Written by Debra Kunz, MBA, CSLP
Ok, so sometimes things in life aren’t fair. Things happen all around us in our lives and we have nothing to do with it. The worker who has given his life to his company, then is laid off. The person who has worked really hard at developing their skill, only to be outshone by someone with more natural talent. Your neighbor who eats bacon daily, and you have the cholesterol problem.
Well, when people say “life isn’t fair”, they are really saying “something happened that I couldn’t control” and “I don’t like the outcome.” Generally speaking, control is about fear, and fear is about the unknown. So what is the alternative?
Two potential reactions –
Blindly react to the unknown because you haven’t planned ahead. This one is rooted in anxiety and your decisions are based on emotions and not your experience or knowledge.
Respond to the unknown because you have planned ahead. There’s definitely still emotion here. After all, something just happened you cannot control. The difference is if you already have a plan, there’s something to guide your decisions.
This applies to your financial plans as well as your life plans. Nothing you plan can control everything around you. This past year was a very good example of that. All of us were impacted by the economy, many people’s careers were shifted, and families were changed. However, when you have a plan, you have a guide that’s based on what’s important to you, and decisions are made with knowledge and experience versus emotion.
Let’s take an example:
You’ve decided to shift your career or business though you haven’t quite figured out what you want to do next. So, smartly, you decide to take some time to figure out what you enjoy. Then – BAM. You are laid off. In this situation you actually started to formulate a plan – related to your career at least. The bummer is you didn’t get to implement it as you thought – things happened beyond your control and changed the timing. Now what?
Here’s where the money, career and your life meet. First, examine your financial plans – do you have one? Figure out your living expenses and how long you’ll be able to sustain your family. If you already have a financial plan, including emergency money, you aren’t as stressed as the person who is blindly reacting. In this scenario, if you don’t start with the money – it will continue to stress you and drive your career choices based on that feeling of uncertainty. This feeling of desperation may show during interviews versus the confidence you want to convey.
Next, involve your family in the discussions of what’s just happened, and the financial impact to your household. When everyone is involved and understands spending, saving and investing decisions, the choices are easier, and lessen the emotional toll.
Then take some time to figure out what to do next with your career. It’s possible you may need to limit your choices and choose something temporary to generate some income. Or, maybe you have your emergency account fully funded. See the difference? With your financial plan organized and emergency money in tact – you have far more career choices. The pressure to find a job – right now – is reduced, meaning you can take a little time, and discover what’s meaningful for you.
Call Debra with questions or more information.
On another note
For those clients that have elected to receive their Semi-Annual Performance Reports via email, you should start to see them in the early part of next week. If you do not received your emailed reports by next Friday or if you receive your reports via mail and have not received them, please call or email us and let us know. If you have any questions regarding your performance reports or your accounts, please feel free to give us a call to schedule an appointment.
Quotes
“See the world from someone else’s viewpoint, and you just might see your own world from a fresh perspective.” Dorothy Conlon, writer
“You don’t think you need a coach? Tiger Woods has three.” Thomas Colligan, educator
Integrity Investment Advisors, LLC
12721 Metcalf Ave., #202
Overland Park, KS 66213
tmoeller@iia-kc.com
913-897-2074
The information listed in this commentary is a compilation of various publicly available sources and is for informational purposes only. It is not a recommendation or solicitation of any particular investment or strategy. A risk of loss is involved with investments in the stock and bond markets.
If you enjoy the commentary and believe others may benefit or find it of interest, please feel free to forward it on. Also, interested individuals can contact us, and we will be happy to add them to our mailing list.
