From our blog:

3 Ways to Maintain Resilience when Facing Financial Crisis

Facing financial crisis is never easy. Whether that relates to one small event, or a number of them. We all know what being fearful due to uncertainty feels like and it’s not fun. I’m here to give you the antidote to fear and uncertainty by taking action.

One of the foundations of a solid financial plan is RESILIENCY, which is the ability to get through a crisis without derailing your future.

We all know the next crisis is here in the form of this covid pandemic, and we don’t know how long it will last. But it’s not time to panic.

Here’s what you can do right now:

1. Treat your portfolio with care.

Now is not the time to sell out or make emotional decisions. Instead, it’s time for careful changes, seeking out opportunities, and adjusting goals. Especially if the volatility of the market is keeping you up at night.

Just like when the market is stable you want to manage it to create the most beneficial outcomes for you. That is long term thinking. Now is not the time to panic and make rash decisions because of the instability of the future.

2.Revisit your emergency reserves.

If you’re worried about loss of income this year, make sure you’ve got enough in reserve to avoid tapping your long-term investments ahead of schedule. As I have already said, there is no reason to panic.

There are ways you can identify your first, second, and maybe even a third source of cash if you think you’ll need it. It’s simply a matter of knowing how to find those sources.

3. Build a flexible mindset.

We don’t know when life will get back to normal, so think about your plan A, plan B, and even plan C. This kind of contingency planning is a great way to fight anxiety and build inner calm.

We’re in abnormal times, and it’s normal to be worried about the future. I’m worried sometimes too. For my family and friends, our community here in Ramona, and for America. So I focus on what I can control.

What I can control are my behavior, my mindset, and my action plan. I’m using this crisis to grow stronger in my personal relationships, and using the extra time at home to provide my family with a home they can enjoy by breaking out my tool belt, so to speak, and making our home the best it can be.

Additionally, I took this opportunity to start my own firm where I can truly provide financial management advice and remove the conflicts of interest I felt existed in the past.

How can you use this crisis to grow stronger? Both personally and financially.

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