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Dan Danford Featured Speaks About Math and Anxiety in Wall Street Journal

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b2ap3_thumbnail_Money-1.jpgDan Danford, founder and CEO of Family Investment Center, was recently featured in the Wall Street Journal’s column “Voices,” which features contributions by professional wealth managers. Danford focused on the subject of emotions and money, and the math anxiety people often face when it comes to investments. He notes in the article that many forms of anxiety toward investing are grounded in early math experiences or a lack of knowledge about the tools professional advisors can use. This can result in fear investing and hold many Americans back. 

Humans are inherently emotional, which can be a barrier to making good decisions about finances and investing. Unfortunately, many people don’t take the time to learn finance basics and instead rely on instinct (emotions) to guide them. Keep in mind that many times, making the right decisions involves getting the “big” things right, which starts with having the right emotions when it comes to money.

To overcome and work through
emotions toward money, temper the investment information you get online and through television and magazines with sage advice from people who know about wise investment strategies. Rather than deal with your math anxiety (or investment anxiety) by studying what leaders have to say about investing, start first by looking at where you’re spending your money. Here are some other suggestions:

Is overspending at the root of your math anxiety and impacting your investing? You are likely contributing to the nearly $200 billion (the amount goes up every year and could hit $300 billion by 2016) people spend annually on products bought online. An attachment to things can significantly impact a person’s behaviors and attitudes toward money, and can keep them from moving forward and seeking guidance from a professional investment manager.  

Or…are you holding onto your money in harmful ways? Being overly risk-averse may be at the source of your anxiety toward investing. Instead of putting money to work in stocks and bonds, it could be resting in a savings account that is not growing. When you talk to an investment advisor, you can start to understand that your anxiety about investments can be faced head-on -- and likely will be calmed when you learn more about the professional tools and experience advisors put into each task.

Another form of money anxiety is displayed in the desire to “be everything to everyone.” Some investors face anxiety about providing for children’s futures and even grandchildren, yet they also have very real concerns about their own parents as they age (as well as their own retirement needs). It can be overwhelming, but working with professional tools like Social Security maximization software and other investment calculators can bring clarity and help you with your direction. Professional investment managers are trained in making the most of these tools and can help take some of that anxiety off your plate. (After all, it’s what they do every day!)

Parting ways with your emotions toward money, and instead putting your trust in a professional advisor, can make all the difference to you and your family in 2015. Reach out to our experienced team at
Family Investment Center. We bring nine advanced degrees or certificates to the table and we are focused on your goals (while offering top investment tools and discernment).

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