There is a lot of fear and panic out there right now and those two things are the enemy of sound financial planning. In these uncertain times, we all need to stick together as a community and get through this. This is the first pandemic that we have gone through in the modern era of information at our fingertips. There is a lot of information, some real, a lot of it fake. I am here to try to offer some advice and sanity during these trying times. Here are some tips to get through this time.
- Stay calm- this too shall pass
- Thank your small business owners and shop with them- We still need to live
- Stop social media shaming. Shaming and judging are all forms of bullying. This is a tough time and people still need to work. As long as they are obeying the health officials rules, all is good.
- Compared to the recession of 2009, there is a lot of cash on the sidelines to inject stimulus into the economy.
- Recessions are short and painful. This one will be no different, and the ensuing rebound is always longer and stronger.
- Opportunities abound.
- Try to envision what this will look like once its all over. Whenever that will be we don’t know, but things will be different. Now is the time to plan your future, not hide in the present!
- Take advantage of the low interest rate environment now! (I have some ideas)
Our modern economy and stock market have gone through two world wars, the great depression, the great recession, two Iraq wars, a war on terror, 911, Y2K, SARS, Vietnam and Korean wars and have come through stronger. I see no reason we can’t get through this. Stay positive, this is temporary.
I will be available via email or telephone if anyone has any questions or concerns at this time. I will be working remotely and in person practicing social distance protocols as laid out by the health authorities. We may need to be working differently, but I will be working smarter and harder to help get us all through this financial situation.
Lyle MacDougall, CFP
Certified Financial Planner