As a result of the recent market reports, are you tempted to take your focus off the very things that are the most important? Don’t be and here is why: complacency is the first step toward drifting financially and drifting means you are off course.
You need to keep your focus firmly fixed financially. The reason: markets change and while the immediate future looks great, all of this can and often does change quickly. I tell clients that the plan you have in place now is the best plan you can have for the immediate future.
While our country is in the middle of an impeachment situation, the world’s largest economy, for now, is in a very good place. Market analysts continue to reassure us that there will be no recession in 2020. In fact, the market actually does not seem too worried about any of this. Plus, a strong job market coupled with strong stock returns over the past three years have placed us in a strong position.
“GDP growth in the last two quarters came in close to 2%. The drag from lackluster corporate investment is ‘largely gone,’” says Paul Gruenwald global chief economist for S&P Global Ratings. “And the labor market remains strong thanks to tax cuts and regulatory rollbacks.”
On top of this, the unemployment rate is at a 50-year low of just 3.6%. So, my advice is to take a step back and look at the broader picture. Trust what you have in place and don’t rush toward making any change!
Every day our news cycle ends with a report on the NASDAQ and the DOW. One day these numbers are up and the next, they are down. When they go up, we cheer but if they go too high, we watch anxiously to see when they will reverse in order to make a correction.
What does all of this mean to you and your investments? Very simple: don’t allow your security to be baked into what you may have stowed away. But don’t become too comfortable either. Steer clear of the news cycles that are cloaked in facts when in reality they are only well-stated opinions.
Trust is something we hear very little about today, but this one thing is needed more now than ever. I encourage you to trust the investments you made. The “right” decisions you make today will pay even greater dividends in the future.
But what do you do if you believe you are investment poor? I can help you hit the reset button on your financial future. Despite all the “rosy” outlook of today, next year is sure to be volatile—given the fact that it’s an election year and the political uncertainty will continue.
Don’t be caught unaware. Let’s talk about today and tomorrow’s financial future. Schedule a free 15 minute consultation, and you will learn how to reach your financial goals without losing hope or value in the most important areas of your life and business!