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NerdWallet's Smart Money Podcast

Reduce Financial Anxiety Now: Actionable Tips from a Live Planning Session (Video Episode)

Aug 26, 2024
In this session, certified financial planner Magda Doemeny offers insightful strategies to combat financial anxiety. She engages with a listener named Sean, diving into his financial journey and helping him set clear goals. Topics include budgeting tips, compartmentalizing savings, and understanding investment risks and rewards. Magda stresses the importance of enjoying money while managing stress over spending, providing actionable steps to achieve financial peace of mind.
38:16

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Setting specific short to medium-term financial goals can help alleviate financial anxiety and promote a sense of security and focus.
  • Adopting diversified investment strategies and a long-term approach can reduce stress associated with market volatility and enhance confidence in financial planning.

Deep dives

Listener's Financial Anxiety

The listener, Sean, expresses significant anxiety about his relationship with money, despite having a solid financial foundation with a million dollars in assets. His background knowledge of finance is limited, stemming from witnessing his parents go through bankruptcy during the 2008 financial crisis, which influences his cautious and frugal approach to spending. Sean's worries are compounded by his tendency to track every penny meticulously, which leads to difficulty in enjoying his financial situation. He desires a sense of security and the ability to support his children's future needs, yet struggles to balance this with the enjoyment of his current lifestyle.

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