Financial Watch | October 2022

5 Ways to Stay on Track in Any Market Climate

Let’s face it, life doesn’t always go as planned. Some circumstances are beyond your control, such as rising inflation, an economic downturn, or an unexpected job loss or health crisis. Without a disciplined strategy in place, these can quickly throw your plans off course. When that happens, getting back on track can be harder than expected. For example, if you have to dip into emergency savings to stay afloat between jobs, or to pay a large medical bill, it can take months or even years to build back savings. Similarly, if you panic and sell investments at the first hint of a market downturn, it could take a significant amount of time to make up the losses, especially if you wait until prices are rising again to buy back into the markets. By working together to pursue your financial goals, we can help you build wealth, manage various risks, and avoid costly mistakes along the way.

Below are five ways that together we help you remain on track toward your goals in any economic environment.

1. Guide you along the path to your goals

Serving as your financial steward or guide, we discuss your goals and desires, craft a plan to get there, and hold your feet to the fire to pursue the outcome you desire. The last part is critical because investor behavior, which is a key driver of financial outcomes, can often derail investors’ strategies. That’s because behavioral biases, such as fear, greed or loss aversion can cause people to make decisions that are not in their best interests. That can have long-term consequences, such as extending the amount of time it may take to reach certain goals or delaying retirement for several years. Providing the guidance you need may help to overcome these biases and remain on the path toward your long-term goals. In addition, with access to sophisticated software and tools, specific recommendations can support your goals and how your strategy may weather various conditions or circumstances, so you can make confident decisions about your future.

2. Educate you on financial concepts

Knowledge provides a foundation for making confident decisions that support your goals and objectives. Whether you’re just getting started on your financial journey or are preparing for life in retirement, we work together to educate you on important financial concepts, best practices and new opportunities that may be appropriate for you.

3. Advocate for your success

Think of me as a coach who not only helps you focus on the big picture but hone your financial skills over time. This may include guidance for improving budget management, organizing your finances, protecting income sources, managing debt or defining your legacy.

4. Coordinate the advice you receive

You may need help coordinating advice you receive from your accounting, tax, and legal professionals. This is an important part of a comprehensive approach to financial well-being where investment, tax, retirement and estate planning strategies are carefully coordinated and fully aligned with your goals and time frame.

5. Monitor your progress

It’s impossible to know if you’re on track toward accomplishing all of your goals unless you’re able to measure your progress. That’s why we will establish benchmarks to determine if you’re on track as you pursue the full range of short and long-term goals you have established. This proactive approach can also help to determine when or if adjustments to your strategy need to be made to keep you on course.

If you would like to learn more about how we can work together to help you remain on track toward your goals during periods of uncertainty, let’s schedule a time to talk.

^{This information was written by KRW Creative Concepts, a non-affiliate of the Broker/Dealer.}