As we enter April, we leave behind what will go into the history books as the worst first quarter of the last 125 years for the Dow. The S&P 500 was down 14% in March – one of steepest single month declines since the great depression. It shouldn’t be a surprise that your March statements will be tough to look at on top of all the other emotions that we are going through in these unprecedented times.
With the incredible uncertainty that has surrounded the Covid-19 pandemic, the markets have understandably followed suit with their own volatility. We’re in the middle of the worst pandemic in the last 100 years which has caused a force shut down of much of our economy. It’s certainly a scary time on many fronts and we’re bombarded on what seems like an hourly basis with changing information and updates.
The above image is a constant reminder for me that I wanted to share with all of you. I have it framed in my office and home, as it applies to so many things that seem to be a crisis at the time.
The Things That Matter
- Our health, safety, and well being comes before anything else
- Our relationships with our family, friends, and those closest to us
- Our resources that we have to provide the above. This includes our income, assets, and potentially in this environment – the available stimulus and relief packages (see more below)
The Things That We Can Control
- Our attitude. Let’s be grateful for what we have, instead of focusing on the negative.
- Our actions. Let’s choose to not let fear and panic make our decisions, but facts and wise counsel.
- Our plan. Before all of this started, hopefully you had a plan in place. While plans are meant to adapt and have course corrections, it needs to be our guide in making smart decisions.
Hope Above Fear
I encourage you to not abandon hope in these uncertain times. It’s the only way that we rise above our fears and focus on the other end of this pandemic. Below is a video from Dave Ramsey – A Message of Hope. I’ve watched it several times and it provides a wonderful perspective and outlook during these times.
We’re Here for You
If you’d like to talk through your plan and need us to act as a sounding board – please know that we are here for you. Maybe you just need an ear to vent to or possibly want to talk through your options before taking a next step. Reach out to our office and setup a phone or Zoom call.
We’ve also compiled a list of some resources that are available through the CARES Act, that was passed into law on March 27, 2020. Click below for some highlights on areas that may impact your family.