One entertaining discussion in the midst of the pandemic financial crisis was what sort of letter or symbol the recovery would resemble. U? K? Or even square root √? Theories abound – as did the letters that represented the theories.
We may have settled on a letter to fit what has happened, but a single letter might not represent how this historic storm changed us all.
A recent study[i] indicated that over half of affluent people were prompted to “rethink their finances” as a result of last year’s economic crisis. The study cited “threats to financial success outside of their control,” like stock market volatility.
A separate study indicates that eight-in-ten Americans believe the events of the past year have impacted their retirement plans[ii].
Where has the last year left you? I talk to people about their assets and dreams on a daily basis, and most have sobering questions about the direction of their finances, and if their financial plan is built to weather storms.
While it’s often accompanied by anxiety, posing serious questions is actually a good thing.
It puts you on a path to reevaluation and discovery, and forces you to learn more about where you are and where you’re truly headed with your financial decisions.
If you’re part of the majority of Americans who are rethinking your financial picture, find an advisor you can trust to talk things over. That’s one good thing that has changed because of the pandemic – you likely won’t need to leave your home to meet!
At Annex, you can connect with us from the comfort of your favorite couch, if you want.
What’s important is finding the independent help you need to make important life decisions. In many cases, talking to someone about your situation doesn’t incur a cost. It just takes your commitment to get serious about your financial plan. The past year may have already gotten you there.
[i] https://www.foxbusiness.com/personal-finance/nearly-half-of-affluent-americans-getting-their-finances-in-order-amid-the-pandemic-survey [ii] https://www.businesswire.com/news/home/20210324005213/en/Fidelity%C2%AE-Study-Although-82-of-Americans-Say-Past-Year-Impacted-Their-Retirement-Plans-They-Are-Cautiously-Confident