Fears of the Day
Economic Swings
The Coronavirus is overtaking the news today, as it should given the ramifications of coming in contact with it. While communities are trying to figure out how to best protect themselves, economists are busy trying to predict the full impact on economies in many countries and the DOW is falling.
All of these things bring with them a range of emotions from a sense of uneasiness to true fear.
What should one do in cases like these?
We are likely to experience changes in our shopping experiences, items we are used to finding in abundance may become limited – which of course increases pricing. This will force a change in shopping patterns. Trade shows are being cancelled in a number of countries which will force sales to happen virtually, if at all. Certain segments of the job market will be hit harder than others and some will lose the security of their employment.
Are you ready? Do you know how you will adjust?
If you look back in history, this is yet another economic swing. We have been through many before. Things will course correct over time. There will be some changes that become permanent and we will do life in new ways and there will be a return of some things that will hopefully increase our gratitude for them having missed them while they were not available.
How will you make the adjustments?
How will you be positioned to handle both the down turn and the inevitable increase as things come back to center again?
Your answer will lie in two places: Your Financial Money Principles and Your Financial Plan.
Money Principles are the filters through which we make our financial decisions. If you have not taken the time to consciously choose these, now may be a good time to discern what are the thoughts, rules and beliefs that inform your financial decision making.
Your Financial Plan is a projection of how you see taking care of your personal wealth. It will cover the sources of income and all the associated costs. Hopefully there is a portion set aside for paying yourself first and what I mean by that is not the paycheck that buys the groceries and keeps the lights on but the funds that go to work for you to create an income stream of their own. How will you invest these dollars during a time of change?
If these are two areas you would like some help with give us a call. As someone who does not sell any investment products I am a safe place to explore the best steps for you. You can call the office and Grace will be happy to get you scheduled 406 257 6044 or email wealth@thecfoagency.com.
Fear is always overcome with knowledge and action. When it comes to finances in our 30+ years of service we have been able to help our clients to create plans that are tailor made for them so their money is working for them instead of them working for it.
Let’s talk and see if we are a good fit.
In Abundance,
Sue
