It is hard to talk about money without talking about the economy and the current political climate. Making a financial plan when the economy feels hopeless is harder than most people admit. On top of having an economy that is being tanked by political policies and uncertainty, so many of us are at a disadvantage.

So many of us never learned about personal finances from high school or from our families. So many of us grew up with families that either just chose not to teach us about personal finance or they exhibited harmful financial habits. So many of us grew up poor. So many of us never went to college or trade school. I could keep going on about the socioeconomic inequities of our country, but that isn’t why I’m writing this article.

Right now, many of us are feeling the effects of policies that have made the economy even more unpredictable. There are hundreds of economists and financial experts out there talking about it. I am not going to repeat any of that for you. I will, however, commiserate with you and tell you that you do have options. 

Too Much Information

My investment education tells me not to pull out of the stock market, even when it is scary. And that makes sense. If you are losing money in the stock market and you take that money out, you will not be able to make that money back when the stock market goes back up because you took that money out of the stock market. You can read all of the books, listen to all of the educational videos, but it can be hard to decide what is right for you. 

In this day and age, a person making 40k will have different options and different choices to make than someone making 70k – than someone making 100k. Then there is the astronomical inflation we have experienced for most of the time that I have even been an adult. Personal finance in this economy is just… tragic. 

You Are Not Alone

I know most of us have never even heard of financial counselors. It is a relatively new field. But they can help you sift through all of the information, they can help you find what is right for you. Based on your wants, needs, values, etc. In an economy like this, we can help you do damage control. We can hear your concerns and frustrations about your money. Sometimes we might refer you to a therapist if it goes beyond money. We are not trained for more than money. Financial advisors help you manage your investments, your retirement fund, they might help you find insurance – they manage wealth. Financial counselors help with the everyday personal finances.

Note: I need to tell you that I am not qualified to advise anyone on investments. I may have some education but I have not taken the Securities Industry Essentials exam, nor have I taken any of the Series exams that would license me to advise anyone on investments. 

My point right now is that personal finances are hard. Trying to find the information that you need when there are a billion resources out there and you are trying to find your way through emotional chaos is unbelievably hard. Making a financial plan when the economy feels hopeless might be something that you’d prefer to never think about, but you don’t have to do it alone.

If you are interested in getting help managing your personal finances, you can check out my services or you can find other Accredited Financial Counselors at this link: https://findanafc.org/. Just put in your zip code and check out other AFCs near you! If you are not interested in getting help, I respect that. I can still try to answer your questions – feel free to email them to me at contact@myfinancialequity.com and I will get back to you as soon as I can. 

Make a Plan, Even When The Economy Feels Hopeless

We can’t control the economy, but we can control how we react to it. I have been struggling to find my way back to myself since the week before the new presidential administration took power. Starting a business in the midst of all of this was not something I could handle, but I went to my therapy appointments and I connected with my family and I participated in safe, peaceful actions that I believe help me and my community advance forward instead of backward. We do what we can in the midst of chaos, and part of that has to be you doing what you can to mitigate the damages.

You have to make a plan for your finances that you can stick to and that sticks to your values. Without a plan, how do you know that you are taking care of what you need to take care of, saving for the things that matter to you, or paying off debts to maintain your financial standing in our ridiculous credit system? Things may look bleak, but this is exactly the time you need a plan, and one that you know you can stick to.