3 Min Read
Living out of Character: Finance Edition
Let’s all take a second to breathe. Everything has been happening so fast. We got news of Coronavirus-produced quarantines, toilet paper went trending, Rudy Gobert is a clown and businesses are working remotely or completely shutting down. We are all living out of character. I even had a virtual happy hour with 75 advisors from my network, all enjoying some cocktails.
So, what’s next?
The simplest answer is I don’t know. Because I don’t think anyone really knows what is going to change in a day or even a week, but all we can do is stay safe and be thankful. Thank you to all the healthcare workers fighting to save the lives of many ill patients. Things will get better and we have to continue to move forward until we are back on our feet.
Let’s talk finance.
When the market goes down, there is only one thing to do…Invest more money. If you don’t have money to invest then you should be planning on ways to get money to invest. What you can’t do is take your money out, you just must wait. It will go back up and there will be a new record high for the DOW JONES. Then eventually, it will cycle through again into a bear market but hopefully not because of a virus.
These moments do bring positives! It makes us stronger and, in some ways, takes us out of our comfort zone, challenges us to learn new things. The event reinforces how important it is to make sure you’re planning. Thirteen years was our last recession, that’s a long time. Over these extended periods we forget the fear of not properly planning. We forget that we can’t drive a $500 a month car on a $300 a month budget. We can’t because we can’t plan for these economic downslides. They just happen and advisors need to do a better job of getting the point across as well clients need to listen and take action.
Working remote keeps the business afloat.
I want to transition into how and why I became obsessed with technology. I have put myself in a position where if you called me and asked to open an IRA, I can start and finish the account within ten minutes. I would only have to speak directly to you over the phone for about two minutes.
To put it into perspective, have you ever opened a checking account at a bank? That’s a minimum 20-minute face to face transaction if the banker is legit. This virtual process was something I believe is more efficient for the client, yourself and overall process. Not to mention, right now almost everything is being done virtually.
It will get better.
I wanted to write about this because of the current state we are in. Many people have been impacted by the current situation. We are all panicking about our careers, finances and day to day lives, but I know one day we will get back to a new normal. But for now, I’m business as usual. Stay safe everyone and tech up!