Covid -19 started as a health pandemic and then became a financial pandemic and now they are forever linked. Production costs increase, prices of commodities escalate, and Americans now walk through stores wondering how much they can buy and how long can they make it stretch.
Our passive investment clients have been sharing strategies on how to adjust or rebalance their finances via our monthly Zoom calls (cannot wait to do these in person again). I’ve condensed our session down to 4 major suggestions shared by all:
- Track Cash Flow: all use an app to help with the most basic step of financial planning. If you are not on top of how much capital incoming and outgoing you have no chance to make an informed decision about your financial life.
- Automate: on-line bill pay will minimize penalties and fees. Yes, for old guys like me that has been a sore spot considering all the cyber-attacks but there are measures to minimize that risk as well. If you are saving money on your own, automate the transfer from your checking to savings or investment vehicle. That’s why an employer-based 401k works so well!
- Embrace the unthinkable: Covid-19 has made conversations about illness and death mandatory. It’s time to overcome your anxieties about creating or updating that Will, or healthcare proxy to make decisions on your behalf should you be unable.
- Stop Trying to Time the Market: Don’t fall prey to your emotions when you feel an itch to adjust your investment or retirement accounts. Stay out of trouble and stick to the plan. Making financial decisions during volatile times can be disastrous.
One final thought our clients shared that has kept them on course: The growth and preservation of your wealth is dependent upon a diversified investment plan that provides consistent and secured income.
Adding stability to your long-term investment strategy just got a great deal easier for you. Contact us to learn more about our ARK Fund and how you can put a smile on the face of your future self-starting with as little as $5000. Call us today to learn how you can begin or add to your passive investment growth, 877-452-6569 x103.