The “fear of missing out”, stems from the comparisons we make- or what you could maybe call “keeping up with the Joneses”. I wish I had that car, those stock returns, that family, job, vacation, bank account, etc. This focus often leads to discontentment. I would be happier if I had X or Y... so we then covet- or simply put, develop a jealousy, that goes nowhere fast.
When I was in my early 20s, I remember being told by someone older… “you know, the older you get, the faster time goes by”. I admit thinking they were a little crazy, however I now fully agree with them since many years have passed. This year has been like “light-speed”.
Optimism is typically amplified as we celebrate Christmas and the holidays and we look to turn the calendar into a New Year. This year is no different; 2017 seems to be about change.
The year 2016 was a year of swings and surprises no less. 2016 had a poor investment start and outlook with the markets down nearly 11% by mid-Feb, only to swing up sharply to be even by mid-March (S&P 500), a month later. This dramatic move in the market not surprisingly coincided with oil’s rebound from its February low. Afterwards the markets positive momentum continued. Then there was June’s “Brexit” vote in the U.K. which was a surprise to the pundits and pollsters alike.
And of course the U.S. Presidential election was the biggest surprise of the year; the pollsters, the “wall street insiders” and even Vegas all got it wrong.
The expected change with a new administration concerns some and excites others. The market has shown its excitement based on Trump’s focus on two main campaign components;
1) a large infrastructure spending program estimated at $1 Trillion, which all agree is expensive but much needed for our country’s ailing bridges, roads and logistics (both Clinton and Trump proposed)
2) the likelihood of tax reform consisting of possible IRS simplification, personal tax bracket reductions and the most heralded- corporate tax cuts from 35% to 15%.
We won’t try to predict the market or events to come in 2017, since no one really knows but we can say it will be another year of change (as every year is).
It is essential to realize though, that change requires an intentional, planned out approach to your family’s goals, financial plan and resulting investment strategy. Foley and Foley Wealth Strategies delivers just this with an adaptive and clear approach through the uncertainty any year can bring. Reach out and let us assist your family.
Are you a Control Freak? Focus on what matters.
Volatility in the Market, what is that? It is not a bad word.
The Problem with Legacy. Why it starts today and not when you die.
Staying Safe Online (9 ways)
And Finally... We are still celebrating 35 years of serving our clients!!
To a well-planned 2017!
Luke Fields, CFP®
The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market. Inclusion of these indexes is for illustrative purposes only. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor’s results will vary. Past performance does not guarantee future results. Any opinions are those of Luke Fields and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice.
STEWARDSHIP CENTS NEWSLETTER
Recently, I was chatting with a CPA about helping clients reach their goals. He shared that he often sees people that need to be pushed to not just dream, but to dream bigger. I completely agree. So, why do so many of us fail to dream? I think it is because many of us lack clear goals and a planned direction on how to move forward. Too often we settle for where we find ourselves or don’t realize the potential ahead of us. We need to dream big!
Last month I asked all of us to consider three simple questions:
1. What do I value?
2. What is most important to me?
3. How does this change my life and goals?
Thank you for the feedback I received from many of you; I am glad these questions were thought provoking. Answering these questions helps determine what is most important to you. This is critical because what is important to you is the starting point to setting your goals.
The next common problem is what I opened this discussion with… how big do you dream? Often I find when people have done the work and identified important goals, they still hit a wall in their progress to achieve them.
1. Some people need to dream bigger.
2. Some people need to be realistic (this is more rare).
3. Some people have dreamed BIG- but have no idea how to accomplish their goals.
All of these situations require discussion, for us to be either “pushed forward” to go bigger in our dreams or “pulled back” to start at more realistic goal levels. So how do you accomplish the dreams you have? Do you randomly pick steps, do you pick the easiest or most likely result you know you can achieve or do you set a goal that will stretch you?
Significant dialogue with yourself and your spouse is required to move ahead with success. Who is helping you set goals, encouraging you to dream and providing a plan of direction?
Here is where a professional, holistic financial advisor can guide you thru the stages: discovery of what you truly value, setting realistic goals, dreaming of the potential and then developing a comprehensive plan to work towards achieving your dreams.
To Your Financial Goals and Dreams,
Luke Fields, CFP®
Any opinions are those of Luke Fields and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice.
This material is being provided for information purposes only and is not a complete description, nor is it a recommendation.
