Karen McPhail, RN, MSN
Financial Planning and Market Changes
Some volatility has recently returned to the stock market. This is unsettling for many including seniors who have often more conservative portfolios or need more ready cash due to care needs. Many of my clients are worrying about how long this will continue and if this is the start of something major?
If you have a trusted financial advisor they will probably tell you not to worry too much as ups and downs such as this are just part of the process. This is a long term process. Markets naturally go up and down as we all know, however, our most recent market activity with its significant changes can in fact spark some natural concern. As investors however, we need to keep our focus and remember that Investing is all about the long term picture and returns. Try your best not to fret over the short term. However proper planning is key! Ensure that you have provided your financial advisor with a good projection of your spending needs each year so that you have available cash on hand. Proper planning will help to put your mind at ease.
The best guidance that I have received from Merrill Lynch financial advisors has been to: Push aside the worry and noise as it will pass in a normal course.
If you are in need of a trusted financial advisor please feel free to visit my contacts tab as I am happy to assist in linking you to a trusted financial advisor to put your mind at ease and assist in planning strategies for the future.
A trusted financial advisor can assist in setting up long-term goals and ensure that you have a balanced portfolio that meets your needs and prepares you for unforeseen events. They can also explain to you over time about market trends and changes. It is important to always consult an expert for long term financial planning, guidance, and support!
Take a deep breath and move forward!