.
3. Identity Confusion
An unexpected change in social status, financial class, and manner of living may create a sort of identity crisis in the newly wealthy. A financial planner is trained to manage the financial aspects of your portfolio, but a wealth manager takes a more holistic approach that minimizes identity confusion. They guide you in understanding what you're going through, finding other professionals to work with, and investigating yourself during this life change.
4. Survivor's Guilt
Depending on your background and the source of your windfall, you may feel guilty about your good fortune. This can turn into being overly generous, being taken advantage of, or inability to enjoy your money. Your finance team will help you vet offers and investments, set limits for generosity, find the best ways to be charitable, and craft a balanced plan.
Where to Start
Do you feel any of these common emotional responses to your windfall? Are you just starting to manage a windfall? Begin by getting help from a wealth management service in your area. With their guidance, you'll soon master yourself and your portfolio for the better.
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