How to Maintain Resilience when Facing a (Financial) Crisis
Hi, I’m Jamie Lima with Woodson Wealth Management, and 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.
Well, we all know the next crisis is here, 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:
One: 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 if the volatility is keeping you up at night. Please, if you’re worried about your investments, reach out. You shouldn’t go it alone right now.
Two: Revisit your emergency reserves. If you’re worried about loss of income this year, make sure you’ve got enough to avoid tapping your long-term investments ahead of schedule. Need help? I can help you identify your first, second, and maybe even a third source of cash if you think you’ll need it.
Three: 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 for 2020. 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. For my family and friends, our community here in Ramona, and for America. So I focus on what I can control. 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 fiduciary advice and remove the conflicts of interest I felt existed in the past.
How can you use this crisis to grow stronger?
If you have a question about what I’ve discussed with you or you’d like to speak personally about what’s going on, please use the form below to send me a message. I’m here for you and I’ll respond personally.
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