Financial stress: dealing with it

Published in MapleLine Magazine: Feb.3, 2010

Business services in Sooke at the MapleLine Business Centre >>

by Karen C. Mason, CFP, CLU, RMU

We all know how important it is to take care of our physical health. But how much attention do we pay to our financial health?

Money worries are a big cause of overall stress. Stress and health are closely linked. It is well known that stress, either sudden or constant, can induce risky body-mind disorders. Financial stresses are also listed as one of the top five causes for divorce.

So the question is, is it time to take charge of your financial health?

No matter what your age, status, or situation, you're capable of taking charge of your finances. Whether you're 20 or 80; single or married; climbing the corporate ladder, raising a family full-time, or retired; you can do it. You just need to learn the basics and take the right steps toward financial stability, growth and well-being.

What does it mean to be financially healthy? For some, it means enough financial comfort not to ever work again. For others it may simply mean budgeting or getting your financial affairs in order. For many it means an increase in income over a reasonable period of time. For a few, it can mean carefully stepping back from the edge of bankruptcy.

Working with a financial advisor can help you strategize and give you a clear roadmap of your financial future. Most financial advisors are paid directly from the investment and insurance companies that they represent and do not directly charge their clients for their services or advice. Some personal financial services charge a commission out of transacted debt consolidation.

Regardless of your starting point, the best first steps to improving your financial situation include taking an honest look at income, expenses and debt. Locate the paperwork then discuss the basics with your financial advisor who will take you along the next steps to financial health including growth and investment. MM

Karen C. Mason is available for financial consultations in Sooke. www.masonfinancial.net

MapleLine Business Centre - Meeting space available for local groups and business semianrs. At 6707 West Coast Road (across from Peoples Drug Mart), Sooke, BC. Phone: 250-642-7729 or toll-free 1-877-595-6925. info@maplelinebusinesscentre.com

This article was published on page 27 in the print edition of MapleLine Magazine (Winter-Spring 2010 issue / Feb-Apr.2010).