THE RIGHT WAY TO RESPOND TO ECONOMIC VOLATILITY
Troy Holt, CFEI?
Do You Want to Eliminate Debt and Grow Wealth? Discover How Small Business Owners, Veterans, and Healthcare Pros Can Turn Financial Issues into Wealth Opportunities!
Inflation. Tumbling market values. Supply chain catastrophe. Wars and rumors of wars. Pandemics.
These words have been plastered all over the news and social media feeds for the last two years. And there’s no sign of it stopping.
As individuals and as businesses, we can’t control the economy.
But what we can control is how we respond to it.
The key is to stay focused on your long-term goals and make sure your actions align with them.
Here are a few tips on how to navigate economic volatility…
1. Check your emotions. Fear is the natural response to economic volatility. What will happen to your job? What will happen to your business? What will happen to your retirement savings?
Know this—one of the worst mistakes you can potentially make is acting rashly on those fears. Volatility creates opportunity. Don’t lose out on potential because of the headlines you read. Instead, assess your situation, what you stand to lose, and the opportunities you might have.
2. Stay focused on your goals. It’s easy to get caught up in the day-to-day noise of the news. But if you want to help your sanity—and make sound financial decisions—it’s important to keep things in perspective.
How far are you from retirement? What kind of lifestyle do you want in retirement? What’s your strategy for protecting against long-term losses?
If your goals are in line with your current reality, take a deep breath and ride out the storm. If not, it’s time to reevaluate where things stand and make adjustments as necessary.
3. Review your budget and financial strategy. Once you’ve gotten past the initial emotional reaction, it’s time to take a clear-eyed look at your budget and finances.
There are two critical components to examine here—your emergency fund and your debt.
If you have an adequate emergency fund in place, keep it intact. Resist the temptation to tap into your savings to cover short-term losses. You’ll need your emergency fund for different expenses, like emergencies.
As for debt, make sure you’re not overextending yourself with credit cards and loans that only might make sense when the economy is booming. If you lose your job in a downturn, the last thing you want is high-interest debt hanging over you.
4. Meet with your financial professional. It’s simple—a licensed and qualified financial professional can help stop rash financial decision-making in its tracks.
A financial professional can help you see the big picture, keep things in perspective, and develop a strategy that can help you stay on track—no matter what the economy throws your way.
While economic volatility can feel frightening, it’s important to stay focused on your long-term goals. Having the right mindset and guidance can help you navigate a crisis with confidence.
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UPCOMING EVENTS
Join me Troy Holt on another addition of Troy Talks Linkedin Live Inteview/w The President of Resume Makeover Lesley Hunter this Saturday, May 14, 2022, at 12:30 pm CST.
?? Lesley Hunter is a Certified Professional Resume Writer (CPRW) / copywriter and President of Resume Makeover.
?? Her business, Resume Makeover, serves to help individuals and businesses with their copywriting, resume, and career-related needs. In addition to running her business, Lesley is very involved in the arts and entertainment, and philanthropy.
?? Lesley is Mrs. Florida 2021 and recently (in August 2021) won the title of ‘Ms. World America Lady’ at Nationals. In 2019, while living in LA county, she was Mrs. Pasadena and the year prior, Lesley placed 1st runner up to Mrs. California United States.
?? She also previously held the title of Miss US Missouri in 2009. Exposure through her Missouri pageant title presented her an opportunity to host her own webcast entertainment show called ‘Lesley On The Town,’ which Lesley wrote and produced herself. On the show, she interviewed dynamic entertainers and business owners from around the Midwest and often times showcased guest talent from LA.
?? Lesley’s love of the arts and entertainment stemmed from her musical background. She is a classically-trained pianist, trained in music since age 4 and at age 18, she qualified and competed in the World Piano Competition.
?? When Lesley is not writing resumes, playing piano or engaging with her social media followers, she is usually keeping up her French and Italian, traveling or involved with promoting and volunteering towards causes she is passionate about.
?? In 2018, Lesley coordinated a photoshoot and did a PSA for the #MeToo Movement and she continues her primary involvement with two non-profit organizations, 826LA and CASA. Lesley has hosted resume workshops with groups including the Women’s Media Group (based out of New York) and the Chicago Urban League—in which she assisted youth and the socio-economically disadvantaged to improve their writing/communication skills and succeed in the job market.
?? Lesley is currently pursuing a Master of International Business (MIB) degree where she recently (May 2022) received a High-Performance Scholarship for placing in the top 10% of her class, academically. She was also voted as and serves as Class Representative of her cohort.
?? With all of her creative and philanthropic passions, Lesley ultimately believes in connecting with and learning from individuals of diverse backgrounds and that one of her highest duties in this life is helping others and impacting change.
?? To keep in touch with Lesley, follow her on Instagram at @LesleyOnTheTown1, on Facebook at facebook.com/lesley.hunter.77/, and feel free to check out her blog and business websites at lesleyonthetown.com and ResumeMakeover.com (e-mail is [email protected] ). She looks forward to connecting with you!
You’re invited to our upcoming online event.?This lively, practical course on personal finance gives you the realities, concepts, and step-by-step roadmap to create more financial security and independence for yourself and your family than you ever thought possible.
How you think about money affects almost every decision you’ll make for the rest of your life—no matter your age!?We're all looking for a clear, proven blueprint for how to protect and grow income and wealth.
This is THE class you've been seeking.?
Register for this essential course on financial education and join us live...
Monday, May 23, 2022, at 7 pm Central Time
Registration Link: RSVP
Don't forget to check out our weekly Social Audio Strategies LinkedIn Audio with? Troy Holt & Bobby Umar every Wednesday at Noon central!
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Author, Freelance Writer, motivator, speaker and singer.
2 年Thanks for sharing.