According to a recent study of middle-class military families done by a Fort Worth, Texas financial services firm, working with a financial advisor helps reduce stress-related illnesses. Although the study does not generalize the results to the non-military public, it makes sense to me that it is probably true.
The study found that military families with at least $50,000 income who work with a financial planner are less likely to experience physical and psychological problems. Only 18% of those that work with a planner reported difficulties falling asleep, staying asleep, and general stress, while 28% that do not work with a planner reported these problems.
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These results seem to make sense to me, particularly in these financially uncertain times. We worry about when we are going to retire, or accumulate enough money so that we can be secure in old age with enough unearned income coming in each month. Other issues such as buying or selling a home, investing an IRA or 401(k), and budgeting can be very stressful.
Most of us agree that world politics is a mess, with many of the world’s economies in precarious positions. It can be frustrating to watch the news each evening and listen to the idiots in charge. You must agree that money worries can be the cause of great stress in societies as well as families, so it only makes sense that when the concerns are addressed and a plan put in place, anxiety will be reduced.
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Working with a financial planner can help you to refine and prioritize your goals, and keep you on track towards meeting your financial milestones. I know from experience that couples who work with a financial advisor feel more at ease talking about money. This in part comes from the education process a good advisor promotes, and just verbalizing the anxiety that exists. Facing and discussing these things lead to a rational plan to deal with the money issues in your life, which will make you feel better.
By: Joe Arndt III, CLU, ChFC Pres. Arndt & Associates 8124 Big Bend Blvd. St. Louis, MO 63119. 314-968-5467.