It is hard to build wealth in challenging times like this. As part of your personal do it yourself financial plan you need to be able to ride out economic downturns associated with high unemployment, a depressed stock market and slow consumer spending. 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. Focus on you and your family’s goals and plan your investment strategies to meet those objectives.
5. 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 .
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 build wealth the right way and to insure your long term financial success.
Fern Alix LaRocca CFP EA created a do-it-yourself online financial plan that takes you through the 7 steps to build wealth. Through education and her coaching, you can save thousands of dollars and create a personal financial plan that will survive stock market crashes and create a secure financial future for you and your family.