Check out what Brightworth advisors and planners have to say about wisely managing your financial future.
Volatility is back! Last week the stock market suffered one of its worst declines in months leaving many investors questioning if the rally from the March lows has come to an end. Prior to this sharp drop stocks had been consistently marching higher and higher leaving many investors perplexed as to why. After all, consumer confidence remains low, corporate earnings are projected to collapse 30% or more in 2020, and unemployment is over 13%. Couple this with an escalation of geopolitical pressures abroad and racial tensions here at home and you seemingly have a perfect storm for financial market Armageddon.
When it comes to your financial lives, ignorance isn’t always bliss, especially when it leads to procrastination, avoiding hard decisions, and not accepting the limitations of your resources. Living in ignorance or denial is not a healthy, long-term posture for financial success. But 2020 has been an unusual year, to put it mildly. I would imagine we have all had an ostrich moment or two in the last few months as many of our usual escapes - sports, social events, vacation, etc. - are not available.
On Thursday, May 7, 2020, the Brightworth Business Exit and Transition Services (BETS) Team hosted a webinar for business owners with Jonathan Minnen, an attorney with Smith, Gambrell and Russell. On the webinar, Jonathan spoke to business owners about best practices for reopening businesses which have been closed or operating in a reduced capacity, as a result of the novel coronavirus. Following is a summary of Jonathan’s remarks.
Last month stocks delivered their best monthly return since 1987 with the S&P 500 rising 13%. Stocks have built on these gains marginally in May, pushing the index up 34% from its March low and down less than 9% for the year. Keep in mind this comes on the heels of a 31.5% return in 2019.
Things are different than you planned. The assumptions of your plan have changed. That may require a new approach and a resetting of what your “retirement dream” will be. Use this time to refocus on what matters most in your life. Use the strength of your experience to craft a work-life and retirement around that purpose.
Most areas of life require us to take action when something goes wrong. If your house catches fire, you should grab a fire extinguisher or call the fire department. If you break an arm, you need to go see a doctor to get it fixed. But there are a few areas where it is best to do the least intuitive thing of all: absolutely nothing.
In my new day-to-day in which video conferences supplement my previous electronic diet of texts and emails, there’s a recurrent theme emerging beneath the purely transactional messages. Am I doing enough?
In our Retiring Well content, we talk a lot about health and wellness. It should come as no shock that healthcare and health-related costs make up a significant portion of both potential retirement expenses and anxiety levels.
Business owners - when we finally emerge from the coronavirus pandemic, how would you like to take a nice, long vacation? I’m not talking about a week at your favorite spot on the beach or in the mountains. I mean a month, three months or more. Can’t imagine being away from your business that long?
With millions of people working from home now, and some suddenly having to get creative with their home office set up, make sure you are still working in a healthy environment. Here are some tips to improve your new workspace!
While most of the country focuses on staying healthy and safe during the current pandemic, it’s hard to escape the real economic impact all of this has taken. The general age group most susceptible to the health dangers of COVID-19, people 60 years old and older, and includes many Americans who are nearing retirement. The recent stock market volatility has, in most cases, hit their portfolios.