I know it feels like the world is spinning out of control right now. When faced with the unknown, we don’t know where to plant our feet to get perspective. I wanted to share a few things that you can do to get through this. And we will get through this.
1 Remain calm.
This is really important. Your mind is racing, your listening to the news 24/7 (we all know that the media sensationalise information, fear sells newspapers). So it can be challenging to digest all the bad news and remain calm; however, when you are calm your mind can process information more clearly. Please remember our younger generation has not lived through tough times and do not know how to prepare and respond. Let’s not teach them panic and hysteria. Let’s teach them to stay calm and adaptable. Let’s teach resilience and show intellect.
2. Stay safe
Follow government guidelines about isolation and hygiene – this is vital to flatten the curve. Look after those that are vulnerable. Do not panic buy, you are only hurting others.
3. Do a budget
No one normally listens to me when I ask people to do this, but I reckon if there is one thing most people are doing right now, it’s a budget! In the face of uncertainty, it is good to get back to the basics. Know what expenses you need to cover and reduce all non-essential spending. That doesn’t mean stop spending. We need to keep the economy working so please support your local businesses but not at your own detriment. Careful and considered spending is what is called for. Make your money last.
4. Remember your long-term goals
This will be over eventually, life will return to the new normal and you will be able to get back on track. Bunkering down should not include selling out of quality investments. Do not panic sell, you are only hurting yourself.
5. Look for opportunity
Change brings opportunity so be open to adapt or adopt something new. Many of us have already done that this week by working from home, and I am reasonably sure there will be many more changes to come, embrace them.
We are here to assist you in whatever way we can. Meetings are available via Zoom. Let’s stay connected.
While all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Tanya Carlson, GPS Wealth Ltd nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.