This week, let’s talk about the health impact that the present Bear Market has placed on us. I think we all agree that stress is, indeed, an unseen villain to our bodies. Is there anything we can do to help alleviate the mental and physical strain of present-day financial issues brought on by the highly-contagious Corona Virus? The stress of the virus alone is all-consuming. Couple that with the stress of financial worries and you have a double whammy.
We are all vulnerable to this stress and will manifest it in our own way. Some will be affected physically, others mentally and still others both ways. If we let this all pile up, the effect could be long-lasting. Here are a few suggestions to possibly help you survive this time with less stress, illness and sour dispositions.
- How about we live life more and watch media coverage less? There is a lot of information in the press and online. 24/7 media coverage implies that nothing else matters and we know that’s not true. We also know that there is a lot of misinformation out there about the virus. And, there’s lots of news that would be making the headlines if not for the “virus”.
- Let’s look at the markets in the “big” picture instead of the “here and now”. We are all responding to immediate threats and ignoring our stock market history lessons. Previous Bear markets have had many different causes with the likelihood of decreased economic activity and increased possibility of a recession. We should understand that immediate effects on our financial lives always work themselves out in the aftermath of the crisis.
- Let’s concentrate on what we need to do to move forward. Yes, the economy is slowing down significantly and joblessness is rampant, just as in previous Bear markets. But if we concentrate on the problem instead of doing what we have to do to get through it, we miss the whole point of what experience has, or should have, taught us. Knowing that even bad things come to an end should help us to put this period of time into perspective and cease the “worry”, an activity that does and accomplishes nothing.
- Consider consulting an experienced and trained Certified Financial Planner™ professional. If you choose an advisor who has been through a couple of bear markets, you will know that they can guide you through with confidence. For example, our senior partners have 56 years of combined experience and you can bet this is not their “first rodeo”.
- Definitely design a plan to meet your needs and goals now and in the future, with risk protection for the unknown. No one knows what the future holds, but if you bury your head in the sand, you will be vulnerable the next time tranquility is disrupted.
HAVE A GREAT WEEKEND!