Financial Planning: The Best Defense Against Financial Fear
Worried about job loss, health crises and other issues? Proactive planning, especially with a financial adviser's help, can ease your anxiety about the future.


Financial anxieties can often overshadow our aspirations and hinder our ability to plan for the future with confidence. However, by embracing these fears and tackling them head-on through holistic financial planning, we can turn potential obstacles into stepping stones toward financial security and peace of mind.
The first step in conquering financial fears is to identify them. Common worries include the fear of job loss, health crises, market downturns and the overarching concern of not having enough money for retirement. These fears are not only common but also valid. As I discussed in my previous article, Nervous About Retirement? Ask Yourself These Five Questions, understanding your current financial situation and future aspirations is crucial. Reflecting on past achievements and future goals can provide a strong foundation for addressing these concerns.
Open and honest communication with your financial adviser is vital. A good adviser listens to your concerns, assesses your current financial situation and helps you develop a plan that aligns with your life goals while mitigating risks. It's about creating a financial plan that isn't just about numbers but also about your life's journey, taking into account your fears, hopes and dreams.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The power of proactivity
Let's consider a few scenarios to illustrate the importance of proactive financial planning:
- Job loss contingency planning. Take the example of Sarah, a marketing executive. Despite a stable career, Sarah always feared sudden job loss. By discussing this with her financial adviser, she was able to set up an emergency fund and diversify her investment portfolio, providing her with a safety net that gave her confidence.
- Preparing for health crises. John, a freelance graphic designer, was worried about the financial impact of a potential health crisis. With his adviser, he established a health savings account (HSA) and reviewed his insurance coverages, ensuring that he was prepared for unforeseen medical expenses.
- Market downturn strategies. Consider the case of Emily and Michael, who were nearing retirement. The prospect of a market downturn was their primary concern. By working with their adviser, they adjusted their asset allocation to balance growth with preservation strategies with the goal of shielding their retirement savings from market volatility.
Again, a holistic approach to financial planning goes beyond mere numbers. It's about understanding the interplay between different aspects of your life and finances. This approach aims to ensure that you are prepared for the ups and downs of life, turning financial fears into managed risks.
The key to overcoming financial fears is not to avoid them but to plan for them. Assessing your current situation, understanding your retirement goals and acknowledging the uncertainties of life can help you create a robust financial plan.
Embracing your financial fears and transforming them into a comprehensive financial plan is a journey that requires courage, honesty and the right guidance. By working closely with a financial adviser and taking a holistic approach, you can navigate through your financial fears and toward a future of financial confidence and security. Remember: It's not just about securing our finances; it's about gaining confidence by planning for the unexpected.
Securities offered through Cadaret, Grant & Co., Inc., an SEC Registered Investment Advisor and member FINRA/SIPC. Advisory services offered through Cadaret, Grant & Co., Inc., and Cedar Brook Group, an SEC Registered Investment Advisor. Cadaret, Grant & Co., Inc., and Cedar Brook are separate entities. The return and principal value of stock prices will fluctuate as market conditions change. And shares, when sold, may be worth more or less than their original cost. Asset Allocation and diversification are approaches to help manage investment risk. Asset allocation and diversification do not guarantee against investment loss. Past performance does not guarantee future results.
Related Content
- Does Financial Fear Have You Spooked? Don’t Cower — Fight
- Will You Pay Higher Taxes in Retirement?
- Seven Financial Planning Stops to Put on Your Map to Financial Security
- The Five Critical Components of a Financial Plan for Retirees
- Comparison vs Purpose in Financial Planning: Forget the Joneses
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Frank Legan is a Cleveland-based author and a Financial Adviser with SEIA. Frank spends his days designing and implementing personalized financial planning strategies for corporate executives, business owners, artists, families and retirees. He focuses on lifetime income planning strategies, investment advice and estate planning services. He also works with businesses to develop strategic and succession planning strategies.
-
Is Trump's Tax Plan Speeding Up the Looming Social Security Funding Crisis?
Social Security Social Security's combined retirement funds are running out of cash, and its insolvency date is expected to occur in less than a decade.
-
How to Keep Your Work Friends After You Retire
Work friendships can boost teamwork, lift your spirits, and make the job more fun. But when you retire, these friendships can fade. Here's a look at why that happens and what you can do about it.
-
Here's Why Munis Aren't Just for Wealthy Investors Now
Buyers of all levels should be intrigued by municipal bonds' steep yield curve, strong credit fundamentals and yield levels offering an income buffer.
-
I'm a Financial Planning Pro: Do Your Family a Final Favor and Write Them a Love Letter
Specify your preferences in this personal document that shares your wishes on how you want to be remembered and celebrated. Your family will thank you for easing an emotional time.
-
The Future of Financial Advice Is Human: Gen Z Trusts Advisers, But AI Skills Matter
Graduates entering the workforce trust human advisers more than AI tools with their financial planning. But AI can still enhance the client/adviser relationship.
-
I'm a Wealth Adviser: If You're a DIY Investor, Don't Make These Five Mistakes
Even though you may feel confident because of easy access to investing information, you may be making mistakes that could compromise your long-term performance. Here's what you should know.
-
Building a Business That Lasts: The Critical Steps to Avoid Blunders
'Another Way' author David Whorton offers advice on how to build an 'evergreen' business that endures by avoiding common pitfalls that can lead to failure.
-
I'm a Financial Pro: Why You Shouldn't Put All Your Eggs in the Company Stock Basket
Limit exposure to your employer's stock, sell it periodically and maintain portfolio diversification to protect your wealth from unexpected events.
-
How Will the One Big Beautiful Bill Shape Your Legacy?
The One Big Beautiful Bill Act removes uncertainty over tax brackets and estate tax. Families should take time to review estate plans to take full advantage.
-
Should You Claim Social Security Early or Late? A Financial Adviser Weighs In
There isn't a wrong age to start claiming Social Security, but there are factors that everyone should consider to avoid leaving money on the table.