Keep Stress Out of Your Finances
SUDOKU
At McBeath Financial Group, we know that people have been fearfully
watching what is happening with the market, and their feelings are understandable.
There are a lot of scary figures whizzing around out there in the media, and some people
The Secret Benefits of the Planning Process
may see large amounts of their portfolio disappear overnight. If you’ve been through the
comprehensive planning process, then you know we have accounted for market volatility. We’ve also discussed your tolerance for risk as well as your liquidity and income needs. That is part of why we love planning so much. If you have a plan and have followed recommendations, then you are likely in a much better position to ride out these volatile markets with confidence. It is important to note that the stress tests we use can’t possibly account for every scenario; this is why it is imperative to work with a professional and keep your plan up to date. When we take our clients through the planning process, we account for a lot of different variables and scenarios, in addition to those mentioned above. We also address inflation, the death of a spouse, and more. We address those variables right up front, and we construct the financial plan and recommendations with those things in mind. Right now, we’re going through something that none of us have ever experienced before, and for most, there’s fear that comes with the unknown. Still, the planning fundamentals are the same. For my clients that have been through the planning process and implemented it, there should not be a concern for their income stream being interrupted. We can always expect market corrections when we’ve been in a bull market for so long. Our current market environment is exactly why we plan accordingly to meet income needs in all market conditions.
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Going through the planning process sets the course for you to allocate your assets with the right mix of risk and reward opportunity to help achieve your goals. It also might help you to be less fearful during times of extreme market volatility. Having a plan is about your money, your goals, and your peace of mind.
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