I recently read an article on CNN Money about why women worry and how to cope with anxiety. There is no doubt it’s hard to be calm these days; even seasoned investors and financial professionals who understand these markets are feeling out of control and are still worried.
A study by the Anxiety Disorders Association of America says women are twice as likely to worry as men. “It might just be that for women, it’s more acceptable for them to express their anxiety than men,” says Dr. Carol Bernstein, associate professor of psychiatry at New York University School of Medicine.
So what can you do to ease the aggravation?
1. Take a deep breath.
2. Think about the realistic worst case scenario and how it would really affect your life.
3. Talk about a big decision before you make a move. For many of us, the immediate instinct is to sell everything in our portfolio or put our house up for sale. These tend to be rash decisions and not necessarily the best ones. Before you make a big money decision like this, talk it over with a colleague, family member or friend.
4. Keep money in your daily or regular conversation. This doesn’t mean you should complain about your money, but ask for positive suggestions on how to manage your daily money, discuss how others are investing, or even ask questions about financial terms you might not know about. The key is to keep money in our conversations so we won’t be afraid of it.
5. Know when to get help. When the worrying impairs your ability to work, play or have healthy relationships, it’s time to seek outside counsel.