Preparing For Monday's
Teaching school was a great experience for me and one of the classic lessons teachers learn is that there is no substitute for preparation. Students can tell instantly when their teachers are prepared. Significant time is spent in teacher training to help mold habits that will lead to teachers walking into their classrooms prepared to do battle. When I became a financial advisor, the importance of preparation was even more critical. Clients especially know when their advisor tries to wing it and enter a review without studying and preparing.
None of this comes as a shock to you but I wonder if you have ever thought about how to prepare for the unexpected? In 1987, the US stock market dropped 23% in one day and during the month of October in 1987; the US market dropped 30%. Other markets around the world dropped even more, 45% to 60% depending on the country. One of my very best clients who had been savvy in his business and cautious in his investing called many times seeking my advice at this time. I continued to urge him to step away from the markets and just be patient as he had ample cash reserves and he also owned what I thought were high quality investments. He wanted to sell everything he owned and go to cash! By the last trading day of October, 1987, he could not stand it any longer and he went against my recommendation to sell half of all his remaining stocks.
At that time, I did not know if it was the smart thing to do. At that very instant in time, I actually weighed whether to change my mind and do the same thing with all of my clients, that is sell half of everything they owned. When crises come, you do not have time to prepare. you must react. Your reactions will be an outcome and a product of your preparation. My preparation was to own long term high quality investments while also trying to avoid over reacting to the short term issues of the day. My preparation was to understand that money is not the most important thing in life. My preparation was and is to teach all around me that money and possessions are still NOT the most important thing in life.
Will this still work twenty years later during this crisis? I would not be so presumptuous as to inflict my advice as a universal way to react to every financial crisis we face. But I will give you the same scripture that has meant everything to me in my life as I faced these types of issues. I do believe that reading this, getting on your knees and asking for divine wisdom will work! Always!
Matthew 6:33-34 "But seek first His Kingdom and His righteousness, and all these things shall be yours as well. Therefore do not be anxious about tomorrow for tomorrow will be anxious for itself. Let the day's own trouble be sufficient for the day.
Monday Morning Message
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