From setting aside a portion of your earnings each year to investing for a long-term horizon, saving for retirement is a fairly straightforward concept. Once you reach your retirement date and begin drawing income from your savings, however, things begin to feel more complex and, at times, uncertain.
Humans are complicated, irrational beings and we have learned that our mindset and behaviors can have a massive impact on our financial outcomes.
Our brains are hardwired with psychological biases that can hurt us as investors, especially right now, when we are experiencing an economic crisis and volatile markets.
Here are 3 of the biggies and what you can do about them.
One of the foundations of a solid financial plan is RESILIENCY, which is the ability to get through a crisis without derailing your future. Well, the next crisis is here, and we don’t know how long it will last. But it’s not time to panic. Here’s what you can do right now.
Current data tells us that the economy is in a steep contraction due to the coronavirus. How long it will last is unknown. So how can we protect ourselves when we can’t predict the future?
We can take a lesson from some of the most successful companies in the world. We take a look at what might happen, think through how it could affect us, and create contingency plans.
Why Invest During a Recession?
Choosing to invest during a market downturn can make a lot of sense - asset prices have fallen hard, meaning those willing to invest now can likely get bonds, stocks, real estate and more for a fraction of what those assets are normally worth.
With all that is going on with Coronavirus, I've been getting a lot of questions about Life and Disability Insurance and the process for getting it. I am including below a few quick facts about the life insurance process. If you have any questions, feel free to reach out, no strings attached. This is information I think everyone should have during these trying times.