DEALING WITH UNCERTAINTY

There are always unknowns in life but 2020 has exponentially increased our sense of uncertainty. Making plans in the midst of uncertainty can be challenging, yet we can’t put life on hold forever. The future is always uncertain, therefore, we must plan based on the best information available to us today and make adjustments as new information becomes available. Plans should guide us and give us direction but also be flexible enough to take advantage of life’s changes, whether good, bad, in or out of our control. Planning is not a perfect science with right or wrong answers, but rather an evaluation of various options.

For me, remembering Proverbs 16:9, “we can make our plans, but the Lord determines our steps”, is reassuring.

As we make plans amongst a wealth of uncertainty, I have found the following ideas to be helpful. 

- Remember what your objectives are

- Use relative information and facts to gain perspective

- Be cautious about making emotional decisions, especially in stressful times

- Let go of what you can’t control

- Focus on what you can control, including:

• Your attitude

• Your habits

• How much you spend and save

• Where you save (with a focus on diversification, asset allocation and tax planning)

• Preparing for financial unknowns with cash reserves, proper insurance, and estate planning

So, while there are few guarantees in life and especially in financial planning, one guarantee I feel confident of is that the plans we map out today will look different in 20 years, but taking appropriate steps along the way will increase our odds of success.

Advisory services offered through Arbor Point Advisors. Securities offered through Securities America Inc., Member FINRA/SIPC. Arbor Point and Securities America are separate companies. CA Insurance #0E88557