From the Editor: Stick to the Plan

Q1 | March 2022

Laptop, notebook, Tablet and coffee on work desk

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Brad Weber, CPA, CA, CFP

March 31, 2022

Image used with permission: iStock/PRImageFactory


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From the Editor: Stick to the Plan

Q1 | March 2022

We are only a few months into the year, and it feels like a lot has already happened. The pandemic has passed its second anniversary, although it’s not the type of anniversary where celebrations spring to mind.

But across the country, various vaccine and mask mandates are starting to be repealed, and the possibility of life after the pandemic seems more tangible. Even though we see countries worldwide opening back up and reducing travel restrictions, many of us are reluctant to get our hopes up after two years of successive waves of COVID.

Unfortunately, the world wasn’t going to wait for one crisis to end before the next one began. And the Russian invasion of Ukraine is now the focus of much of the news headlines. Predicting the future usually doesn’t come with a high success rate, so we will have to wait and see how these events will ultimately unfold. But the pandemic brought with it supply chain issues and higher inflation, and the war in Europe is only expected to add to those problems.

When the events of the world have you nervous, your instinctive reaction is to act. But resisting that urge and holding steady might be the only action you need to take. Jim Houston’s most recent blog, “A Balanced Approach”, cites this as probably the best solution when it comes to your investments, particularly if you are a balanced investor. It can be harder to do nothing than it sounds. But if you’ve taken time to build a plan for yourself, you’ve already put in the work to prepare for tumultuous times.

Regular readers of Nexus Notes know the importance we place on the planning process. No planner can forecast what the future holds, but a proper plan is made with the knowledge that history has shown that times of distress in geopolitics and the economy are normal. For better or worse, an unavoidable aspect of greater longevity is preparing financially and mentally for more of these periods of upset. Rather than be daunted by living to 100, it’s better to develop an attitude that makes the most of the time ahead. We think that comes easier for those guided by a proper plan. And coming soon, our Living to 100 series will explore more about how longevity can affect your investments, wealth plan, and quality of life.

Fergus Gould’s blog, “The Case for Openness,” explores another aspect of how people react in challenging times, particularly over the long term. While an open society leans towards more prosperity, our inclinations when fear or uncertainty arises can lead us in the opposite direction.

At the start of the pandemic, there was a lot of talk about the new normal, but it will most likely be the case of “meet the new normal, same as the old normal”. Meaning that the world will keep on changing, and that change can feel scary because you can’t control it. But what you can control is sticking to your plan and keeping your eye fixed on your goals.

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