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Overcoming Fear to Achieve FInancial Independence

Seraphim Wealth Advisors, Inc. often talks about a major obstacle to financial independence. There are numerous things that impact the financial stability of a household, but fear is the main culprit, thus an open and honest dialogue about fear is essential. Fear is defined by Merriam Webster as “an unpleasant often strong emotion caused by anticipation or awareness of danger.” While we all experience fear in certain circumstances, when properly managed, fear can be a catalyst for greatness or a call to action.

In planning for one’s future, this emotion impedes the path to success. The main fear is losing money or making a bad investment, but there are other subjective fears as well. People also fear others’ opinions, comparisons to friends and coworkers, the image a lack of financial wealth may imply, and sometimes acknowledging their own shortcomings. Good financial planning requires discipline and sometimes sacrifice which can play on one’s fears.

To overcome fear, the first step is acknowledgment. There is no movement forward until you become intimate with your own situation. The second step is basic planning, which starts with the dreaded B word (BUDGETING). Understanding the inflows and outflows of your household gives you the flexibility to change or impose financial discipline. Next, individuals must determine whether they have the resources, time, or knowledge to properly manage finances or determine whether to hire a professional. Lastly, setting proper, attainable financial goals allows for progress toward the desired outcome (financial stability). Without this critical goal-setting step, individuals quickly set themselves up for frustration and ultimately failure. While it seems intuitive, this process is complicated when fear is involved. Our firm stands ready to assist individuals who have a serious desire to improve their financial competency.

For more information, contact Eric Wimbush, CFA Director Operations for Seraphim Wealth Advisors, Inc., at ewimbush@seraphimwealth.com or 404.381.2272.

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