Tools for overcoming financial stress

Brian Portnoy, Founder of Shaping Wealth, joins TheStreet to share some tips for how to overcome financial stress.

Transcript:

CONWAY GITTENS: What are some of the tools that you suggest people use to overcome the stress over financial decisions and, you know, money overall?

BRIAN PORTNOY: Yeah Yeah. Well, again, it starts with the plan. So having a sense of what your goals are, being relatively precise about what you want to achieve, what you need to achieve, that’s critical. Second thing is monitor your information diet. And by that I mean that we live in a world that is absolutely overwhelmed with data choice and information. There’s an old line that we’re drowning in information but starved for wisdom. So try to be very cognizant of the types of news that you’re taking in the types of data. Because if you’re trying to drink from the fire hose and learn everything, it is going to be extremely stressful when you can step back and say this piece of information is relevant to what’s on my written down plan versus, hey, this, this is just big picture. This is noise. It really does make a difference in terms of your stress level. And the third thing I’d flag is whether or not to pay attention to others. The original JP Morgan, John Pierpont Morgan, said that nothing corrupts the ones financial judgment more than the sight of your neighbor getting rich. And so right now, because of social media, because of global communications, effectively everybody is our neighbor. We’re always looking around. Those comparisons can make us incredibly stressed out. You know, we’re keeping up with the Joneses, so to speak, and so it’s hard to turn that off. But we can be a little bit more self-aware, a little bit more cognizant that those dynamics are taking place.

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