So if you have frequented this blog you know that from time to time I give financial tips for people with Anxiety. I have been working in finance for nearly 30 years now (yes I am ancient). This is by no means a financial blog, you should take any advice you see on my blog as my opinion only.
This will be a very quick post. Why? Because many articles/posts on financial advice are very long and unnecessary. Simply put, it doesn’t take several paragraphs or a short novel to impart financial advice. We are in uncertain times, the market still marches on. The underlying economic foundations, are still pretty strong. Supply and demand is still there it has been bottle necked for months, it will come back.
That said, the financial cycle has many ups and downs. Timing is critical when investing. What about when you have anxiety? How do you navigate this atmosphere? Protests, pandemics, Presidential Elections…. What do you do?
Answer: You don’t invest.
*Gasp* I know crazy talk right? The finance industry will always tell you to invest, its how they make money. IF you are unsure what to do, you pile up cash in your checking and savings account. It’s better to stockpile cash then move into a risk position when you are risk adverse. Basically, if you are not comfortable investing and it is giving you anxiety, you pile up cash, and you can invest later.
Now you will not get rich this way, but you certainly will not go broke either. “Ya but those accounts get ..5% interest” yes that’s true but there is nearly no chance of you losing your money. The last thing you want to do as someone with anxiety is enter into new endeavors that increase your anxiety. Take your time, educate yourself and when you are ready you can invest.
The market will be there when you’re ready. Hang in there you are doing great.
Interested in more finance tips for people with anxiety? Check out my post here