Managing your Investments During a time of Political Unrest
Political unrest can signal market fluctuation, and the recent invasion of Ukraine by Russian forces has caused investors to question what impact they may face as a result.
In this video, I share my #1 rule for investing, as well as a few practical money management tips during times of uncertainty.
Transcript:
Welcome back to Financially Fit and Fearless.
What happened last week was appalling and confusing. The fact that Russia would invade another sovereign country is just plain wrong.
My heart goes out to all the Ukrainians and I really hope that it ends quickly, peacefully, and in their favor.
As for here at home, it wasn't very surprising what happened with the markets. Our markets do not like uncertainty, and Russia invading another country brings a great deal of that.
So how do we handle uncertainty? Well, what we need to remember is the number one cardinal rule of investing is
Do not panic.
That means staying the course. You have financial plans, goals, objectives as to where you want to be. Stick with your plans. Save for the house or the car or your furniture. Continue to fund your retirement, whether it's a 401K, a Roth, any number of retirement vehicles out there.
Keep putting your money away and revisit your budget. And if you don't have a budget, now would be a good time to create one. It's not something that is something that hinders you. Instead, it really allows you to see where your money is going.
The price of gas is increasing. The price of eating out is increasing. The price of food is increasing. Having a budget allows you to really see where your money is going and if that's where you want your assets or your money to go.
So take one thing away from this. Don't panic and don't let Putin derail your life plans.
Remember, using your money as a tool brings increased wealth, happiness, and security.
Any questions? Please contact me. Thank you.