How to reduce financial stress
Financial security advisor Yoldas Ozturk at Sun Life says it sounds simplistic, but it all starts with a plan. “It’s the key element. Even if you’re in debt, an advisor can support you.”
Ozturk says the first step when he meets with a Client is to look at how much money is coming in and going out. Next, he says it’s important to find out a Client’s financial fears. “It may be around retirement or daily expenses. Or they may worry whether their family will be okay if something happens to them.”
From there, Ozturk says advisors work with Clients to build a budget to help them reach their goals. “A proper budget is crucial to a plan that is well built. If expenses go up now, you may have to tighten up your cash flow. But that means down the line when you’re ready for retirement, you’re in a good position.”
Another key step, Ozturk says, is to educate Clients about their investment options. “A lot of people aren’t aware of the different financial options. An advisor can bring in some important perspective based on the Client’s unique goals and risk tolerance.”
With retirement weighing on many people’s minds, Ozturk has some sound advice. “Where you are in year one isn’t where you’re going to be in year five or year 10. Don’t look at what you have today. Rather look at the potential of what you’ll have down the line and how you’ll reach it. This may help reduce feelings of anxiety while you are working toward your goals.”