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Back to the Basics: What can you Control? Thumbnail

Back to the Basics: What can you Control?

We are living in a period of great uncertainty, economically and socially. The world is faced with a geopolitical and humanitarian crisis in Eastern Europe. The effects of the Russian invasion of Ukraine are beginning to reverberate through the world economy in the form of rising oil, natural gas, and commodity prices. Drivers are now feeling the pain at the pump. Inflation has reached a 40 year high at a whopping 7.9%. The federal reserve is expected to execute five or six more .25-.50% interest rate hikes this year, in order to tame raging inflation. This ‘tightening’ by the Fed, is feared to possibly stifle economic growth and trigger a recession if done too quickly. To add insult to injury, we are still dealing with a stubborn Covid 19 virus which seems to have invited its gaggle of variants to the party.

This combination of factors has led to great market volatility. Couple that with the rising cost of goods and services, and this presents a perfect opportunity for some investors to panic. Some are worried about their investment or retirement account portfolios losing value. Others are worried about whether or not their retirement income will be enough to cover basic living expenses. You may be wondering, what can be done instead of panicking?

In times like these, we need to focus on what we can actually control. There is absolutely nothing you or I can do about the state of affairs in the Ukraine, nor the high levels of inflation. There is, however, something you can do to make sure your accounts are being managed properly, and your financial advisor is acting in your best interest. Taking care of what you can control regarding your investment account management, will not eliminate market volatility or change the current economic landscape. It will, however, mitigate risk and reduce the negative effects of the current market volatility on your accounts. Effectively managing risk and avoiding emotionally charged investment decisions can minimize overall losses.

Here are some questions to ask yourself regarding the areas you can control:

1. Do I have an advisor I am working with currently?
2. Is my advisor held to the Fiduciary Standard?
3. How does my advisor get compensated?
4. When was the last time I had a risk tolerance assessment done?
5. Are my account beneficiaries up to date?

The questions above represent a few of the areas you can control. If you are unable to answer any of those questions, we are here and would love to help you get the answers you need.

This commentary on this website reflects the personal opinions, viewpoints, and analyses of the Financial Strategies Group, Inc employees providing such comments, and should not be regarded as a description of advisory services provided by Financial Strategies Group, Inc or performance returns of any Financial Strategies Group, Inc Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data, or any recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Financial Strategies Group, Inc manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

Written by Tate Marisa


        






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