Why Do We Worry About Money?

It may be surprising to hear, but even those who’ve accumulated substantial wealth may still worry about money. While financial success often brings comfort, it doesn’t alleviate every fear, insecurity, or concern. These fears run deep, often stemming from childhood experiences, societal pressures, or the responsibility of managing wealth.

Understanding the psychology behind this phenomenon can help us address it more effectively. Here are three main reasons why we worry about money, even when we have enough of it.

  1. Fear of the Unknown

One of the most significant sources of financial anxiety is the fear of the unknown. This includes concerns about market volatility, economic downturns, and unexpected life events. Even with substantial assets, the unpredictability of the future can cause stress. Being mindful about money is what helped you build your assets in the first place, but it can also lead to excessive worry.

It’s important to have a comprehensive financial plan that includes contingency strategies. Regularly reviewing this plan can provide a sense of control and preparedness, reducing the anxiety associated with financial uncertainty.

  1. Responsibility to Others

Many of our clients feel a strong obligation to provide for their families, support charitable causes, and contribute to their communities. This responsibility can be a source of worry, particularly when it comes to ensuring that wealth is managed wisely and ethically.

Creating a legacy plan that aligns with your values can help address these concerns. By clearly defining your financial goals and establishing trusts or other structures to manage your wealth, you can ensure that your resources are used in ways that reflect your principles and provide for those you care about.

  1. Maintaining Financial Independence

Maintaining financial independence is a common worry, even for those with significant wealth. The fear of running out of money or becoming a burden to others can be a powerful source of anxiety. This is often magnified as people approach retirement or face health issues.

It’s crucial to plan in advance for concerns regarding healthcare and to consider long-term care insurance. This can provide peace of mind and help ensure you remain self-sufficient.

We are empathetic to these concerns and are committed to helping you navigate them with confidence. Our personalized approach and deep client relationships allow us to tailor strategies that address your unique financial worries. Remember, while it’s natural to worry about money, having a trusted advisor by your side can make all the difference in achieving financial peace of mind.

Detalus and its affiliates do not provide tax, legal, or accounting advise. You should consult with your tax, legal, or accounting advisor before engaging in these types of transactions.

This material was prepared by Oechsli Institute, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.