It goes without saying that most of us are strongly feeling the effects of Covid 19 in one way or another. Just about everyone I speak with is worried, uncertain, anxious about their health, their family, and their future.
Many of us are losing sleep over financial stress. That stress is a by-product of fear, and more specifically, fear of the unknown at a time when our reality is full of questions. How can we protect our family if they get sick? When will we get past this, when will our economy start to recover and, by extension, what will happen to our savings, investments and more importantly our retirement plans and dreams?
So much uncertainty surrounds the virus and how we will weather its effects. Almost everyone is looking for some stress relief, anything to simplify our financial life and our life in general. What we all really want is peace of mind.
Sadly, however, most of us don’t know how to get that. We’re wired to react before taking the time to reflect. We make quick decisions based on fear when what we really need to do is thoughtfully evaluate the whole situation, look at the big picture. We need to take a breath and be strategic. We must not slip into survival mode, letting the Covid challenge paralyze us, and we shouldn’t jump in or out of our portfolio just because we feel emotional and stressed. This is however an opportune time to clarify that your portfolio and planning is in line with your needs.
No matter how uncertain the road ahead is at any time, my philosophy is the same, Education leads to empowerment so live in the present, plan for the future, and profit from the past!
I believe this is more relevant today than ever before and, from a financial perspective, that means understanding:
- What are my life priorities and interests?
- How much risk am I comfortable taking?
- What are my needs and expectations?
- How exactly is my advisor paid and how much am I paying in fees?
You might be surprised at how many people either don’t ask these questions or don’t even know they should! Having a dedicated professional advocate by your side can make all the difference in planning your financial wellbeing and alleviating stress, especially now.
It’s your financial future and the power to take the reins is within your reach; let’s find that peace of mind together.