Financial Stress and Your Health, Productivity and HappinessSubmitted by Reby Advisors | Certified Financial Planners | Danbury, CT on July 20th, 2018
By Bob Reby, CFP®
Having a long-time passion for financial planning as well as financial education, coaching and empowerment has led me to explore additional curiosities.
Since many of us seem to stress about our personal financial issues to some degree, I started researching with the help of several colleagues, the impact or cost of financial stress. For the business community, it is enormous. A lot of dependable research shows a direct link between financial stress and increased health care costs, lost productivity, lost profits, absenteeism, etc. It is difficult to go into all the research and findings here; however, I wanted to reach out to you as it relates to you and your loved ones.
Over the years, as we have listened to you, we have heard comments that seem to have a consistent theme. Comments that include statements such as, “We have a clearer understanding, more direction and peace of mind now.”
First, this type of feedback reinforces what we are trying to accomplish and makes us feel good! More importantly, it indicates that there is reduced financial stress, which is great. Taking it one step further, we have been lucky to meet many of your children and grandchildren, not only in an advisory capacity, but as your loved ones that may inherit your wealth someday. Your children and grandchildren may be experiencing their own financial stresses. We may be able to help reduce the financial stresses that can come with raising a family, buying a home, or planning for current or future educational expenses. We understand that they are in a difference phase of their life planning, and that is fine.
It could even be an opportunity to invite your children or grandchildren to your annual or semi-annual meeting, if you are comfortable with that. What about considering briefing your loved ones (as inheritors) at stated intervals? We can also send them a copy of our latest book, titled Wealth Redefined to see if they agree with our philosophy and belief system. We have found that clear, concise communication efforts can help reduce financial stress for individuals and families. Any feedback would be greatly appreciated.
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This edition of our Quarterly Newsletter includes How to Avoid Identity Theft, Ask a Financial Planner, an update to The Reby Lifestyle Sustainability Scorecard™, our team and community news.