This post originally appeared atLearnVest.
Fear No.
Another important to-do: reviewing yourinsurance coverage.
For example, is your homeowners insurance enough to cover that natural disaster you worry about?
Do you’re gonna wanna opt for a different health plan?
While you might’t predict when something bad is going to happen, you might be prepared if it does.
Fear No.
With those kinds of headlines haunting us, why wouldn’t we fear the markets?
venture to keep some perspective.
For instance, ask yourself if you’re O.K.
“You might say yes quickly to losing 20%.
Case in point: Theaverage national savings interest rateis a mere 0.17%.
Fear No.
“There are far fewer pension funds and fewer full-time jobs out there that pay a living wage.”
It also helps to be proactive about your next career move, Losey adds.
That said, don’t rely solely on your current employer to help boost your earning power.
Fear No.
“There is a basis in reality, but it’s really overblown in many of us.”
How to Conquer It:At its root this is a fear about losing financial independence.
And that really boils down to knowing how much you’re making versus how much you’re spending.
“She was afraid of becoming a bag lady,” Losey recalls.
“It’s often not your retirement funding that’s the problem,” she says.
Fear No.
Part of what lies behind this fear is ignorance about the consequences of paying compound interest.
Hint that you’re considering another provider that offers a better rate.
Another important part of the debt-free equation, of course, is to verify you aren’t racking upmoredebt.
Better yet, put yourcards on ice, so you physically can’t use them.
Fear No.
So the key is to help them without enabling them, says Somers.
Just be sure to bake in some time for them to prepare for financial independence.
“Parents don’t have unlimited resources.”
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