A Message from Means Wealth
Over the last few weeks, the consternation concerning personal health, our families, the markets, and the economy has been palpable. Like you, I am concerned. These are no doubt challenging times.
Many clients expressed how different this situation feels, and I certainly cannot argue that. This is something we have never seen in modern-day history. This isn’t the tech slide of the early 2000s or the financial crisis of 2008.
This doesn’t feel anything like Ebola or Swine Flu. It may be difficult to think about your finances. Perhaps, you are thinking about them even more. If you are nervous about the markets, we certainly understand.
What I ask you to do is ask yourself three questions:
First, has my timeline changed? Do I have enough time to recover? Historically, it takes about two years for markets to come back from a correction. All the while, things like your dividends, interest, 401k, and 403b contributions are invested at much lower costs.
The second question is, will we get through this? The answer to me is no doubt in my mind. It may be two weeks, two months, or two years but it will happen. There are already vaccines in testing. My hope is we have a solution sooner than later. It may get worse before it gets better, but we will persevere.
I ask you to consider if you could go back to 2008-2009 and buy up all the high-quality stocks out there, would you? Knowing what you know now, would you sell? Clients considering this correction an opportunity are poised to do well when the market inevitably returns.
You trusted us to help you through times like this. We are committed to doing just that. We are actively watching the news, the markets, and your portfolio. Regularly, we meet as a team to review actions we need to take, if any. We cannot guarantee the volatility will slow at any point soon.
As much as we too want the lows to stop and the highs to return, we know that this is part of the process. This is something we’ve planned for. If you feel concerned about the current markets or wonder what actions you should take, if any, please give us a call.
That’s what we’re here for. Further, if you have any family members or friends, clients or not, feeling nervous or unsure in the current environment, we would be happy to speak with them.
You’ve heard us say before that actions taken before and during a correction can have the biggest impact on one’s likelihood of financial success. The advice of a trusted financial advisor can be incredibly impactful in a time like this.
It is human nature to play out the worst-case scenario. For each of us, the worst-case scenario is different. Reactions vary. I’ve heard everything from “I’m retiring and will never recover” to “I have extra cash. Let’s buy.”
I also have received notes wishing my staff and myself well. For those, we thank you. They mean a lot. I hope this message helps you to breathe a little easier. From all of us at Means, we sincerely thank you for your continued trust.