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:
One: Treat your portfolio with care. Now is not the time to make emotional decisions. Instead, it’s time for careful changes, seeking out opportunities, and adjusting goals if the volatility is keeping you up at night. Please, if you’re worried about your investments, reach out. You shouldn't go it alone right now.
Two: Revisit your emergency reserves. If you’re worried about loss of income this year, make sure you’ve got enough to avoid tapping your long-term investments ahead of schedule. Need help? I can help you identify your first, second, and maybe even a third source of cash if you think you’ll need it.
Three: Build a flexible mindset. We don’t know when life will get back to normal, so think about your plan A, plan B, and even plan C for 2020. This kind of contingency planning is a great way to fight anxiety and build inner calm.
We're in abnormal times, and it’s normal to be worried about the future. I’m worried sometimes. For my family and friends, our South Florida community, and for the country.
So I focus on what I can control. My behavior, my mindset, and my action plan. I’m using this crisis to grow stronger as a father as a partner, and as a financial professional.
How can you use this crisis to grow stronger?
|Author: Ivanhoe Sánchez|
Founder & CEO
Outright Financial Strategies