Today, the typical consumer is exposed to more news and information than at any other time in history. A recent survey about stress indicated 95% of Americans “try to keep up with the news daily,” and 56% said that doing so “causes them stress”. Even more interesting is that 72% believe “the media blows things out of proportion.” I think we can all relate to these statistics in one way or another. More and more Americans are turning to different social media outlets for a regular source of news, which increases the frequency of information. As of late, a lot of the financial news has centered around inflation, interest rates, and the more recent collapse of several banks. While it is important to have an awareness of the news and current events in life, it can also be something that has a negative impact on your health. Many times, all of this information leaves you with the feeling you might be missing out and that you should take some sort of action. Our experience has been that doing so generally detracts from your overall investment experience, is stressful, and likely compounds the problem you are trying to avoid.
In our article from last month, we wrote about why one should consider having a Financial Plan and the pieces that should be integrated into a successful plan. Your plan should include your individual goals and personal financial situation. It should include guardrails to help you stay on track that are reviewed frequently to calibrate on changes in your situation. In times like these, it becomes the backbone for sound financial decisions and provides peace of mind about those decisions. Your plan will have already taken into account any scenario and will be your GPS for the long-term allowing you to enjoy the journey without worrying about the day-to-day.
Working with a local financial advisor ensures that you are working with someone who has the education and experience necessary to develop the right plan for you. Take the first step in building a news-resistant plan today by reaching out.