In challenging times like this it is hard to build wealth . As part of your personal do it yourself financial plan you need to be able to ride out economic downturns associated with high unemployment, slow consumer spending, and a depressed stock market. You can keep your head above water with these five tips :
1. Think past frustration, fear and/ or anger and get educated about possibilities . Your greatest worry in the unknown. Focus on what you can do and figure out when you should do it. Make it something you do regularly. For example, at the end of every quarter, I review my brokerage statement. It gives me peace of mind throughout the rest of the year, that I am on track for my financial goals.
2. Time to look at all the options. Rarely is a situation so black and white that workable options don’t exist. Shop around for the best investment that you can afford, make sure you understand it and contemplate if it works well for what you want to accomplish .
3. Plan for the next phase of your investments by reviewing your risk tolerance . Can market opportunities overshadow risk for you? This will avoid the shock of a failed investment. Know the risk and make sure that you can stomach losing money. If not, then stay away.
4. Sit tight. Now is not the time to make risky career moves. Keep your job by staying in tune with the needs of the company and be flexible. Reconnect with past business colleagues and keep up your networking .
5. Focus on you and your family’s goals and plan your investment strategies to meet those objectives.
A clear understanding of your needs, knowing what to expect, and being prepared is the key to success . You need to where you stand and what you can do now and into the future. A strategy conversation is an opportunity to understand your concerns and help you move forward from where you are to where you want to be even during a recession. Get one now with a Wealth Coach to insure your long term financial success.