There have been many restrictions placed on the normal rhythms of life in response to the COVID-19 pandemic. The interactions we typically take for granted such as going to restaurants, spending time with friends, working out at the gym, and traveling on vacation have all been curtailed in an effort to tame the pandemic.
As a child, I remember seeing my mother’s wooden plaque of The Serenity Prayer that she kept above our kitchen sink. For those not familiar with this popular prayer, it reads...
What if I told you that there’s a formula that is exceedingly easy to remember and could positively impact almost every decision you make? What if I told you that there is a formula for happiness?
Consider something you’ve always wanted to do but you’ve put off doing because it scares you. In fact, just think of something you’d eventually like to do but haven’t yet, since you may not even be aware of all your reasons for not having embarked on that journey just yet.
It is my hope that as we are better able to map the landscape of love and money, we will increasingly have a scaffolding for having better conversations about where and why our attitudes may differ.
Have you had a disagreement with a loved one recently about money? If so, you’re hardly alone. An American Express survey found money took the top worry spot among married couples (33%), far outpacing the second-place intimacy (11%), children (9%), and troubles with in-laws (4%).
For many years, the prevailing advisory remuneration model has led financial advisors to look at just one variable – investable assets – when deciding whether or not to work with a client.
The numbers aren’t pretty. According to a 2016 study conducted by Northwestern Mutual, 62% of Americans do not have a financial advisor of any kind. And while not getting any advice is inadvisable, the numbers are bleak even within the cohort who are paying a professional.
We know it has been a stressful week for everyone involved in the market. In times like this, knowing what not to do is just as important as knowing what to do.
We have no idea what will happen today, very little notion of what next week holds, a slight inkling as to potential one-year returns but could take a pretty solid stab at 30 years from now.
Just as we laud improbable and memorable athletic achievements without adequately accounting for risk and counterfactuals, we do likewise with large and singular financial events.