3 Tips to Weather a Financial Storm

Tyler Hoffman is the Founder of OnPoint Employee Benefits www.onpointbenefits. ca and the Executive Producer at www. deliberatewealth.com

The recent heatwave that burnt some of my garden is a good reminder that things happen out of our control. This month we’re exploring my top three things you need to do when the stock market goes wonky.

If your investment portfolio took a 20% dip today, it would take you five years to recover from that downturn. Imagine your investments going down so far in value that it hinders your ability to retire on time or even stay in retirement. Here are my top three tips to weather the proverbial storm. Upgrading the quality of your portfolio is essential. It’s a perfect time to take a look at what is working well inside your portfolio. You want to look at the types of funds you have. You want to look at the amount of risk you’re taking on inside your portfolio. Is it necessary? Is it unnecessary? Are you paying fees that you don’t need to pay? Assessing the quality of your portfolio through a portfolio review with a qualified advisor is a good thing to be doing during this time. Maintain a long term perspective. When markets drop off a cliff, they cut deep, their losses are significant but know that the markets generally come back. So have a long-term perspective rather than just look at the downturn that you’re currently in, and feeling the pain that you’re currently experiencing. Look to the possibilities down the road.

Make sure you’re finances and life plans are still on track. Whenever the market and the economy do a major correction, it leaves our financial and investment plans off track. Variables of change, elements of change inside our lives and our businesses, and inside our portfolios, and so the first thing that you’ll want to do is make sure that your retirement plan and your financial plan are still on track, giving the new variables that are putting pressure on all of your holdings and ability to earn the income that is needed for daily living.

Finally remind yourself that after every bear market, there’s a bull market. Meaning at the end of every bad market, there’s a good market. At the end of every good market, there’s a bad market. At the end of every bad market, there’s a good market. At the end of every good market, there’s a bad market…you kind of get my drift. It’s the cycle of life when it comes to investing. If you’re still unsure, confused or don’t know where to start get a second opinion with a trusted Advisor from an unbiased firm.

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