A Financial Plan Can Reduce Your Worrying
The events that recently unfolded over in Greece is what inspired this month’s article. Often, the financial media sensationalizes stories that really have little to do with most individual’s investments/financial plans. It’s really more about them needing to generate buzz for advertising dollars (need people to tune in/read to see why the sky is supposedly falling AGAIN) than it is about what’s important for most people’s investment situations.
So we shouldn’t worry, you say? Worrying about these supposedly bad financial events is usually not needed. Those worries are usually best saved for very difficult markets that stay down for an extended period of time (and even then, no one can be exactly sure of how long or when a bear market can rear its ugly head – or all of a sudden stop and reverse course). If you have a financial plan in place that’s reviewed on a regular basis, your investments are helping you to meet these financial goals, and your financial advisor is giving you the appropriate guidance on these financial “crises”, there’s no need to overreact to the latest news of the day.
I know that seems hard to believe, but sometimes we need to sift through all of the media “noise” when it comes to investing and see how it really affects our specific situation. Since very few people probably have any significant exposure to Greece in their portfolios, I would think the latest crisis is pretty much a blip on the radar that we’ll all soon forget about. That is – of course – until the next big financial “crisis” hits and we are all told to start panicking again.
A good tip for those who get nervous when they hear these stories: take a deep breath, think about what the source of the news is and what they’re trying to achieve, and think about how it really affects your situation personally. If you’re still worried after taking these actions, call me so I can be your voice of reason and point out how it probably isn’t really that big of a deal for you at all. After all, your mental and physical well-being re: your investments is just as important – if not more so – than the actual investments themselves.
Find an experienced financial advisor who regularly advises clients on how to not worry about what the financial media says, works for an RIA firm, earns his/her money from fees (NOT commissions), believes in having an abundance of investment choices for clients, and has the heart & demeanor of a teacher, NOT a salesman, and chances are you’ve found the right financial advisor to help you prepare and plan for your financial goals.
To learn more about Martin Federici, view his Paladin Registry profile.
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