It never feels great to see the stock market drop, especially by a lot, and then watch as your portfolio’s value falls with it. Fear, frustration, anger, anxiety, helplessness – each is a totally understandable and even appropriate response. But all circumstances, no matter what part of life they touch, come with context. And nothing about the context surrounding current market events happens to change what you can and cannot control. At an elemental level, for instance, we have no say in when the market inevitably will fall, and when the market inevitably will rise. Bear cycles will come, and bear cycles will go. That’s precisely why your long-term plan – the one tailored to your situation and created around your values – anticipates and prepares for such unavoidable occurrences. Even those as severe as the – in some respects – unprecedented events we’re living through now. And that’s why you so often hear from us to stay the course, because doing so gives you the best odds of realizing the benefits your plan is constructed to deliver. (more…)
We often equate preparing for old age with achieving the financial security needed to sustain us throughout life. However, a truly successful and fulfilling aging experience requires planning and preparation in all areas of life.
Financial planning is indeed important, but money alone cannot “buy” happiness, good health, meaningful relationships, and purposeful activities. In The Late-Start Investor, John Wasik wrote:
“Instead of absorbing an obsolete view of retirement, you should consider what I call your New Prosperity. This includes a flexible life plan that provides for your financial, vocational, physical, emotional, and spiritual needs. Unless you look at your future holistically, merely saving up a pile of money will be a meaningless act.” (more…)