Being financially prepared and well-advised can improve your health and wealth.
It probably comes as no surprise that finances can
be major source of stress. According to a 2018
Financial Planning Standards research, more than
four in ten Canadians (41%) say money is their
greatest stress and 48% of Canadians have lost sleep
because of it. Rising interest rates, record-high
inflation, volatility of markets, looming threat of a
recession, and current economic conditions have
caused worry.
Financial stress results from having to face tough
decisions on spending and long-term savings goals
that impact your financial well-being.
The symptoms of financial stress include:
● Decreased decision-making ability
● Strains on personal relationships
● Sleep problems and headaches
● Declining overall mental and physical health
Takeaways
Communicate your financial
concerns and hopes with your family
and a financial advisor to reduce
stress levels.
Work with an advisor to identify your
financial challenges and
opportunities to maximize the
benefits of dierent investment plans
available.
Take action, no matter how small.
Create a plan that will allow you to
feel more in control of your financial
Here are some tips to manage your financial health.
Have a plan
In order the find the best route to any destination in
your GPS, you obviously need to enter a starting point.
Not surprisingly, the same principle applies to
planning your finances and reaching your goals. This
starts with an honest assessment of your current
financial situation, reviewing income sources,
expenses, and spending habits. Then it is a matter of
creating meaningful short and long-term goals and
identifying the best way to reach them given your
starting point.
The financially prepared are:
• Almost 25% more likely to identify themselves as
being very healthy compared to those unprepared.
• 2.5 times more likely to have a strategy to manage
and maintain their health.1
Work with a financial advisor
Financial advisors influence behaviours and help their
clients to not only develop financial goals and plans,
but to stick to them. The financially prepared are
almost four times more likely to be working with a
financial advisor. According to Blair Cooper, CEO and
Financial Advisor at Tradex Management Inc., an
advisor’s purpose is to educate and guide clients on
their investments options that fit their unique
objectives and financial situation: “A trusted advisor
helps to relieve clients’ stress by focusing on longterm wealth creation and assisting them to avoid
inappropriate and emotional investment decisions.”
Balance today’s spending with tomorrow’s lifestyle
About 70% of Canadians across all generations are
worried they have not saved enough for retirement.2
Once you have identified your essential spending
requirements, an important decision will be how to
allocate your discretionary income between the
lifestyle you want today and the one you want years
from now. While you don’t want to completely deny
yourself of the activities that you enjoy now, it is
crucial to regularly set aside funds to keep your
future self happy and healthy as well.
While public servants have a strong pension plan,
having a forecast assessment of your overall cash
flow can make you confident that you are on track with
your spending and saving goals and reduce your
stress level.
Make financial well-being a priority – We know that
exercise, proper diet, and improved social
relationships are all ways to keep our stress levels
down. Similarly, taking steps towards better financial
preparedness, such as making a plan and working
with a trusted advisor will help you feel more in
control and improve both physical and mental health.
Book a Free Consultation Today
Book a consultation today and discover insights and strategies tailored to your financial journey at Tradex.