It’s spring in the Bluegrass, and of course, I actually had it on our marketing calendar for the year to talk about March Madness and Kentucky’s championship team (we can just go ahead and claim the title, right?). I would have talked about my spring break trip to visit my sister in the UK and Ireland, and how good it felt to give her a hug for the first time in seven years.
We all know there’s a lot going on right now, and one thing I’ve been thinking about lately is that, in previous market crashes, there’s been someone bad we could point the finger at. In 2008, there were the bankers and sleazy mortgage brokers who were handing out million dollar mortgages to people making $30,000 per year based on credit products that were dreamed up by hedge funds.
As I’ve said before, it’s one thing to read about history. It’s a completely different thing to live it. In two weeks, things have certainly taken a turn for the worse. As a financial planner, I’m still having conversations with folks, albeit via conference call, FaceTime or Zoom.
In thinking about what to say regarding recent events, well, I’m as perplexed as everyone – I had no idea we were surrounded by experts on pandemics and how they work. If you ever need more “expert” information, well, just turn on the TV!
This month, we’re talking about saving. And washing your hands. But mostly saving! Yes, it’s still important to stay on track with your savings goals when the markets are wacky. More so, actually.
This month, our plan was to discuss the importance of, and encourage all of you to focus on saving, and how to best work toward your unique goals. But at the moment I think it’s more important to talk about washing your hands! (And yes, there is a right way to do it.)
Don’t let this trying time in the market scare you away from making smart investments! In this video, David Smyth, CLTC gives some encouragement to the trajectory of the market.
Last summer when we were making larger shifts in your portfolio allocation, we explained that we wanted more US stocks vs international. Our reasoning was that, when we get a cold, the rest of the world gets the flu. Fast forward from last July – I never thought the whole world would get the flu, but here we are.
Last week, we talked about the importance of taking care of yourself when it comes to looking after your loved ones. One thing I didn’t touch on last week that I want to explore today is the importance of prioritizing not only your physical health, but your mental health as well. Thankfully we live in a time where talking about mental health no longer conjures up images of straightjackets and stark hospitals. These days, it’s more about finding some zen. At least, that’s what I tell myself!
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