By John Kennedy, CFP® / March 29th, 2020
Argue with Reality
If you argue with reality, you will lose 100% of the time. What an “aha” moment I had when a client shared that statement with me. We’ve spent so much of our recent time talking with people about this phase of economic uncertainty, but I was never able to simplify my thoughts the way that statement did for me.
We prepare, plan, re-balance. We do all the right things to line ourselves up for success, and yet, there will always be things outside of our control. A month ago, the US economy was arguably stronger than ever, but in the blink of an eye, we were forced to recognize how underprepared we were for a health crisis. Accepting the reality of the situation is so important, because it allows us to focus on what we CAN control, like crisis budgeting, building up our savings accounts, buying stocks at low prices, re-balancing, refinancing debts at lower interest rates, and - I believe most importantly - our own emotional response to economic turmoil.
Rather than ignoring our current reality, let’s face and accept it so we can begin adapting accordingly. A positive approach will yield a meaningful long-term outcome, and I don’t mean only with your money.In the coming series of blog posts, we'll talk more about what we can control.