By Kathleen Grace, Vice President, Goldman Sachs Personal Financial Management
COVID-19 and the resulting recession have had many households reassessing their financial situation. These challenging times have forced many to accept the reality that some things in life are often outside of our control. We may have also come to appreciate the simple things we’ve taken for granted, such as our ability to work, freely travel, and spend time with our family and friends.
Although this period has been tough for many of us, it has provided opportunities to practice gratitude in all that we do have in our lives and redefine what is truly important to us.
For instance, we can use this time to thoughtfully reassess our financial future, correcting what hasn’t worked in the past and bringing it in line with what we want our personal financial future to look like, regardless of the external circumstances we face at the moment.
In other words, we can choose to find the silver linings during difficult times. Some of my own personal silver linings may resonate with you:
Why is it important to try and seek out the positives in our daily life? Finding your personal silver linings (both financial and non-financial) could help bring peace of mind during a period of great uncertainty.
When you feel financially secure and you are living inside of your value and belief system, it can help bring greater clarity and purpose to other parts of your life. This peace of mind may not be easy to find, especially at this critical time when you may have been financially impacted by Covid-19.
So how can you find your financial peace of mind amidst a storm over which you have little control? It starts with getting back in the driver’s seat and taking small, manageable steps toward a better financial future. This is where a financial advisor can help you with your journey.
With so many financial resources and information readily available on the internet, you may be wondering if you really need to hire a professional. Many people believe they don’t have the budget to bring an advisor on board, and with plenty of “DIY” information available today online, it’s easy to think: “Well – I can do this myself!”
A financial advisor can not only help you navigate life’s key financial decisions, but they can also bring their knowledge and experience to help you identify your priorities and guide you towards your financial goals.
I want to highlight three reasons why I believe that seeking professional advice when it comes to your financial security is a smart move.
The integrity of the advisor and the organization should be your main focus.
I believe that happiness is best achieved when we are able to focus our time and attention on what matters most to us that is within our control and most closely aligned with our values and beliefs. Working with an experienced financial advisor can not only help us to stay focused on our priorities, but it can also help us find our financial silver linings in these challenging times.
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