Author: Marty Moore, CFP®
Morningstar columnist Christine Benz recently wrote: Looking forward and anticipating happy events is one of the most essential aspects of being human. The fact that the current crisis deprives us of a lot of those forward-looking thoughts – at least in the short term – is one of the hardest parts of the current situation.
This past weekend, a friend of mine stated that not only was the Covid-19 situation, along with the financial market swoon, wearing thin but so too was what he referred to as the “touchy feely” advice to stay positive, reach out to friends and loved ones, and be available to help those in need. Not that he didn’t believe these pieces of advice were important or that he didn’t want to do these things – he did – but he felt like it was advice that was ‘easier-said-than-done.’ He further stated: “Lately, my emotional energy has been kind of zapped. It’s been hard to keep a positive and cheery mood.”
I was a bit taken aback. But his comments also made me think more intently about what he said. For all of us, at least to some degree, it’s possible that our emotional energy does take a hit during times like this. I think it is important to recognize how the current crisis is affecting us – that’s step one, for sure. And then we must muster the energy to do something about it. This is doubly important given that many people are being isolated more than normal – whether that’s working from home and being separated from co-workers or being quarantined as my mom is in her apartment within the retirement community where she lives.
For some people, jumping to the front lines and leading the charge to help those in need and to be a shining light during times like this is what they do best. They become more energized. I am always so impressed, amazed … and thankful! … that there are people like this in the world. What a gift they are to others.
For those of us who aren’t naturally energized and do find ourselves weakened by current events, it can take some effort to truly take care of ourselves, both physically and emotionally. It’s hard to make our way to the front line to help others as we can. The effort, however, is always worth it. Often, while helping others, we help ourselves even more.
I’ve been asked numerous times if my phone has been ringing off the hook lately, answering calls from clients nervous about the Coronavirus and what was happening in the financial markets. The short answer is no. I have talked with many of you but most clients know that we will get through this and the best course of action is to hold steady and maintain their current investment plan. That being said, PLEASE, PLEASE do not ever hesitate to call. I am always glad to give you my thoughts.
I am an avid reader of content related to personal financial planning and investing. Even more so during times like this. Rather than summarizing, I wanted to provide links to two articles that I thought were particularly good. They’re both short and will take no more than a few minutes to read. Both are written by Morgan Housel, one of my favorite financial writers. I think you will find them interesting and, hopefully, helpful during this unusual time we’re in.
Different Kinds of Decline: https://www.collaborativefund.com/blog/different-kinds-of-decline/
Two Things We Know With High Confidence: https://www.collaborativefund.com/blog/two-things-we-know-with-high-confidence/
Again, please call with any questions you may have – or, even if you don’t have specific questions, please call if you’d like to discuss what’s going on.
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In the News, Market Volatility