Up until now, a global pandemic probably sounded like something that only happened in movies. Uncertain times?—more like scary or downright panic-inducing. In the midst of record unemployment figures, declines in GDP, and unprecedented volatility in the financial markets, it’s normal to experience a multitude of emotions, including uncertainty and fear.
Yes, there’s plenty to worry about—that’s to be expected given the situation. But seeing as most of what’s happening in the world right now is beyond our control, I think it makes sense for us to focus on what we can control—like our actions (and reactions). Let’s take a look at four actions within your control that will help you manage your finances in a crisis.
Don’t Overreact
The first and most important step is to stay calm. When scary emotions stir within us, it is easy to make the sorts of rash decisions that always seem to end in regret. Before making any big decisions, look at them objectively and weigh all the pros and cons—for both the short and the long term.
Over the course of a lifetime, everyone will experience some type of crisis. We are all presented with ample opportunities to step back and question our assumptions. It is critical that you take advantage of these opportunities to adapt and grow when you are faced with scary times.
Check In With Us
As your financial advisors, Trevor and I have over 60 years of combined experience and we are here to provide you with clarity and answers to all of your questions. The primary objective of our business has always been to help you fulfill your lifetime goals. We strive to continually improve how we help you achieve your desired results, and our pursuit of excellence has enabled us to hone a method for doing this.
CTA Wealth Advisors, Inc., provides advisory services through our proprietary program known as The Wealth Development System™. The Wealth Development System™ is a customized and wide-ranging wealth growth and preservation process that enables us to assist you in trying to achieve your lifetime goals by eliminating the guesswork from financial planning. Our process preaches discipline, diversification, patience, and adherence to long-term investment principles, and it has been tested through periods of market turmoil before.
If something is on your mind, please give us a call. The more you share with us, the better equipped we are to help you achieve your goals and build your best life. Knowledge is power.
Look For Opportunities
While there are plenty of negatives to consider at the moment, we are also faced with opportunities. You just have to learn to look for them. The possibilities are endless. For example, you could take advantage of today’s lower interest rates and stock prices in many ways:
- Weigh the pros and cons of refinancing your home.
- Buy a home and reap the benefits of incredibly low mortgage rates.
- Refinance any outstanding debt you may have.
- Fund a 529 for your child or grandchild’s college tuition.
- Purchase future travel at a discount.
- Evaluate ways to supplement your current monthly cash flow.
- Review your liability insurance program.
- Establish or update your estate plan.
Follow Your Plan
Having a plan in place when calamity strikes prevents you from panicking and making costly financial mistakes. But if you find yourself without a plan currently (when you actually need one), don’t worry. Now is a perfect time to put a plan in place.
If you are feeling overwhelmed or uncertain about your finances in this stressful time, please do not hesitate to reach out to us. Our team at CTA Wealth Advisors will show you how to weather an economic storm and teach you exactly how to defend yourself during a crisis. Call us at 818-841-1746 or email info@ctawealthadvisors.com to schedule a complimentary consultation, and be sure to introduce your friends and family to us as well so they can experience the difference a customized financial plan can make!
About Cameron
Cameron Thornton is founder, president, and CEO at CTA Wealth Advisors, a fee-only Registered Investment Advisory firm in Burbank, California. Cameron has been a financial advisor for 38 years after a career in the United States Navy and as a manager with the Lockheed California Company. Cameron graduated from the University of Southern California with a bachelor’s degree in psychology and earned an MBA from the University of La Verne. He is also a Certified Financial Planner™ (CFP®) practitioner. He wrote the novelWhat Matters with Rod Zeeb as a result of his passion for helping people secure multi-generational wealth and unity for their families. Outside of work, Cam gives of his time, talent, and treasure to Mater Dolorosa Passionist Retreat Center, where he is Chairman of their Development Task Force. Cam and his wife, Jane, are currently parishioners at St. Bede the Venerable Church in La Canada. They have a life-long history of serving in numerous areas of parish ministry since their marriage in 1978. In his free time, Cam enjoys reading, traveling, and improving his golf game with Jane. They live in Glendale, California, and have three adult children, who also reside in Southern California. In 2019, Cam and Jane were blessed to become grandparents when two beautiful grandsons were welcomed into the Thornton family! Learn more about Cameron by connecting with him on LinkedIn.