"From pandemics to recessions, bear markets to energy crises, life is full of financial setbacks. The hard truth is that it's not a matter of IF there will be another economic downturn, but WHEN. The important question to ask is this: How do you prevent a crisis from turning into a full-blown catastrophe?".
Last week I led a discussion for Better Investing DC Regional Chapter Money Matters Book Discussion club. And above quote is a preface to the book "What To Do with Your Money When Crisis Hits: A Survival Guide" by Michelle Singletary. You can read her personal finance column The Color of Money, which appears in The Washington Post on Wednesdays and Sundays.
The book covers a wide range of topics, from what to do when you are in dire need to gig jobs and how to prepare for the future. The main idea is that during tough financial times, fear drives us to make bad financial decisions. The stock market recovers but bad decisions can have lasting effects on your financial life.
It is not a good idea to make short-term emotional changes in a portfolio based on the headlines, but rather to be disciplined and patient. We help you stay the course, diversify your assets, and ensure you have enough resources to cover your needs during good and bad times. That being said, let us know if you want to discuss your investment strategy to ensure that you feel as good about it as we do.