Take Back Control Part 2
In my previous post we discussed how politics, COVID-19 and the media has been pushing us around – taking an enormous emotional toll, making us feel out of control.
Let’s recap what we’ve discussed in the last post before we move onto steps 3 and 4 of Taking Back Control.
In Post 1 we:
1. Identified your fears
2. Determined what you can control
Today, we’ll discuss steps 3 and 4 below:
3. Do the work
4. Affirm, yes, you have control
Step Three: Do The Work
They say that “everyone without a plan ends up somewhere”.
I’ve never met someone who wanted to end up “somewhere”.
I’m not even sure it’s on the map.
1. Determine where you stand, where you want to go and what you need to do to get there. = > Create a plan.
2. Implement your plan.
3. Update and evolve your plan yearly.
When you’ve built a plan and tested it against your fears, you’ve already prepared yourself for some potentially difficult scenarios.
And if the worst happens, you’ll be prepared, and most importantly, you’ll have determined how you will react in advance. When your friends & colleagues are surprised or even “a deer in the headlights”, you’ll know:
“If the stock markets crash 30%, I’m going to “do this” with my investments”.
“I have 5 years worth of retirement income “runway” so even if things go sideways for a while I’ll be fine”.
“If “this party” wins the election, I am prepared for that.”
“If Social Security is reduced by 20%, I know how I will adjust my retirement income plan.”
“If taxes rise, I’ll modify my withdrawal strategy to minimize taxes I pay.”
Pilots Take Control
Step Four: Affirm (and congratulate yourself) that, yes, you have control.
Yes, every plan needs updating, monitoring and optimization but, yes, if you have done the work, you have taken back control.
1. Identified your fears & concerns
2. Determined what you can control
3. Created and implemented a plan that controls what you can.
4. Affirmed you have control and have pledged to continue to do the work.
Congratulations, you have Taken Back Control.
Recommended read: See how a Retirement Plan can help you take back control here…
Photo by Byron Sterk on Unsplash
Please Note: Speak to your tax, legal or financial advisor for specific advice about your particular plans and situation.
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John R. Bubello is an investment advisor representative of and offers investment advisory services through Compass Retirement, LLC, a registered investment adviser offering advisory services in the State of Connecticut, State of Florida, State of North Carolina and other jurisdictions where registered or exempted.