Managing Your Money In Turbulent Waters
Updated: May 26
Author: Robert Dunn, CFP® - President, Managing Partner
If you’re about to embark on a white water rafting trip or a treacherous hike for the first time, you’ll probably want to have an experienced captain or guide by your side to help you navigate the challenges that arise. Fighting through the turbulent waters of the recent market volatility is no different. Your physical life may not be in danger, but your financial and emotional life can take a significant hit if you aren’t being led by the right person.
What Happens When You Don’t Plan
The importance of planning ahead before you dive into the deep end hit home for me when my family and I took an incredible trip to go rafting in Jim Thorpe, Pennsylvania. My wife and I, along with our two excited boys, Bode and Ty, left with expectations of seeing beautiful countryside and experiencing an adventure.
Both expectations were met, but not without some unexpected turbulence along the way. We knew we’d have to deal with some rapids, but we didn’t anticipate how everyone would react when things got a little rough. We also did not have a true leader in the boat to guide us, as none of us had the skill set or knowledge to take on the role. In the end, my wife and I took turns leading, but we went blindly; without an experienced leader, there was no one educating us on what was to come, no one to help us navigate the turbulent waters. Left to our own devices, instead of enjoying the adventure, we battled anxiety—and each other as our stress led to small arguments.
While we still had a memorable trip and look back on it with joy, the trip could have been much better if we had a little education and one true leader, a captain, so to speak.
Make A Plan Before The Turbulence Comes
Think of Novi Wealth Management as your captain. We know how much stress and anxiety volatile markets cause, and we find ourselves wanting to do whatever we can to help ease the worries of the clients we serve. Thankfully, many of our clients have been with Novi for years and have come to trust our guidance, moving through short-term market uncertainty with confidence. Here’s why.
How We Plan
We don’t make decisions in the midst of uncertainty and chaos. Every one of our clients has a financial plan and investment policy statement and has been equipped with a significant amount of education by our team. These elements lead to a more assured and confident investment experience. Most of the decisions and planning were not discussed and implemented in times of turbulence, but instead took place when everyone was in a good place, anxiety was low, and rational thinking controlled the dialogue.
Whether you’re new to the stock market or an experienced investor, the more you understand about the economy and how market cycles affect your financial situation, the more equipped you will be to handle these tumultuous times.
Don’t Waste Your Worry
Here’s the takeaway: if you go rafting, get a guide; and if you are unsure about your financial picture, hire an advisor. We recommend finding someone with the appropriate qualifications, someone who has earned the Certified Financial Planner™ designation and is also affiliated with the National Association of Fee-only Planners, NAPFA.
At Novi Wealth Management, everyone on our advisor team holds these qualifications and is dedicated to getting you through rough waters with as little anxiety as possible. To see what we can do for you, call (609) 921-7002 or email firstname.lastname@example.org.
About Novi Wealth Partners
Novi Wealth Partners is an independent, fee-only comprehensive financial planning firm dedicated to empowering clients to discover their definition of true wealth while providing the confidence to achieve it. With 20+ years of experience, we have found that most people don’t care about money, but instead, they care about what money can do for them and their loved ones. As a result, we focus on guiding our clients to find their unique vision for their life and developing a plan to help them live out their values. Our goal is to truly understand our clients on a personal level and help them navigate life’s many changes.
We are located in Princeton, New Jersey, and we service clients both locally and nationally. There are four CERTIFIED FINANCIAL PLANNER® practitioners in the firm, all of whom are members of the prestigious National Association of Personal Financial Advisors (NAPFA) and the Financial Planning Association (FPA). We prioritize a team-based approach, which allows us to deliver comprehensive financial planning, investment management, tax planning advice, retirement planning, estate planning advice, risk management advice, and concierge level wealth management. We are committed to providing each of our clients a level of service as unique as they are and we are proud, as Fee-Only™ financial advisors, to offer unbiased financial expertise. To learn more about Novi Wealth Partners or to get started on your financial journey, visit our website or connect with us on LinkedIn.