Deep Breath- How 2 navigate ur finances during economic time of uncertainty

[ChiBitCTy]

Coming form the perspective of : A US based licensed financial advisor of 20 plus years.  Got in this line of work to TRULY help others and  change lives for the better..as fucking cheesy as that sounds.  To , "fight from within".  I work around a lot of bullshit (which is what lead me to bitcoin 11-12 years ago now) and I wanted to state this up front as this is not an uneducated opinion /guidance here..

Anyways ..you're going to get a lot people telling you this or that, opinions based on emotions and not rationale/facts/history etc.  I always tell my clients, the last people you want to take financial advice form is your co-workers, family or friends..as 99.8% of what you're going to be told is BULLSHIT. Now some, wont be..but how will you know for sure?

Always keep this in mind, when it comes to finances, you want to ask yourself this "with my long term investment portfolios, if the market crashes today and lasts for say 2-3 years (which is on par with an avg downturn, at least within the US stock markets) do I have the time to "make up" for market downturns, or if the market crashes today, and for the next 2-3 years..it would be devastating to my day to day as I need those funds soon and don't have the time to "make up" for a sizable downturn.  Let this always be your guide. Now keep in mind, I am talking your "sound" "backbone" type investments for the long term.  No group retirement plan ( 401k, 403b, 457b etc) in the United States has or allows for any asset type that is that aggressive, relatively speaking.  Meaning most peoples long term portfolios consist of "basic" stocks and bond. You want to remain diversified, and NEVER panic sell.  You don't technically lose anything unless you sell (or gain) for that matter. They are what's called unrealized losses and gains.  You obtain shares when purchasing say a Mutual Fund, ETF, or CIT.  Shares don't go away in market downturns, and if you retain them, you've got the ability to grow back unrealized losses as markets bounce back.

Markets will always bounce back.  If not?  We all have a lot more to worry about than what's in our bank accounts or retirement plans. 

Keep in mind ..most of us despise our governments and want the same things at the end of the day.  Don't let them divide us!   ( this is as short and simple as I could possibly make it lol..so there are things not said that should /could have been.. my inbox is always open for help if needed..I don't work in sales, I never will again, and I would never ask for a red cent (or red satoshi) for any of that help I provide, outside of course from my employer ( but again, not in sales, no commissions being paid out to me).

[Joy- maker]

Coming form the perspective of : A US based licensed financial advisor of 20 plus years.  Got in this line of work to TRULY help others and  change lives for the better..as fucking cheesy as that sounds.  To , "fight from within".  I work around a lot of bullshit (which is what lead me to bitcoin 11-12 years ago now) and I wanted to state this up front as this is not an uneducated opinion /guidance here..

Anyways ..you're going to get a lot people telling you this or that, opinions based on emotions and not rationale/facts/history etc.  I always tell my clients, the last people you want to take financial advice form is your co-workers, family or friends..as 99.8% of what you're going to be told is BULLSHIT. Now some, wont be..but how will you know for sure?

well am not a financial advisor and am not planning to be one either, but what I can say here is that, taking financial advice from your co-workers, family and friends is not really a bad Idea to me, for most of the  financial advice from this category of people your just mentioned may also help you in one way or the other, but on the other hand most of the financial advice from the category of people ( co-workers family and friends) may be completely bullshit just as said, so my opinion here is that one have to be very cautious and very careful from people they are taking financial advice from, for most of the financial advice from someone category of people is not worth taking at all.

[ChiBitCTy]

Coming form the perspective of : A US based licensed financial advisor of 20 plus years.  Got in this line of work to TRULY help others and  change lives for the better..as fucking cheesy as that sounds.  To , "fight from within".  I work around a lot of bullshit (which is what lead me to bitcoin 11-12 years ago now) and I wanted to state this up front as this is not an uneducated opinion /guidance here..

Anyways ..you're going to get a lot people telling you this or that, opinions based on emotions and not rationale/facts/history etc.  I always tell my clients, the last people you want to take financial advice form is your co-workers, family or friends..as 99.8% of what you're going to be told is BULLSHIT. Now some, wont be..but how will you know for sure?

well am not a financial advisor and am not planning to be one either, but what I can say here is that, taking financial advice from your co-workers, family and friends is not really a bad Idea to me, for most of the  financial advice from this category of people your just mentioned may also help you in one way or the other, but on the other hand most of the financial advice from the category of people ( co-workers family and friends) may be completely bullshit just as said, so my opinion here is that one have to be very cautious and very careful from people they are taking financial advice from, for most of the financial advice from someone category of people is not worth taking at all.

It really IS a bad idea.  I have 20 years of experience that says otherwise.  So no offense, I don't think you're in a position to say otherwise.  Now I'm not saying that you can't find co-workers, family or friends that do provide or can provide good help, but it's going to be very few and far between.  I guess what I would say is that if you do get told things by those three groups, just make sure you speak with a financial professional to make sure it's legit.

[Ambatman]

  I guess what I would say is that if you do get told things by those three groups, just make sure you speak with a financial professional to make sure it's legit.

Because most time, They are also told just like you without doing any research
"I heard from a friend of a friend "
But that doesn't mean I agree on the fact that a financial professional has to be consorted
Experience and the ability to do your own research helps.

[Fortify]

Coming form the perspective of : A US based licensed financial advisor of 20 plus years.  Got in this line of work to TRULY help others and  change lives for the better..as fucking cheesy as that sounds.  To , "fight from within".  I work around a lot of bullshit (which is what lead me to bitcoin 11-12 years ago now) and I wanted to state this up front as this is not an uneducated opinion /guidance here..

Anyways ..you're going to get a lot people telling you this or that, opinions based on emotions and not rationale/facts/history etc.  I always tell my clients, the last people you want to take financial advice form is your co-workers, family or friends..as 99.8% of what you're going to be told is BULLSHIT. Now some, wont be..but how will you know for sure?

Always keep this in mind, when it comes to finances, you want to ask yourself this "with my long term investment portfolios, if the market crashes today and lasts for say 2-3 years (which is on par with an avg downturn, at least within the US stock markets) do I have the time to "make up" for market downturns, or if the market crashes today, and for the next 2-3 years..it would be devastating to my day to day as I need those funds soon and don't have the time to "make up" for a sizable downturn.  Let this always be your guide. Now keep in mind, I am talking your "sound" "backbone" type investments for the long term.  No group retirement plan ( 401k, 403b, 457b etc) in the United States has or allows for any asset type that is that aggressive, relatively speaking.  Meaning most peoples long term portfolios consist of "basic" stocks and bond. You want to remain diversified, and NEVER panic sell.  You don't technically lose anything unless you sell (or gain) for that matter. They are what's called unrealized losses and gains.  You obtain shares when purchasing say a Mutual Fund, ETF, or CIT.  Shares don't go away in market downturns, and if you retain them, you've got the ability to grow back unrealized losses as markets bounce back.

Markets will always bounce back.  If not?  We all have a lot more to worry about than what's in our bank accounts or retirement plans. 

Keep in mind ..most of us despise our governments and want the same things at the end of the day.  Don't let them divide us!   ( this is as short and simple as I could possibly make it lol..so there are things not said that should /could have been.. my inbox is always open for help if needed..I don't work in sales, I never will again, and I would never ask for a red cent (or red satoshi) for any of that help I provide, outside of course from my employer ( but again, not in sales, no commissions being paid out to me).

It's always scary the first time around, but in the last 5 years we've actually had 2 other similar opportunities to practice on - Covid caused a massive crater in stock markets, a bounce up and then general trend as lockdowns opened up countries around the world. Then we saw a similar, but maybe less intense, shockwave as Russia invaded Ukraine. I've been investing for a few years now and while it's nice to be riding high with a portfolio nicely into the green, it's also fun when it dips back down because there are buying opportunities galore that were entirely absent 3 months ago. There is usually always value somewhere in the stock market, but at times like this, there is a flood of it!

[Findingnemo]

Finance and relationship never get along and that's why we should not mix it up and the only exception can be our life partner but those are rare cases when both got same vision and money and investment.

And rich people make money all the time even if the market is in down because they take loan against their investment whether it's stocks or property or whatever it is, so they avoid paying taxes as well as they are not selling anything here but get the money they wanted while one who doesn't got the clarity might panic sell and mess up something all of a sudden that took forever for them to create.

Finally, I insist about the importance of having good insurance whether it's health or life because most of the uncertain expenses comes related to hospitalization so when we got it covered we got nothing to worry and no need to break our investments at any time.

[AmoreJaz]

Finance and relationship never get along and that's why we should not mix it up and the only exception can be our life partner but those are rare cases when both got same vision and money and investment.

And rich people make money all the time even if the market is in down because they take loan against their investment whether it's stocks or property or whatever it is, so they avoid paying taxes as well as they are not selling anything here but get the money they wanted while one who doesn't got the clarity might panic sell and mess up something all of a sudden that took forever for them to create.

Finally, I insist about the importance of having good insurance whether it's health or life because most of the uncertain expenses comes related to hospitalization so when we got it covered we got nothing to worry and no need to break our investments at any time.

Each one of us has our own take when it comes to investments. But as much as possible, live below your means so you won't get into financial trouble. But I can agree to get a good health or life insurance because you will thank yourself later on for getting this important insurance.
And before you really invest on something, make sure that you also do your due diligence before you shell out money from your pocket. You can always read online or any other sources of information, but at the end of the day, you need to assess it on your own how it will have an impact in your finances.

[slapper]

You just dropped what most experts avoid: actual clarity free from sales of a dream. Respect

Most people view financial uncertainty through two lenses: emotional fear and informational overload. And what you said exposes the core contradiction: everyone wants control, but few accept that true financial control starts with understanding what you can’t control. timing the market. predicting political cycles. Trying to predict when the Fed blinks

You’re right about separating liquidity needs from long-term positions. But what most people ignore (because it’s uncomfortable) is their emotional liquidity. Individuals have portfolios containing risk their nervous systems cannot manage. So they go crazy. They sell. They blame the system. And the system? The system not gives a damn. It just continues. Can your psyche afford the drawdown more than your bank account?

Economic crisis are more than just numbers. They trigger identity crises. They see their imagined future collapse. They mourn the freedom they thought money would give them. And now comes Bitcoin. It always speaks of sovereignty. But it's a different emotional game. The volatility isn’t just market-based. It’s existential

So, do you have a financial philosophy resilient enough to survive when the illusion of control dies? Most don’t. That’s why they lose twice, first financially, then psychologically

Your words are important not just because of their accuracy, but because they hold space for mature financial thinking that doesn’t insult people’s intelligence. That is rare nowadays. No fluff. No selling. Just truth with teeth

[Darker45]

In my country, there are many financial advisors, wealth managers, investment coach, and the like. The irony is that they're giving so-called expert advice to those who have the money, but they have none.

I guess what everybody hears every so often are more or less enough guidance, in addition to common sense. Diversify or 'don't put all your eggs in one basket' is one. 'Don't risk what you can't afford to lose' is another. DYOR or do your own research is also helpful, in addition to the expert advice you get from a financial coach. Echoing AmoreJaz, "live below your means" is also basic. If one is in Bitcoin, it's hodl and BTFD or buy the fuckin dip, if you have extra money. It also helps to have a stable source of money. If possible, don't just rely on one.

There are many more of them that we can hear all the time. I guess in the end everything boils down to self-discipline, to try practicing them seriously.

[kotajikikox]

Anyways ..you're going to get a lot people telling you this or that, opinions based on emotions and not rationale/facts/history etc.  I always tell my clients, the last people you want to take financial advice form is your co-workers, family or friends..as 99.8% of what you're going to be told is BULLSHIT. Now some, wont be..but how will you know for sure?

If not the people you mentioned then who should we listen to for advice? Should it be the people who are in the same community as you in this case people in the forum for example?

Markets will always bounce back.  If not?  We all have a lot more to worry about than what's in our bank accounts or retirement plans. 

Yes I always believe that economic downturns are only temporary and so we always need to plan ahead. If possible we should have different plans for every possible scenario. Just because we believe that the market will always bounce back means we would know for sure exactly when it will so better to be prepared all the time.

[Hatchy]

I'm glad we have someone with your experience on this forum. Still, even with the facts presented many new investors don't have the mindset to see the bigger picture. The market's ups and downs are often driven by powerful entities that create instability for their own benefit. They understand that if the market declines for an extended period, most people will become fearful and sell. Choosing to hold investments even for two to three years or longer during a downturn, is very difficult for many investors. We saw how Bitcoin spent couple of years around the $19,000 level. During that time, many people likely sold, but those who understood its potential remained patient and were eventually rewarded.

[ovcijisir]

I'm not really sure what you mean to "make up" to the market downturn? If by that you mean to have savings that could last 2-3 years I absolutely agree but I'm not really sure many people could afford that.

As having experienced consequences od 2009. economic crisis (in my country crisis came later) I know how important it is to have rainy days fund, but it would be hard to many people to have fund so big that they could live solely on it during entire crisis.

[AmoreJaz]

I'm glad we have someone with your experience on this forum. Still, even with the facts presented many new investors don't have the mindset to see the bigger picture. The market's ups and downs are often driven by powerful entities that create instability for their own benefit. They understand that if the market declines for an extended period, most people will become fearful and sell. Choosing to hold investments even for two to three years or longer during a downturn, is very difficult for many investors. We saw how Bitcoin spent couple of years around the $19,000 level. During that time, many people likely sold, but those who understood its potential remained patient and were eventually rewarded.

Not many people can hold because they have their own personal financial struggles. Some can hold it longer because for sure, they have the means. However, it is up to the investor how he will find his strategy to exhaust the potential of the market he is into. Some can hold long-term without being bothered by the roller-coaster ride in the market because they have other things to attend to, such as other investments or they have good amount of funds to sustain their living other than their investments. If you put your only money into crypto, definitely, you will be agitated when you see the up and down movement in the market and you may cash out at the wrong time, that you may suffer losses instead of gaining in this market.

[Arenga pinnata]

Anyways ..you're going to get a lot people telling you this or that, opinions based on emotions and not rationale/facts/history etc.  I always tell my clients, the last people you want to take financial advice form is your co-workers, family or friends..as 99.8% of what you're going to be told is BULLSHIT. Now some, wont be..but how will you know for sure?

It's quite hard to say this. But I have to agree with what you said on this one. Because after all, asking for advice or consulting someone who is not an expert will only be a waste of time. And I've been through that phase. Where I actually got an answer that made me confused instead of getting the right solution.

So when it comes to finances and economics, I will ask and consult people who I consider experts in their fields. And I will only ask my family and those closest to me if it is a social problem only and not about the economy, let alone my finances.

But I will exclude one friend of mine who is indeed quite an expert in financial management, although basically he is not an economist or financial expert, but I have seen him succeed with his own portfolio which continues to grow every year. And it even managed to deal with the mess that was in my portfolio which initially contained rubbish that looked like diamonds. And I often consult him, not because he is my friend, but because he is an expert in the field in my opinion.

So when it comes to finances, I think we have to save all things related to our emotions first.