From Our Founder
Wonderful Wix prompts me to give a "catchy title" to capture your attention. I figure that the impact of the current state of the stock market and world events have already caught our attention!
As I update the Financial Freedom Party for Women Little Book about Money for Women, I am thinking about what is going on in our global economy right now. It brings back memories of 2008 when the U.S. stock market was in a record setting free fall. It was frightening, confusing, and totally unwanted. I was a Financial Advisor and securities broker at the time. Some of my clients knew to stay the course. Some seemed more interested in reacting to the media frenzy and felt taking some type of action was more important than sticking with the long term choices they had chosen and committed to previously.
It was truly heartbreaking to see the account balances of clients slipping away and there was no quick fix. What the public doesn’t think about much is that the broker/advisor loses too- twice. Once with her own investment accounts and secondly with a corresponding loss of income.
As we now know, the 2008 market recovery was unprecedented too and those who made decisions based only on fear, did not fare as well as those who remained committed to their needs, goals, and advice from trusted professionals.
In 2008, I was living in a resort around a lot of senior citizens. The majority were women. They knew I was a Financial Advisor and securities broker. I became the local resource for them to ask me to tell them what to do, usually at happy hour. 😃 Their advisors and family members were usually hundreds of miles away. These women were very vulnerable because their investments provided current income. I would listen, ask them what their advisors told them, and suggested they follow that trusted professional’s advice and not liquidate their accounts.
I encourage you to be cautious about your actions and hope you will reach out to your trusted professionals. You might want to give them an elbow bump too. We’re all in this together!
More later about updates on the FFP book.
Debra Hadsall, Executive Director, Women's Financial Connection
women, money,stock market, 2008 and 2020, goals, financial plans