Joe, Gayle and myself were having lunch a few weeks back, we tend to find a question then pose it to one another so not everything is business and we keep growing in getting to know one another. This time I asked the question, “Have you ever battled fear?” I mentioned that one of my grandsons is battling fear so I was helping him with ideas on how to replace his fear while at the same time having empathy, these monsters feel very real to him.
Joe shared that a fear he battled was a face off with a big shark like the one in the movie Jaws. For those of you who don’t know, Joe is an avid fisherman. On one trip, he was fishing off the coast of Catalina, they happened to pull in a large bass, one which happens to be illegal to keep, so they had to release it back into the ocean. While his fishing partner was getting the equipment ready, Joe had to hold this large bass in the water because the fish’s bladder expanded when the fish was brought to quickly to the surface. This can result in serious injury to the fish, and if released in this buoyant condition, the fish may float away and die. So while his fishing partner was getting the proper gear together to release the fish, Joe was thinking of Jaws and that a great white shark was going to come up and grab the fish taking his hand with him or even more, since this is jaws, we’re talking about!
That brings me to the coronavirus and accompanying stock market plunge. We all have gut reactions to news like this. Many of us can experience panic and fear, this fear can feel so real. I know, it’s happened to me as I mentioned in our last blog post. If you sense this happening, try these three steps:
Have a roadmap and if you don’t have one, call me or email, I will help you. Instead of reacting to the news, each of us needs a plan that’ll keep us on course.
Something I feel strongly about with my DMM and Finance Coaching clients, is having a financial goal roadmap. This is why I help build a plan according to your goals and desires financially and help clean up where you might need help. Here I will talk about your concerns and your overall financial well-being. We each have these goals which could be having an emergency fund, pay off debt, grow our wealth, start a business, even leave a legacy but once we start that down that path, we need to stick with it however tempting it might be to veer off the path. Our scary imaginings take on momentum and whisk us away from the here and now and drop us into an imagined future that can leave us feeling panicked and uncertain.
If it’s difficult, is there an end?
When I was cycling Alp d’Huez, an iconic cycling mountain in France, it felt as if there was no end. I trained for it and prepared for it yet during the climb, I became a little emotional. Although I was told there was an end to the 21 switchbacks, by the 16th, I questioned that. Are you sure there is an end? Will I make it to the top without stopping which was my goal? Could I not give in to my feelings of muscles screaming at me, stop! Or just being tired of back and forth. Then when I finally made it to the top, but what I did not realize was the downside has an 18% grade and I am terrified of heights. There was gravel on an unmaintained road. But the view..oh my, what a view. I had to go up that mountain to see the view, I had to go down the mountain to get back. Both were needed. When I live and work in that changing environment, like on the mountain, and I have a sense of purpose and respond to what is important in that moment, (climbing without stopping) I am more able to lead, manage, support others on their climb, be friend and love. There is an end even if it is different than what we expected.
Know what you can handle. Look back at some of the decisions you might have made in fear, I have made many, and discover how you might have made a different choice looking back. Really consider your own tolerance. Think about what you might do when you are stressed? Do you overeat? Do you movie binge? Think about those things that cause you the greatest stress, then work to counteract them. Sometimes, it is just getting up and taking a walk, setting aside food, or movies just making a small change helps. However, make yourself aware of your tendencies in whatever situation.
Similarly, we all need to set up a financial plan to help us live with through the ups and downs of the financial markets and economy—especially the downs but keeps us on track with our goals. Do we have an emergency fund, if investing, are we taking the right amount of risk, and remember why we’re saving, decreasing spending, and investing, it’s a lot easier to stay disciplined and on course with a plan and wisdom in making that plan.
Adjust if needed. While we all can have a tendency to react based on gut instinct, we also have the ability to perceive what we might need to change ourselves then correct our behavior. Ask yourself a question, how are you feeling and reacting to the markets fluctuation and turmoil? Does your plan need to change based on what is happening to you ? Some have lost jobs or are in fear of losing one. We can say one thing when the market is doing well but do something entirely off course when faced with uncertainty.
If you need help learning how to pay bills, how to organize what you might have, maintain all your records in one place, email me. If you want to strengthen your wisdom in finance, let me know or email me. michellehensley1@gmail.com
