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Financial and professional well-being at a time like this Posted on August 9, 2020
How are you?
No doubt you’ve been affected by COVID in some capacity. From a professional and financial perspective, there have been many pressures.
We want to say that we get it.
And we want to share these valuable resources that may help to maintain financial and professional wellbeing at a time like this.
If thoughts about work and money are getting a bit much…
…you’re not alone. The uncertainty around our current environment heightens the focus we give to this part of our lives.
Thoughts about work can be all consuming at the best of times, but if it’s worrying you, put a ringfence around how much time it is allowed to occupy space in your mind.
A 2019 article in the Harvard Business Review by psychologist Janna Koretz highlights this as a key trend among business owners, senior leaders and aspiring professionals. She reminds us that our work and finances are important, but that they comprise one part of the valuable lives we lead – not the whole. The elements of balance that she suggests include:
- Engage in activities outside of work – if it’s something new, start small and build up gradually.
- Re-build and nurture your network – adult support in and outside of work are important.
- Decide what’s important to you – what are you going to look back on with pride?
- Look beyond your job title to appreciate all that you offer.
If you’re still working from home…
…taking care of yourself can be difficult, yet needs to be a conscious choice. Working from home can be tough on your motivation, social connections and productivity. Beyond Blue has built a dedicated resource in response to COVID-19 to help maintain wellbeing through this new or sustained way of working.
Maintaining clear boundaries, a routine and a work-life balance plan, establishing a clear work area for safe and productive work, building a solid communication plan with your team, keeping in touch with friends and establishing your work mentor or coach can be helpful in this space.
If you’re out of work…
…there are a number of financial options available while you build your resumé and online profile – in fact a team of experts are behind you in this case, including:
- Fair Work Australia – contact them about your entitlements
- Your bank – explain your situation to them early and investigate the impact to any loan repayments now, and credit options later.
- Your Financial Advisor – advice from a registered Financial Planner will help you to know what you’re dealing with now, and what you need to plan for later.
Create a budget to monitor where your money goes and where you can have greater control and efficiency. Use a trusted source, like the government’s Money Smart calculator.
If you’re watching your investments take a hit…
…try to stay calm. Investors and retirees have had a tough time observing their hard-earned nest egg decline in value in response to the financial market performance. The Government has reduced the minimum annual payment required for account-based pensions and annuities, allocated pensions and annuities and market-linked pensions and annuities by 50% in the 2019–20 and the 2020–21 financial years. You can activate this to preserve your savings if you need.
Before you make any big moves, talk to your Financial Advisor and know exactly which steps to take for your situation.
We hope that you are looking after yourself and your loved ones, and remember that we’re here to help you in the way that we know how – and that is to build financial security so you can live the life you love.