Finance Your life Finally, you’ll want to take a broader look at the “intersection” of your finances and your life, and ask yourself some important questions about the implications of a market downturn on your life. What have you learned? A wise person once said: it’s only a mistake if you don’t learn from it. This is particularly good advice for anyone who’s gone through a market downturn. What did you learn during the downturn − about your portfolio, about how you think, feel and relate to your money? What did you do right? What could you have done differently? Some investors won’t feel the need for this kind of introspection. But to others, it could be the first and most important step toward knowing what to do the next time a downturn happens. Do you need professional guidance? Even the best investors can suffer bouts of self-doubt during downturns. That’s why the most successful investors seek out professional guidance, in order to ensure that they maintain their discipline and stick to their long-term investment goals. Consider whether the downturn could have been easier if you had a professional working in your corner. Did you feel as if you needed a second opinion from time to time? Would professional advice have made some of the decisions that you were facing a little easier? Maybe not. But now that the turmoil is over (mostly), it’s worth thinking about. Do you still have perspective? We’ve said it before, and we’ll say it again: money is an important part of your life. But it’s not the most important. Now that you’ve gone through the bad times and come out the other side, put money issues on the shelf and focus on the things that are truly important in life. Like crossing items off of your bucket list. Travelling. Pursuing a passion. Contributing to a greater cause. Being with your kids and grandkids. Living. Never forget that money is a tool. A powerful tool, it’s true. But its purpose is to help you achieve what you want to achieve in life. It is not − and never has been − an end in itself. And the riches derived from a portfolio pale in comparison to the riches that come from spending time on the things that matter most. 36 | www.snowbirds.org
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