The Oklahoma Department of Securities understands that life can be filled with challenging and emotionally taxing events, such as the death of a loved one, divorce, health issues, or other crises. During these times, it is crucial to exercise caution and avoid making impulsive or emotionally driven financial decisions that can have long-lasting consequences. Here are some guidelines to help you navigate these difficult situations while safeguarding your financial future:
Pause and Reflect: When faced with a stressful life event, it's natural to feel overwhelmed and emotional. Take a step back, give yourself time to process your feelings, and avoid making hasty financial decisions. Grieving or dealing with emotional distress can cloud judgment, making it difficult to make sound choices.
Review Your Financial Situation: During difficult times, it's essential to assess your financial position objectively. Review your assets, liabilities, and existing financial plans and needs. Consider how your financial goals may have changed due to the life event and adjust your strategies accordingly.
Avoid Major Financial Commitments: Steer clear of making significant financial commitments or investments during times of emotional distress. This includes large purchases, selling valuable assets, or entering into complex financial agreements or investments. Wait until you are emotionally stable and can make informed decisions.
Seek Professional Guidance: After taking time to address your emotional distress, consult with financial advisors or professionals who can provide objective advice. They can help you evaluate your financial situation, assess your goals, and develop a plan that aligns with your long-term objectives, taking into account your current emotional state.
The Oklahoma Department of Securities encourages individuals facing stressful life events to exercise caution when making financial decisions. By following these guidelines, you can navigate these challenging times with greater resilience, safeguard your financial future, and make decisions that align with your long-term goals. Remember that seeking professional advice from a registered securities professionals, can make a significant difference in your ability to make sound financial choices during times of stress.