To say that this year has been eventful is an understatement. This week continues to be remarkable, with markets surging on positive coronavirus vaccine announcements while a sitting president sought to undermine our democratic process.
How do we cope? How do we adapt to things that are outside of our control? What strategies can we turn to?
My family has adapted to this year's challenges in multiple ways. My daughter's wedding this year will be an intimate affair, with a bigger party planned for next year. My husband and I are both working from home; he is ensconced in the living room while I work from my office upstairs.
Financially, my clients and I took advantage of the market downturn to harvest tax losses, using these losses to offset gains and/or income and to rebalance the portfolio allocation. I advised clients with small businesses to take advantage of the Paycheck Protection Program ("PPP"), borrowing money to support their businesses with the likelihood that the loan will be forgiven.
We can't control other people and our environment, but we can control how we react. In the area of finances, the best way to control how we react to uncertainty is to have a long term plan. I can help you move towards your "big picture" goals, whether its a happy retirement or a fulfilling career change, as well as take care of year-end tasks like retirement plan contributions and tax planning.
How have your goals changed in 2020? Maybe you've questioned some long-held beliefs or shifted your priorities. Please reach out and let me know. I'd love to hear from you.