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A University of Cambridge research in 2003 found that almost one in five Britons suffered from what they described as “financial phobia”. Almost 50% of the sufferers experience a racing heart at the thought of managing their money, some 15% feel frozen and immobilised, another 12% feel ill while 11% become dizzy.

The truth is that there are people who simply dislike managing financial matters. But the reality is that everyone must devote some time to our financial lives rather than avoid it. Some people leave it to their spouses to manage their finances but what happens when the partner is gone?

You can also hire a financial adviser to assist you, but essentially, you are responsible for your own financial journey. They can only be your guide and supervise you along the way as you have to be responsible too. Don’t expect them to be soothsayers who can predict your future with accuracy. If they are able to do so, then you may want to be extra vigilant with their advice!

What can you do then? Be interested in your money. Read up on simple finance-related books or articles.

The fact that you are reading Financial Snacks is already a good start!

Make an effort to understand the simple flow of your money - where it comes from and where it goes to. If you need a guide, hire a financial adviser to help you understand your financial health and how you can sensibly grow your net worth over time by taking on some investment risks.

Remember also that our money may not outlive us due to the effects of inflation. Ensure that you are correctly and adequately insured with the right insurance products.

Don’t be stressed by your money matters. After all, the more we are in touch with our financial lives, the less stressful we will be.

Source : The Star Business News