Earlier this year my father-in-law had agreed to pick up some individuals from an airport and transport them about 80 miles to their homes. Some snow was expected during the trip, but he quickly found himself in a much heavier snowfall than what was forecasted. His passengers were kindly adamant about their goal to get home that evening despite the snow. Even though my father-in-law felt somewhat apprehensive about continuing the trip, he decided to keep driving in the storm since he had a vehicle that handles well in the snow, enough fuel, and experience that helped him make good decisions in these conditions. It was not a smooth trip and there were some anxious moments, but he and his passengers all arrived safe and sound to their respective homes.
The current stock market conditions may make you feel like my father-in-law on that snowy night: anxious about current conditions and reluctant to keep going because of the unknown future. Despite the current turbulence of the market, it is worth staying the current course when you have an experienced guide to assist you. Following are five strategies we use to navigate turbulent times:
- Diversification – We use well-diversified investment portfolios to reduce investment risk over time.
- Time Frame – We consider your timeframe. Current market conditions may have less of an impact on the final value of the investment the longer your timeframe to accomplish your goal.
- Track Progress – We monitor your assets in relation to your goals so you can know if you are “on track”. Knowing where you stand in relation to your goals can reduce anxiety about current market conditions and inform you if any adjustments are needed if you are not on track.
- Conversations – We welcome hearing from you anytime, and especially as you experience changes in life. These conversations are a catalyst to update your goals and reevaluate your situation.
- Team Advice & Service – The Master’s Team is here to help you navigate your options and put into motion items that you have mutually decided can help you achieve your goals.
Similar to driving in a storm, we know there will be market turbulence. We plan for it because we expect it. Because we have prepared in advance for a bumpy ride at times, we encourage you to “keep driving”. We would love to hear your perspective of how you think you are doing in relation to your goals during this market downturn.