Hi Reader,

With the market hovering around all-time highs again, it's natural to wonder what's next. Will the market continue to climb, or will we experience yet another decline?

If we follow the constant doom and gloom headlines, we're likely to believe that it will be the latter. Of course, the truth is that nobody knows, which offers no comfort whatsoever.

But first,

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Negative headlines are a dime a dozen, no matter where the market stands at any given moment. How many times can they print the headline, "Expert Who Correctly Predicted the 2008 Crash Shares Dire Warning"?

It's wise to look at headlines like that and repeatedly tell ourselves (or allow me to tell you) to "be patient" and "think long-term," but it's an entirely different thing to actually be patient after we've been continually beaten up and exhausted by the market's volatility as has been the case for quite some time now.

Morgan Housel speaks to this point in his new book Same as Ever when he notes,

I love that phrase, "a never-ending parade of nonsense," because that's exactly what headlines are. But we need an answer to Housel's question if we want to be successful investors, and I think James Clear provides a helpful starting point in his book Atomic Habits,

From a purely functional perspective, one of the primary goals of financial planning is to establish an environment where making sound financial decisions is easier than it would have been otherwise. In other words, at least with regard to investing, this means we should create the conditions that make patience an easier choice.

And since I often encourage patience, I thought a quick review of how we create the conditions for patience might help us mentally prepare for whatever comes next.

The best way I know to foster patience is to set aside the assets we know you're likely to spend in the near term so that you are not as exposed to the potential adverse effects of ill-timed volatility. That would include your income needs as well as lump sum needs, all of which are unique to you. The desired side effect is that by setting those funds aside, you will hopefully be less likely to sell your long-term assets at inopportune times.

Another way of thinking about this is to remember that we hold short-term assets for your near-term goals and long-term assets for long-term goals. By doing that, our expectations for what they produce and how they act through various market environments should hopefully better align with reality, which again, helps drive better decisions.

While this strategy might leave some potential returns on the table, I think the tradeoff is likely to be worth it if it helps us make better decisions through the "never-ending parade of nonsense."

Because, in the end, helping you make smart financial decisions is what our planning process is all about. I know this review is a short, big-picture look at this idea, so if you would like a more personal refresher, please be encouraged to give me a call!

And then hit reply to this email with any questions. I read and respond to every message. 😃

Keeping Retirement Simple,

Eric Blake, CFP®

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201 W Virginia Street, Suite 102
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www.blakewealthmanagement.com
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