No matter what stage of life you are in, a well formulated financial plan can help you enjoy your today’s, (yes, even in these uncertain times!), and your tomorrow’s.
By following these strategies, you will reach your long-term goals.
- Keep emotions in check
Like many Canadians, you are probably feeling anxious right now. Reigning in your emotions can help you to make decisions calmly and weather this market turbulence.
Market fluctuations are a normal part of investing. Investments don’t perform in a straight line—they have periods of gains and losses. Historically, investments tend to rebound from short-term losses and often offer gains when they recover. Keep in mind that bear markets and corrections are normal and have occurred about every 2 years since 1942.
2. Invest for the long-term
Volatility decreases over time. You can expect that investments will have short-term fluctuations. But it is the long-term gains that really matter. Try not to get too caught up in the 1 or 2 year returns.
3. Diversify and consider asset allocation
When thinking about investing, don’t put all your eggs in one basket. Diversifying can help you benefit from periods when different asset classes are performing better than others, which in turn helps you meet your risk tolerance, goals and timelines.
Michael has the experience, expertise and tools to help you keep your emotions in check, stick to your plans and stay focused on your long-term goals. If you have questions or need help with your investment decisions OR want to get more information, you can set up a complimentary, 30- minute phone consultation at calendly.com/mjhfinancial OR email me at [email protected].
P.S. Because your finances are so critical to your retirement success, it just makes sense to keep calm during these volatile times. Why not give these tips a try, to enjoy your today’s and tomorrow’s?