Keeping a Long-term Perspective on the Economy
Three months into the health crisis has given us time to collect ourselves and gain some perspective about where we currently stand from an economic standpoint.
There’s no question that the past two months have been difficult for many, many Americans, but it’s important to maintain a long-term perspective on your finances. Hopefully you already have a solid financial plan in place that allows you to remain steady and determined through the turbulence, but that can be difficult when much of the reporting we hear is negative.
So, let’s use this episode of Money Wisdom to get Joel’s opinion on where the economy is and where we might be headed. Even though there are a number of concerns across the job market, many businesses have remained strong or even strengthened during this time. Two sectors in particular, banking and technology, should be positioned really well when this all settles down and Joel will talk about that some.
And what about the Payroll Protection Program (PPP) that has now rolled out two rounds of funding? What kind of impact is that having? It’s hard to believe how quickly the government has acted to provide this relief for businesses and Joel believes it’s been a remarkable effort that should go a long way towards keeping companies on track.
We still have a ways to go before we are out of the woods from both a health and financial standpoint, but Joel has learned a valuable lesson from his new hobby of race-car driving. There’s a fine line between the elite drivers and good drivers. What separates the two is the top drivers are always looking way out ahead on the track and don’t get caught up in what’s happening right in front of them. That ability to be steps ahead of the competition sets them apart, and it’s much like investing. The top investors aren’t worried about the day to day movement. They have a plan that allows them to look a long way down the road and make adjustments that will benefit them in future.
Will you take the same approach? We’re available if you want to take those next steps towards building a strong financial plan. Connect with us to set up a meeting, virtual or in-person, and let’s talk about where you want to go.
[0:27] – Give us a business update on the last week.
[1:37] – From an economic standpoint, the shock has worn off.
[3:08] – Most people are good people.
[5:47] – It’s important to understand that not every business is in bad shape.
[6:47] – Banks appear to be in strong shape.
[8:11] – Technology is booming.
[9:27] – What racing has taught Joel about investing.
[11:33] – Joel shares an insider tip for investors that he uses.
[15:05] – Two groups of people, those with a plan and those without a plan.
[16:51] – If you want to have a complete plan, here’s the next step to take.
[19:21] – Let’s talk PPP loans. What are you seeing on this front and what impact is it having?
[21:08] – Here’s why the PPP program is so effective
[23:46] – What our process to help clients looks like right now.