Shownotes
Difficult markets are uncomfortable and just really not fun to have to go through. But a natural part of market moves is that they also move down too unfortunately. In this episode I share strategies for dealing with difficult markets. Keeping the focus on what you can control and reflecting on money victories anytime you feel the negative outweighing the positive can also help you get through these difficult times.
About the Host:
I am a financial professional, who specializes in helping people to achieve their financial goals. My absolute passion is creating new possibilities in people’s lives by showing them the ropes when it comes to money. I’m here to spark healthy and positive conversations around wealth and investment and create a world where nobody is limited by their financial situation. I believe this begins with education and shifting our relationships with money. I love getting to witness people achieving their most ambitious goals and creating new possibilities for themselves and their families!
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Transcripts
Welcome to the wealth and wellness podcast with
Kalee Boisvert:me Kayleigh, Bob air. I specialize in helping people to
Kalee Boisvert:achieve their financial goals. I have a love for all things
Kalee Boisvert:numbers, and I'm passionate about financial literacy. My
Kalee Boisvert:goal is to spark healthy and positive conversations around
Kalee Boisvert:wealth and investment, and create a world where nobody is
Kalee Boisvert:limited by their financial situation. But wealth is just
Kalee Boisvert:one piece of the equation of living our best lives. So join
Kalee Boisvert:me as we explore both wealth and wellness topics. From your net
Kalee Boisvert:worth, to your self worth, get ready to take confident action.
Kalee Boisvert:Hello, this is Kaylee. And thank you for taking the time to
Kalee Boisvert:listen to this episode of the wealth and wellness Podcast.
Kalee Boisvert:Today I wanted to focus on a wealth topic. markets have been,
Kalee Boisvert:I guess, or have had a rocky start to the year so far 2022 So
Kalee Boisvert:far, and there's a lot of factors contributing to the
Kalee Boisvert:volatility we're seeing, which includes interest rate
Kalee Boisvert:increases, inflation concerns ongoing and of course, that the
Kalee Boisvert:war that is ongoing as well. So I think first, first of all, you
Kalee Boisvert:know, it's important to take some time to remember and
Kalee Boisvert:acknowledge that, unfortunately, these big factors are really out
Kalee Boisvert:of our control. And when things are not going well, generally,
Kalee Boisvert:our first reaction is, you know, in life, if something's not
Kalee Boisvert:working, it's not going well, well, we want to do something we
Kalee Boisvert:want to fix it. But again, these are much bigger issues that
Kalee Boisvert:unfortunately, they're not, they don't have an easy fix. So we do
Kalee Boisvert:have to give them some time to actually play out. But in the
Kalee Boisvert:meantime, I wanted to take this time in this episode to focus on
Kalee Boisvert:what you can do for your money and investments by talking about
Kalee Boisvert:strategies for dealing with difficult markets. So if that's
Kalee Boisvert:the state we're in right now, which you know, it's it appears
Kalee Boisvert:that we have been in for since the start of the year, well,
Kalee Boisvert:let's then talk about what to do strategies for dealing with
Kalee Boisvert:difficult markets. So first off, I would suggest that reminder,
Kalee Boisvert:to have a long term approach when it comes to investing. Any
Kalee Boisvert:sharp like decline in the stock market is often accompanied, of
Kalee Boisvert:course, by a lot of negative headlines in the media. So we
Kalee Boisvert:are hearing words like crisis, meltdown, like there's very
Kalee Boisvert:dramatic negative information that is being given to us. But
Kalee Boisvert:the fact is, volatility is a normal part of investing,
Kalee Boisvert:unfortunately. And so we do have to remember that dips in the
Kalee Boisvert:market happen. And they've happened before and they will
Kalee Boisvert:happen again. Specifically, you're like as an example,
Kalee Boisvert:there's been 10 declines exceeding 20%, in the Canadian
Kalee Boisvert:markets since 1977. So that just proves to you that this has
Kalee Boisvert:happened before. This is something that occurs, this
Kalee Boisvert:volatility, these dips in the market. And in fact, there's
Kalee Boisvert:been 10 declines, exceeding 20%. So some big dips, there's been
Kalee Boisvert:10 of them over 20% since 1977. But over the long run, what's
Kalee Boisvert:important for us to remember is that market declines have always
Kalee Boisvert:been followed by even greater recoveries. So in each past
Kalee Boisvert:decline, the stock market eventually retraced their
Kalee Boisvert:losses. And it went on to post new highs. So in the short term,
Kalee Boisvert:the stock markets move in cycles, and they go up and down.
Kalee Boisvert:But in the long term, if we can kind of step back and take that
Kalee Boisvert:long term view of the stock markets, the trend is up. So the
Kalee Boisvert:s&p TSX Composite Index has posted some very respectable
Kalee Boisvert:average returns over 45 years. So if you take the 45 years
Kalee Boisvert:period ending December 31 2021, the average annual return for
Kalee Boisvert:the s&p TSX composite index was 10.2%. Over that time, but to
Kalee Boisvert:reach that return, investors had to go through that up and down
Kalee Boisvert:that, you know, the peaks the valleys as well. So it wasn't
Kalee Boisvert:all just a straight trajectory of that 10% per year, not at all
Kalee Boisvert:there were higher years, there were lower years and things in
Kalee Boisvert:between. So one strategy for dealing with market volatility.
Kalee Boisvert:And remembering this long term focus is to try to put the Daily
Kalee Boisvert:News into a long term perspective. So again, we're
Kalee Boisvert:bombarded by Daily News. In our lives of in all respects of
Kalee Boisvert:life, but if we can kind of take that longer term perspective,
Kalee Boisvert:when it comes to investing and money, despite all the negative
Kalee Boisvert:news, we know that recessions do and businesses continue to
Kalee Boisvert:operate, and economies and markets do recover. And then
Kalee Boisvert:they do grow as well, when we have looked long term. Okay, so
Kalee Boisvert:that's the reminder of, let's look long term when we look at
Kalee Boisvert:investing. Second. So when dealing with difficult markets,
Kalee Boisvert:it's really important to remember that when you're
Kalee Boisvert:investing, you do need to be diversified and market, the
Kalee Boisvert:moments when markets are sort of, you know, coming down or
Kalee Boisvert:having some of these volatile type days that we're seeing,
Kalee Boisvert:that's when we're really reminded of the importance of
Kalee Boisvert:diversification, I think, because if you're not
Kalee Boisvert:diversified, you're gonna really see your portfolio reacting a
Kalee Boisvert:lot more to the volatility than you would if things are more
Kalee Boisvert:diversified, more spread out. So diversification is a key
Kalee Boisvert:principle in investing. And it's just that reminder of work can't
Kalee Boisvert:put all our eggs in one basket. And this helps in, in a sense,
Kalee Boisvert:diversification, it should theoretically help reduce your
Kalee Boisvert:overall risk and volatility. So how can you diversify? What does
Kalee Boisvert:that mean? Well, you can diversify through the type of
Kalee Boisvert:asset class you're investing in. So investing in stocks, and also
Kalee Boisvert:investing in bonds, and having cash and cash equivalents in
Kalee Boisvert:your portfolio. So, again, that's a reminder, some people
Kalee Boisvert:wonder, you know, you're not supposed to have or think you're
Kalee Boisvert:maybe not supposed to have cash? Or why would there be a cash and
Kalee Boisvert:investment portfolio, but remember, cash is a tool as
Kalee Boisvert:well, and it can be put to use for opportunities in the market,
Kalee Boisvert:when things are going down. When there's a specific stock, maybe
Kalee Boisvert:that looks like a good price.
Kalee Boisvert:So cash is an investment and cash equivalents, you know,
Kalee Boisvert:using things like guaranteed investment certificates of GICs,
Kalee Boisvert:the very low risk cash, like investment, for instance, where
Kalee Boisvert:you're gonna get a bit of a return on your cash, and, you
Kalee Boisvert:know, maybe a little bit more so now, because rates are rising,
Kalee Boisvert:diversification through country. So instead of being invested in
Kalee Boisvert:just the country you live in, whether it be you know, if
Kalee Boisvert:you're in Canada, or the US, making sure that your portfolio
Kalee Boisvert:is diversified internationally. So maybe if you're in Canada,
Kalee Boisvert:you have some Canadian exposure, some US exposure, and some
Kalee Boisvert:international exposure being diversified through the sector's
Kalee Boisvert:so having things like okay, maybe you have some healthcare
Kalee Boisvert:sector stocks, you have some technology related stocks, and
Kalee Boisvert:then you have some, you know, consumer staples, for instance,
Kalee Boisvert:or utilities, because when markets are not doing so, well,
Kalee Boisvert:well, where are the where are the maybe potential companies
Kalee Boisvert:that are still doing okay, or performing? If we think of, you
Kalee Boisvert:know, recessionary periods, or when people are cutting back on
Kalee Boisvert:spending, well, what are the things they're not cutting back
Kalee Boisvert:on, and if we can kind of have that in focus, maybe those are
Kalee Boisvert:those consumer staples, the things that people are just
Kalee Boisvert:gonna keep buying, no matter what, because, you know, that's
Kalee Boisvert:the last to cut back on, maybe they're first going to cut back
Kalee Boisvert:on the luxuries and the travel and things like that, but
Kalee Boisvert:they're the last things to cut back on, they're maybe not going
Kalee Boisvert:to really change a lot to do with their, you know, like
Kalee Boisvert:standard groceries or, or their utilities like their electricity
Kalee Boisvert:and things like that the US. So that's that reminder of sectors
Kalee Boisvert:and being diversified across the sector's because some do perform
Kalee Boisvert:better than others. And with what we're going through right
Kalee Boisvert:now, in the market, for instance, you know, the energy
Kalee Boisvert:sector is performing well, based on obviously, the conditions of
Kalee Boisvert:the world and the world events, but it's really hard to tell,
Kalee Boisvert:before something happens, what that sector is going to be. So
Kalee Boisvert:that's the idea of why we're diversified to begin with. So
Kalee Boisvert:when something does happen, you have a little bit of variety,
Kalee Boisvert:and you're you're spread out over different sectors. And, you
Kalee Boisvert:know, if you're investing in more diversified products in
Kalee Boisvert:general, like we're talking ETFs, so exchange traded funds,
Kalee Boisvert:mutual funds, those in themselves are going to be quite
Kalee Boisvert:diversified for the most part. Of course, if you're having one
Kalee Boisvert:that's a specific theme, not so much, maybe, but if you have
Kalee Boisvert:those types of investments in your portfolio, a lot of
Kalee Boisvert:diversification is probably already being achieved through
Kalee Boisvert:using these types of products because ETFs exchange traded
Kalee Boisvert:funds, mutual funds their baskets of different holdings.
Kalee Boisvert:Another way to diversify is the number of holdings so if you are
Kalee Boisvert:investing in just individual stocks in your portfolio,
Kalee Boisvert:there's a big difference for if you have for instance, Just to
Kalee Boisvert:stocks or for stocks in your portfolio versus 25, or 30
Kalee Boisvert:stocks or 50 stocks, if you only have a couple, a big event or
Kalee Boisvert:big company specific event could massively impact your portfolio.
Kalee Boisvert:You know, bad news for a specific company can bring down
Kalee Boisvert:the stock price of that company. And if that was one of two
Kalee Boisvert:holdings, or three holdings in your portfolio, you're going to
Kalee Boisvert:really see the impact of your portfolio on your portfolio from
Kalee Boisvert:something like that. And then, of course, we can also invest in
Kalee Boisvert:different sizes of companies. So when we think about investing,
Kalee Boisvert:oftentimes you hear about investing in, you know, large
Kalee Boisvert:companies, blue chip companies, they call it as well. And that's
Kalee Boisvert:great, because they're very probably, well established
Kalee Boisvert:companies, they have a proven track record of revenue and
Kalee Boisvert:things like that, versus smaller companies. Because when markets
Kalee Boisvert:are more volatile, it's probably the smaller companies that
Kalee Boisvert:you're going to see. move more to the negative, and again, just
Kalee Boisvert:with fear of okay, is this event going to actually impact their
Kalee Boisvert:ability to sustain profits and revenue and stay in business for
Kalee Boisvert:a small company versus a larger company, they can probably kind
Kalee Boisvert:of, you know, handle some of the, the highs and some of the
Kalee Boisvert:lows too, and sort of wait it out. So that's why we're
Kalee Boisvert:diversifying. Those are some of the ways or the the sort of
Kalee Boisvert:factors or elements you can look at for diversification. And, you
Kalee Boisvert:know, why is diversification so important? Well, again, each
Kalee Boisvert:asset, each holding each product, whether it's, like I
Kalee Boisvert:said, ETFs, mutual funds, stocks, bonds, cash, they all
Kalee Boisvert:perform differently, as economic conditions change. And there's
Kalee Boisvert:no way to predict which one will be the leader, obviously, before
Kalee Boisvert:an event has happened. So we kind of only see what's, what
Kalee Boisvert:happens and what plays out when the event occurs. So I have
Kalee Boisvert:this, when I'm doing like my, some of my presentations and
Kalee Boisvert:things like that about investing in person or over zoom, when I
Kalee Boisvert:have them. There's this colorful chart that they have that shows
Kalee Boisvert:returns in the ranking of different asset classes each
Kalee Boisvert:year throughout kind of the last 10 plus years. And although this
Kalee Boisvert:is a podcast, and I maybe can't show you the visual visual, I
Kalee Boisvert:can at least share with you that what this chart really shows is
Kalee Boisvert:that each asset class has vary dramatically over the past, you
Kalee Boisvert:know, 1020 years. So what was the best performing thing or
Kalee Boisvert:element, maybe it was Canadian bonds were the best performing
Kalee Boisvert:one year? Well, that wasn't necessarily the next the case
Kalee Boisvert:for the following. You know, maybe the year after that, it
Kalee Boisvert:was US equities. And then it was Canadian equities. And I'm just
Kalee Boisvert:throwing out random ideas for you here. I'm not specifically
Kalee Boisvert:stating you know which year in which one was but just to give
Kalee Boisvert:you that idea of what's on top one year doesn't necessarily
Kalee Boisvert:mean it's going to continue keep being that top performer
Kalee Boisvert:consistently, year over year. And what we've seen, it's, it's,
Kalee Boisvert:that's not the case. So having that diversification, having a
Kalee Boisvert:little bit of variety that we can have, you know, a few of
Kalee Boisvert:these different products that we're able to, you know, weather
Kalee Boisvert:out some of these ups and downs, have some of the better
Kalee Boisvert:performing stocks, for instance, when markets are going down. And
Kalee Boisvert:of course, when markets are going down in general, it
Kalee Boisvert:doesn't mean that, you know, diversification is gonna save
Kalee Boisvert:you entirely from that, right. Oftentimes, when we're just
Kalee Boisvert:going through big events, big economic condition changes, big
Kalee Boisvert:geo geopolitical events in the world, we're often going to just
Kalee Boisvert:see an overall decrease across the board. But within that maybe
Kalee Boisvert:there are certain sectors or products that aren't going down
Kalee Boisvert:as much, which is, you know, nice to see and kind of have a
Kalee Boisvert:little bit of a reprieve on your portfolio that it doesn't go as
Kalee Boisvert:down down as much because of that diversification. So again,
Kalee Boisvert:unfortunately, diversification is not going to protect you
Kalee Boisvert:entirely from some of the movements in the market, but it
Kalee Boisvert:is one way to assist. So thirdly, I want to talk about
Kalee Boisvert:four strategies for dealing with difficult markets are really
Kalee Boisvert:important. One is resisting the urge to try to time the market.
Kalee Boisvert:This one's so important. So the ideal strategy, of course, if
Kalee Boisvert:you think about just investing, you know, what would you want to
Kalee Boisvert:do? Well, you'd want to sell right before the market goes
Kalee Boisvert:down, and you'd want to buy right at the bottom when it
Kalee Boisvert:begins to move up. That's the ideal scenario, right? You want
Kalee Boisvert:to find the very top of the market before it moves down
Kalee Boisvert:because that's the point where you want to sell your
Kalee Boisvert:investments. And then you also want to find the very bottom
Kalee Boisvert:when it's bottomed out completely and it's back on its
Kalee Boisvert:way up and that's when you want to be buying it And that's
Kalee Boisvert:great. And, you know, if that was possible, and we were all
Kalee Boisvert:able to do that, I think we'd all be probably
Kalee Boisvert:multimillionaires, you wouldn't be listening to this right now.
Kalee Boisvert:But it's just that reminder that it's, you know, the execution of
Kalee Boisvert:that is nearly impossible. I don't even think, you know, the
Kalee Boisvert:greatest investors of all time would claim that they can do
Kalee Boisvert:that kind of a move with, with that percision. What generally
Kalee Boisvert:ends up happening is when people try to time the market, is they
Kalee Boisvert:end up selling close to the bottom, so not at the top, but
Kalee Boisvert:closer to where it's bottoming out. And then that, you know,
Kalee Boisvert:getting back into the market and having the courage to go back
Kalee Boisvert:into the market takes some time, to a point where the markets
Kalee Boisvert:already recovered some. And so it's leaving them, you know,
Kalee Boisvert:potentially in a worse position, because if they sell at the
Kalee Boisvert:bottom, and they buy on the way up, you know, they're worse off
Kalee Boisvert:than if they would have just stayed the course. So
Kalee Boisvert:historically, there has been no indicators that have
Kalee Boisvert:consistently predicted the direction of the market, you
Kalee Boisvert:know, with that 100% accuracy. So even the economy is not a
Kalee Boisvert:reliable predictor of the stock market, unfortunately, which
Kalee Boisvert:sounds odd. But it is that the market often rebounds months
Kalee Boisvert:before a recovery is evidence. So the markets often steps
Kalee Boisvert:ahead, and it starts moving before we've even seen, you
Kalee Boisvert:know, the positive changes and catalysts widespread in the
Kalee Boisvert:market. So when the market does recover, the gains can happen
Kalee Boisvert:quickly. And again, if it's too quickly to try to get back in
Kalee Boisvert:when we're timing. So you jumped out and now okay, when's the
Kalee Boisvert:right time to get back in if you miss some of the best days of
Kalee Boisvert:strong returns, it can have a huge impact on your portfolio.
Kalee Boisvert:So as an example, for an investor who stayed invested in
Kalee Boisvert:the Canadian stock market, over 30 years ending, December
Kalee Boisvert:31 2021, so as of last year, they stayed invested the 30
Kalee Boisvert:previous years, they would have averaged an annual return rate
Kalee Boisvert:of just over 8%. But missing the 10 best days would have reduced
Kalee Boisvert:that return to 5.7%. And missing the 25 best days would have
Kalee Boisvert:given them a return of 3.6% per year. So that's a huge
Kalee Boisvert:difference, we're just missing the 10 best days, over 30 years.
Kalee Boisvert:And again, you likely are going to miss a couple of the best
Kalee Boisvert:days, if you're jumping in and out. That can bring it down by
Kalee Boisvert:you know, two plus percent and then missing the 25 best days
Kalee Boisvert:can bring it down by about 5%, which compounding over a yearly
Kalee Boisvert:basis has huge implications on the resulting, you know, balance
Kalee Boisvert:in your portfolio. So just again, missing a few of these
Kalee Boisvert:big return days can have a major impact. And in that case, it
Kalee Boisvert:means that people would have been better off to stay the
Kalee Boisvert:course over that time period. So again, it's really weird and
Kalee Boisvert:almost counterintuitive, I find to like comprehend that, because
Kalee Boisvert:again, markets are going down, we want to do something, the
Kalee Boisvert:obvious first reaction is probably okay, you know, get out
Kalee Boisvert:run for the hills, wait till things calm down, then get back
Kalee Boisvert:in. That's great in theory, and if you could execute that, that
Kalee Boisvert:would be fabulous. But the challenge is executing it, and
Kalee Boisvert:doing it perfectly on both sides, selling at the right
Kalee Boisvert:point and buying at the right point. And again, it's very,
Kalee Boisvert:very hard to achieve. Okay, so that's all about timing the
Kalee Boisvert:markets. So you accepting that we're not, as you know, s Martin
Kalee Boisvert:and we don't have that crystal ball, unfortunately, to be able
Kalee Boisvert:to time it with that precision.
Kalee Boisvert:Another point about what to do in difficult markets is just
Kalee Boisvert:investing on an ongoing basis if you can, so that's including
Kalee Boisvert:when the markets are down. And again, that might feel
Kalee Boisvert:uncomfortable and sound uncomfortable, but a great
Kalee Boisvert:Warren Buffett quote for difficult times in the markets
Kalee Boisvert:which I like is be fearful when others are greedy and greedy
Kalee Boisvert:when others are fearful. So in those times where people are
Kalee Boisvert:fearful when they're saying all is, you know, all hope is lost
Kalee Boisvert:and markets are done and they're not coming back up. And if
Kalee Boisvert:you're if that's kind of what's going on, we'll that's maybe the
Kalee Boisvert:time that he's suggesting that you get greedy that you look to
Kalee Boisvert:go buy in the markets, that that's an opportunity. So it's a
Kalee Boisvert:reminder to us that investing when things are going down is a
Kalee Boisvert:great strategy and can work in your favor in the long term
Kalee Boisvert:right. If you can buy on those dips, it's always just going to
Kalee Boisvert:add for you what you have position wise in the long run
Kalee Boisvert:when things do go back up, which, which I've said, you
Kalee Boisvert:know, near the beginning of this podcast is what has historically
Kalee Boisvert:happened in the markets that they have come back up. So when
Kalee Boisvert:markets are down, though, it's usually the last thing that
Kalee Boisvert:people want to do is invest. But think back just even a few years
Kalee Boisvert:ago to the global pandemic, when it first started, the markets
Kalee Boisvert:went down, and they went down fast. And if you had added money
Kalee Boisvert:when they were declining, and during that time, or it was,
Kalee Boisvert:again, that feeling of well, this is, you know, terrible, the
Kalee Boisvert:world is shutting down, everything stopping and it is
Kalee Boisvert:that's very uncomfortable to think, Well, yeah. Now, yeah,
Kalee Boisvert:here's the opportunity, that's probably wasn't what was going
Kalee Boisvert:through your mind. But in fact, it really was because the
Kalee Boisvert:markets did go on to rebound. And, and have, you know, come up
Kalee Boisvert:since that that dip during COVID. So it was an opportunity
Kalee Boisvert:to invest. However, most people, again, the the emotional
Kalee Boisvert:response, was run away from the markets and just come back, you
Kalee Boisvert:know, later when things look better. But that's maybe exactly
Kalee Boisvert:actually exactly the opposite of what you could or should be
Kalee Boisvert:doing. For the opportunity of buying low. So if adding to your
Kalee Boisvert:investments, when the markets are down, still sounds
Kalee Boisvert:difficult, again, uncomfortable to execute, I completely get
Kalee Boisvert:that. Because again, I see it all the time with with actual
Kalee Boisvert:people and not wanting to do it. So I know that that is the case.
Kalee Boisvert:It's one thing to say in theory, like yes, it's great by when
Kalee Boisvert:things are down. But the how many people actually action on
Kalee Boisvert:it? Very few. So if that's a difficult strategy, then I would
Kalee Boisvert:say just having a strategy where you're adding to your
Kalee Boisvert:investments on a regular reoccurring basis, is a great
Kalee Boisvert:way to kind of get around that emotional tug of like, oh, I
Kalee Boisvert:don't really know if I should, or this feels uncomfortable. And
Kalee Boisvert:then having your ongoing amounts just added, maybe it's each pay
Kalee Boisvert:period, maybe get paid on the first and the 15th of the month,
Kalee Boisvert:and you put away $500 each pay period, or $200 each pay period,
Kalee Boisvert:and it goes into your investments. And it's added to
Kalee Boisvert:the markets. And so the markets are going up, the markets are
Kalee Boisvert:going down, they're going sideways, whatever it is, you're
Kalee Boisvert:just saying, I'm just continuing to add on a regular basis, I'm
Kalee Boisvert:gonna catch some of those down days, maybe I'll even catch the
Kalee Boisvert:exact bottom by chance by just putting it on those specific
Kalee Boisvert:days. And I'm just going to keep averaging in so it's called
Kalee Boisvert:average cost basis when you're doing this kind of strategy. And
Kalee Boisvert:you're averaging in at different prices, but it's giving you that
Kalee Boisvert:access to the ups and downs. Because again, we go back to the
Kalee Boisvert:point, it's very difficult to time the markets. So if you can
Kalee Boisvert:invest on an ongoing basis, or invest in those times where it
Kalee Boisvert:feels uncomfortable. And again, just having to do it
Kalee Boisvert:automatically for you to kind of take out that, that emotional
Kalee Boisvert:pole if you're feeling uncomfortable. Okay. And lastly,
Kalee Boisvert:difficult markets, I just want to remind you to keep the focus
Kalee Boisvert:on you, and your goals. So in difficult times, there's so much
Kalee Boisvert:information and so much opinions circling and it gets
Kalee Boisvert:overwhelming and you start questioning everything, you
Kalee Boisvert:know, and it's stressful, you start questioning, what am I
Kalee Boisvert:doing? Is it you know, is everything I'm doing wrong?
Kalee Boisvert:Should I be doing something else? Is this the right
Kalee Boisvert:strategy? Well, again, you have to remember you have no control
Kalee Boisvert:over the external forces. So those are going to happen, and
Kalee Boisvert:they're always going to happen, they're always going to be here,
Kalee Boisvert:you know, where we're at next year and what those are and
Kalee Boisvert:what's going on in the world. You know, we probably don't know
Kalee Boisvert:at this point in time, but there's probably going to be
Kalee Boisvert:something that's that's making news headlines and whatnot. So
Kalee Boisvert:instead of getting swept up in that fear and anxiety, there's
Kalee Boisvert:more positive ways to expend your energy and staying focused
Kalee Boisvert:on you and your personal goals is one way to kind of keep in
Kalee Boisvert:that that energy of positivity and and opportunity in where
Kalee Boisvert:you're going and have that be the focus. So what is it that
Kalee Boisvert:you're aiming to achieve with your finances? What
Kalee Boisvert:are your short term goals, medium term goals, long term
Kalee Boisvert:goals, take some time and just think about those again, plan
Kalee Boisvert:those out, write them down if you haven't, or go back to them
Kalee Boisvert:and write them down again as that reminder, because it feels
Kalee Boisvert:really good to think about, you know, the dreams and the desires
Kalee Boisvert:and where you're going. It gets you feeling back into the
Kalee Boisvert:driver's seat of, of you know, what you want to achieve where
Kalee Boisvert:you want to go versus feeling very out of control, and very
Kalee Boisvert:anxious and scared of what's going to happen. Just doing
Kalee Boisvert:something like that just brings us back and centers us to
Kalee Boisvert:remember okay, this is what I want. This is where I'm going
Kalee Boisvert:and that's that's the focus And and focus on your financial
Kalee Boisvert:victories to keep that positive vibe too. So let's say you
Kalee Boisvert:wanted, you had a goal to pay down your debt in 2022. And
Kalee Boisvert:you're well on your way to paying off your credit card, you
Kalee Boisvert:know, celebrate that show, you're like, show yourself,
Kalee Boisvert:okay, this is where it was before, this is where I am. Now,
Kalee Boisvert:that's amazing. And give yourself that reminder. And
Kalee Boisvert:that, you know, pat on the back, or the high five is a great
Kalee Boisvert:thing to do. Because it gets you into that, that positive that I
Kalee Boisvert:can do it mentality versus, you know, all hope is lost, which
Kalee Boisvert:it's easy to get pulled into that mentality when that's what
Kalee Boisvert:we're hearing and seeing around us. So yeah, maybe your goal is
Kalee Boisvert:you wanted to save more. So you started ongoing deposits of a
Kalee Boisvert:couple $100 into your tax free account, and you just started
Kalee Boisvert:that this year. Again, give yourself a pat on the back. Give
Kalee Boisvert:yourself that victory. You know, spend time in that don't
Kalee Boisvert:discount or forget to celebrate the successes to that show how
Kalee Boisvert:far you've come, because those are worthy of your time and
Kalee Boisvert:attention. And it will keep that focus positive and optimistic.
Kalee Boisvert:And again, on the things that you can control, which is where
Kalee Boisvert:it's better to be expending our energy on what we can do on what
Kalee Boisvert:we have done. Those small victories to they add up to much
Kalee Boisvert:bigger overall contributions to building your wealth. So they
Kalee Boisvert:might not seem like much. But in the world of investing and
Kalee Boisvert:growing your money, you know, we always talked about compounding
Kalee Boisvert:and how every little bit helps. And so these are big things that
Kalee Boisvert:are really going to make a big impact. So congratulations for
Kalee Boisvert:doing them and make sure you're giving yourself the much needed
Kalee Boisvert:congratulations for doing those. So that wraps up my podcast for
Kalee Boisvert:today. Again, difficult markets are they're uncomfortable, and
Kalee Boisvert:they're just overall not a fun experience to be going through.
Kalee Boisvert:But a natural part of markets is that they move and part of that
Kalee Boisvert:is that they will also move down, unfortunately. So try to
Kalee Boisvert:keep the focus on the things you can control the things you can
Kalee Boisvert:do, and reflect on those victories anytime you feel the
Kalee Boisvert:negative outweighing the positive. Because that's kind of
Kalee Boisvert:at least going to help you keep your headspace in in the
Kalee Boisvert:positivity and the possibility and where you're going. So thank
Kalee Boisvert:you so much for listening in to this episode, and I will catch
Kalee Boisvert:you on next week's episode. Good bye for now.
Kalee Boisvert:I hope you found value in this episode. And because I'm such a
Kalee Boisvert:proponent of taking confident action, I want to pose a
Kalee Boisvert:question to you the listener. What is one action that you feel
Kalee Boisvert:inspired to take after listening to today's episode? If you enjoy
Kalee Boisvert:listening, please subscribe and share with your friends and
Kalee Boisvert:family. Thank you so much and I will catch you next time
