Michael Laurance Finance Coach
May you live in interesting times. - Ancient Chinese Curse
Doom and Gloom!
It seems wherever we turn today there is bad news on the financial front, and more bad news on the horizon. Stories about financial meltdown surround us now. On the radio. On TV. In the newspapers and magazines. So, what are we to do?
First things first: Turn off the talk radio and turn on some classical music.
Turn off the TV, or at least turn off the shills who are screaming about what you should do this very minute.
Turn the newspaper to the comics.
Take a deep breath, and get some historical perspective on the situation. Stop listening to the talking heads telling you to switch in and out of your investments or to follow the next hot trend.
Remember that finances are but one of the pillars of your life (albeit a very important one!). Remember your friends and family, your health, your spiritual side are vitally important to you as well. NOW more than ever.
Here are some incontrovertible facts about money and the markets:
So, take some time, think about your long-term investment goals. Think about what level of volatility and risk you can tolerate. If the recent stock market turmoil keeps you up at night, after you have turned off the pundits SCREAMING at you from your television, keeping all your money in stocks is not for you!
Give yourself permission to reevaluate your goals and the road you take to achieve your goals. Only once you have mapped out what you want to achieve, and what you can tolerate, should you make investment decisions.