No one knows with any real certainty how much, or for how long, the Coronavirus will impact the US economy. What we do know is that it will have an impact. We are seeing it on financial statements already, reading scary headlines, and feeling the anxiety and stress of the unknown. But while markets are facing a crisis of confidence, we are not. Financial planning is about preparing for the worst while being optimistic enough to believe in the best of outcomes.
As we continue to communicate, here are a few things we want to be clear about:
- We are here for you – always. We will continue to offer to talk, meet, whatever it takes to support you. This is THE specific reason that we keep our business small and personal, so that we can fully support you as an individual with your own plans, needs/wants/wishes at times like these. We will always make time to talk for a few minutes, whenever you need it.
- Market fundamentals don’t feel like they mean too much when fear overtakes investors and stock markets. Know that we are monitoring these conditions, collecting information and assessing our advice every, single, day. The choice to “stay the course” is a conscious one that we are continuing to make.
- That choice is sometimes hard, even for us as professionals. Every one of us has been here before, seeing losses in account values and being concerned that losses could continue. Our number one job right now is to keep a steady hand for you, for as long as we assess that this remains a fear-based sell-off and not one of significant economic deterioration. Your financial plan, one we put together at a much less stressful time, is a long-term one that we feel should never be completely abandoned.
- We are extremely fundamental in our approach. You’ve heard us preach things like “diversification” “having a cash reserve to weather uncomfortable times” and the “three bucket theory” (https://haasfinancialgroup.blog/2018/04/24/how-should-i-be-invested-our-three-bucket-theory/). These are the times we are thankful to have been diligent in the planning process, so an emotional travesty (the uncomfortable nature of bear markets) doesn’t have to feel like it has become a financial one.
- Your financial well-being is important to us. Your personal well-being is far more important to us. No matter where you are in your phase of life, or geographically, we pray for your well-being and safety.
One of the best benefits to having an advisor, coach, or mentor in your life is their reassuring voice when we have concerns to share or need counsel. If you’re reading headlines, becoming anxious or scared, or just simply want to talk through all the information, give us a call. We will help you stick to your plan through the ups, and the downs. And if we’re not yet working together, feel free to schedule a complimentary strategy session.
Tracking # 1-963131