The Financial Impact of This Crisis + How to Prepare

Without reason, we have all witnessed harrowing acts happening around the world and in our country over the past weeks. It has been tragic.

We've been forced to deal with dark realities of pain and loss. While we hate to see others deeply affected and think of our comfort, dreams, and plans for the future, I can tell you how many people reached out to me with questions.

 

I have repeatedly been asked about the impact of the terrorist attacks on your financial future. I talk about it + practical action on this week's show. Listen in:

The Two Biggest Takeaways From the Past Weeks (Focused on Your Personal Financial Future.)

 

I don't think anything we've seen in the previous two weeks will be majorly devastating for the future of the markets. Yes, everything has been down of late, but it is okay to have volatility when there is a crisis in the world. 

The clicks on these negative headlines are surging as they project a fearful future. There has been a drop, but it isn't unexpected and won't derail the great market growth we are experiencing.

 

It's time to ask the hard questions. When is the last time you thought about the impact of a crisis on your finances? We are shocked at the events as they unfold - rightly so. But are any of us surprised by a crisis occurring? We shouldn't be.

 

Yes, of course, we don't want a crisis to happen, but we have to prepare for it!

 

When you assume crisis is going to happen, a level of peace follows that directly impacts your quality of life today.

It is almost counter-intuitive that peace comes by walking through a plan for a crisis, but I see it consistently with my clients.

Plus, when you plan for a crisis, you no longer have to see your dreams impacted.

When you assume crisis is going to happen, a level of peace follows that directly impacts your quality of life today.

Now, let's step back and think about how to prepare for the next one.
 

What does it look like to prepare for a crisis?

(And note: This isn't only talking national and global crisis. What if a family member passed away? What if an expensive sickness arises? Personal crisis and domestic crisis can both demand proper planning.)

 

My advice is simple:

 

1. Talk about it. Despite the difficulties and discomfort to plan for a family member's death or a national crisis, it is essential.

Without focusing on the financial impact, begin a conversation with your spouse about why you have a hard time discussing some component of loss, and what could come in the future.

Then once you've been able to listen to each other's concerns, the conversation can move toward financial planning.

 

2. Get professional financial advice to fit your circumstances as Larry and Jennifer did. (Listen at 7:25 to hear their story.)

Giving broad information isn't easy. Even if you read strong advice or hear something that resonates as a "good plan." Remember, every individual is different. You need financial advice tailored to your circumstances, your goals and your unique situation.

As much as I would love to give you the perfect formula, if I did, there would be no way to guarantee it was right for you. The More Than Money team will be happy to hear your story and set up a convenient time to connect.

 

3. Live in a place of peace during a crisis.

Once you have a plan in place, you will experience peace not only during a crisis but also during the calm, normal daily routines.

Life is meant to be enjoyed and a constant distraction of money will pull you away from other things that matter. A healthy plan provides peace.

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