The Bird’s Eye View:
This is not a health episode, but we can tell you what vitamin C and stoicism have in common and how it relates to your financial health.
Did you know that the human body can’t store Vitamin C? We’re always closer to running out of Vitamin C because our bodies can’t store it. Humans also don’t store a reserve of being stoic.
On this episode of Your Retirement Elevated podcast with Scott Dougan, we’ll explain the correlation between those facts and how it impacts your financial health.
A constant theme on this podcast and in our discussions with clients is behavioral investment counseling. When you’re hiring a good financial planner, the vast majority of what you’re paying them for is to keep you from making emotional or irrational mistakes that will harm you in the short and long term. Human nature is that we revert and become emotional, but we must constantly fight this.
One of our long-time clients sent us a story by a Forbes contributor and wanted to know our thoughts. The story said stocks were on the brink of a grizzly bear market. It was ominous.
We told the client that we know from history that the markets randomly and unpredictably go down. There’s always something to worry about – the pandemic, elections, the climate, the market. We never make investment policy decisions form these types of articles and they don’t matter to our long-term plan.
We’re not going to be doom and gloom here. We’re going to talk about reality, but we also need to discover what are the windows of opportunity that are presented with this?
We need to guard our minds. We don’t watch any news channels or read any major publications. We use services that distill down and deliver pertinent data behind what’s going on.
Listen to the full episode or use the timestamps below to find specific segments.
[3:05] – Email from a client
[5:31] – Always something to worry about
[9:45] – No doom and gloom
[12:45] – Guard your minds
[14:28] – Emotions
Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.
Scott Dougan, RFC, Investment Advisor – Contact