During a time of such uncertainty, focusing on the things you can control can lead to better decisions for the long-term
By Kathy Longo, CFP®, CAP®, CDFA
Thursday, 16 July 2020
If someone had told you at this time last year that you’d be spending your summer reeling from a global health pandemic that forced you to be inside for 12 weeks with every member of your family, an unprecedented economic downturn that will likely result in a recession in the months to come, a civil rights debate that would bring the world into a conversation that needed to be had a long time ago, you likely wouldn’t have believed it. Last year at this time, while things were assuredly not perfect, none of this could have been predicted.
And that’s the thing about predictions: they are uncertain. Just as we cannot time the markets, we cannot really predict what outside forces will impact our lives, livelihood, and social existence. For all these things we cannot control, though, we can find strength and resilience in knowing that there are things we can control, too.
Taking Back the Reins
We can control what information we take in as truth. We can control what we eat and drink, along with how we sleep, exercise, meditate, and practice self-care. We can control how we treat others and how our emotions affect the way that we react to the things happening around us. Of course, we have to be intentional about all of these things. Otherwise, we risk falling into patterns that leave us susceptible to poor decision-making. For example, a pitfall we all fall victim to at times: confirmation bias.
No matter what stage of life you are in, now is the time for strong communication and mutual respect in your relationship
By Kathy Longo, CFP®, CAP®, CDFA
Monday, 29 June 2020
Disasters often strike with little notice. Hurricanes Harvey, Irma, Jose, and Maria surprised us with their ferocity in 2017, the Equifax security breach caught us by surprise that same year, and so it has been with the COVID-19 pandemic. Although some public health experts had coronavirus on their radar for some time, the general public was caught largely unaware as this worldwide health crisis forced us to abandon our usual way of life. While these three forms of disaster may seem to have little in common, they have all left financial devastation in their wakes, and they all represent periods of great transition for many people.
Right now, people around the globe are facing anxiety about the future, uncertain job situations, loss of income, health concerns, illness and loss, and lives put on hold. The news media reminds us of the major impacts of the coronavirus – nearly ten million confirmed cases worldwide, more than 20 million jobs lost in the United States alone – but there are a great many other consequences of this pandemic that aren’t making the headlines. Our relationships with one another are changing inside homes and within communities. Times of transition are often marked by confusion and feelings of uncertainty, but these difficulties are compounded when our loved ones are experiencing life transitions at the same time. This is particularly true with regard to our spouse or partner. When left untended, these relationships can become strained even in the best of times, let alone during a global health and financial crisis. Below, I will discuss several strategies for successfully moving through a period of transition while supporting and strengthening your relationship at the same time.
Volatile Markets and the Ongoing Spread of the Virus are Causing Economic Uncertainty
By Jay Pluimer, AIF® CIMA®
Tuesday, 03 March 2020
Last week saw the worst week on Wall Street since 2008, as the Dow fell into correction likely due to the outbreak and spread of COVID-19, commonly called novel coronavirus. A market correction is a nerve-wracking event for investors, but the current uneasiness in the markets is no cause for panic.
While the spread of COVID-19 is atypical, market correction is not. In fact, it’s an entirely normal process, and not altogether unexpected after experiencing the longest-running bull market on record. There have been 22 market corrections since 1974, and they are aptly named because the market usually “corrects” itself and returns prices to their longer-term trends. While the coronavirus is likely to cause economic impact into at least the second quarter of 2020, historically, Wall Street’s reaction to these types of epidemics has been short-lived, including in the recent past.