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As public health officials work to slow the spread of coronavirus disease 2019 (COVID-19), many have recommended social distancing and self-quarantining. Most provinces across the country have issued orders for people to stay at home unless it’s essential they leave, and some employers have had to send employees home or ask them to work remotely. While these actions can help slow the spread, they can have negative effects on your mental health.
While the words may sound alike, loneliness and being alone are not the same thing. Loneliness is a subject that has been studied for a long time in psychological literature.
Loneliness can lead to an increased risk of heart disease, diabetes and dementia. According to experts, loneliness and social isolation can be as damaging as smoking 15 cigarettes a day.
If you’re feeling lonely in these uncertain times, you’re not alone. Many Canadians are trying to overcome those same feelings. Fortunately, there are many things that you can do to fight loneliness and maintain your mental well-being during the COVID-19 pandemic.
One of the best things that you can do to fight loneliness is to create a new normal by sticking to a schedule. For example, if you’re used to going to the gym before work, try to wake up early and get an at-home workout in before you start your workday from home. Build in times for meals and short breaks like you would for a normal workday in the office.
Maintaining as much normalcy as possible with your daily routine can help lift your mood and prevent boredom and distress from taking over. It can also help make the days feel structured rather than long and endless.
When in quarantine or self-isolation, it can be easy to feel lonely. Fortunately, advancements in technology have made it easy to connect with others without having to physically be in contact with them. Experts recommend reaching out to loved ones with technology to reduce feelings of loneliness and anxiety, and to supplement your social life while you’re quarantining or social distancing. If you’re feeling down, use video-calling technology or social media to get in touch with friends and family.
For more assistance with your mental health in the wake of COVID-19, please visit the City of Ottawa's Mental Health website.
Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.
Financial planning is crucial for several reasons:
Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.
Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.
Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.
Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.
Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.
The specific responsibilities of a financial advisor can vary, but generally, they:
The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.
Common fee structures include:
Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.