It has been a wild ride.
Everyone I talk to is still dealing with issues related to Covid-19 and it appears that we will continue to experience such issues for some time.
What to do?
Well, do not hunker down in a foxhole, or stick your head in the sand. While it may be very tempting, we never accomplish much by doing so. Rather, think of what you can do with what you have. As a financial advisor for many of the readers, I am always on the outlook for opportunities. Digesting all the information available, researching, finding common threads attached to Covid-19 and using my 27 years of advisory experience to create specific investment strategies.
Many of you may be experiencing financial hardship, significant business slowdowns, feeling isolated, lonely and uncertainty. Well, you are not alone. I think that is the challenge individuals feel when they experience such emotions or hardships. Reach out to others in your circle of family, friends and yes, advisors like myself. Sometimes it just feels good to vent/unload without having a feeling of being judged. Let me state this with the firmest conviction I can, no one, and I mean no one, could have foresaw or prepared for such an event like Covid-19. I thought that the Great Recession of 2008 was a significant setback for our nation and as citizens. Yes, we rebounded, but it felt as if we just got back on track, and then we experienced the coronavirus.
So, besides reaching out to others, what other suggestions might I recommend?
If you are behind on your bills, communicate with the lenders, do not be silent. That could only create greater challenges for you. Work out a reasonable plan with your creditors. Reasonable for you, what you can fulfill, not what they are necessarily asking you to pay. If you are behind on your rent or lease, same recommendation applies. Your Landlord is facing challenges of their own, as they never foresaw, nor were prepared for such an event taking place. Discussing terms in a calm and peaceful manner is best. If you are a business owner, like me, and if you are experiencing a slowdown, reach out to business owners adjacent to you. Talk to them, they are most likely feeling the same as you.
Lastly, everyone that I talk to says that they sense that a lot of people are on edge. It is understandable.
Having said that, it does not release us from the responsibility of being respectful to one another. Give your fellow neighbor the benefit of the doubt. Maybe they are facing financial difficulty or any of the issues discussed above. No reason to add fuel to their “fire”. Better kind words and if they use abusive words, the best thing to do is to be silent and walk away. It is not worth the time and energy, let alone, you will also be in a bad mood for the rest of your day. Especially, if you use abusive words back.
As usual, I am providing below, links to investment reports for your review.
Russell Investments
Global Market Outlook 2020 – Q3 update: The great reopening
Goldman Sachs
Labor Daze - Market Monitor / August 28th
If I can be of any assistance, please call or email. I mean that! If you are facing any of the challenges above, and need a listening ear, I am here for you.
Stay safe, cool, and live a calm and peaceful life.
Wes