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Financial Challenges: How to Stay on Track During Economic Uncertainty

• Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner

At a time of global instability, market volatility and cost-of-living pressures, it’s easy to feel overwhelmed and apprehensive when it comes to our finances. This economic uncertainty may not only impact our current financial position but, it seems, our future financial security.

With financial markets consistently in a state of flux, economic uncertainty is natural – and something best addressed with a calm response, considered long-term goals and strategic financial planning. 

By accepting that the economy is something we can’t control, and focusing instead on what we can, it’s possible to successfully navigate every financial challenge. 

 

Accept market uncertainty and look for opportunities

As prices plummet or savings stall, it’s easy to forget that uncertainty is a normal part of economic cycles.

Financial markets are cyclical and continually impacted by global events, leading to booms, swings and crashes. During downturns in particular, it’s difficult to know where the market is heading and what to expect. We can’t control this economic uncertainty. What we can do is ensure we react carefully and not carelessly.

After every downturn comes recovery. So, while it can be tempting to run from the market during market falls, a rash decision may place you in a worse financial position once the market recovers.

It’s important to recognise that market falls may also provide a prime opportunity to purchase, with prices at their lowest. With an expert financial planner by your side, it’s possible to move through economic uncertainty, take advantage of opportunities and emerge feeling confident and financially secure.

 

Focus on long-term goals

The emotional impact of uncertainty – fear, anxiety, even depression – typically makes us look only to the short term. We watch markets fall, see the immediate effects on our savings and investments, and we want to act. However, these knee-jerk reactions aren’t always in our best financial interests.

To handle this financial uncertainty, a good strategy is to focus on long-term goals. Financial challenges aren’t easy, but acknowledging that this is a temporary situation helps minimise anxious thoughts that lead to reckless actions. 

Whether you’re saving for a new property, building family wealth or planning for retirement, a big-picture approach helps you stay grounded and on track to your financial goals.

At Newealth, our expert financial planning employs disciplined, diversified and proven investment strategies to help build generational wealth and security. Our priority isn’t short-term gains. Instead, we help you define your long-term goals – and reach them with well-considered decisions that build sustainable financial outcomes.

 

Feel confident with a robust financial plan

To navigate financial challenges, it’s important to be prepared, and this is where a robust financial plan comes into play.

At Newealth, we help you work out what’s important now, and what you want for the future. We then design and implement a financial plan with considered investments, and the level of risk that you’re comfortable with. 

A well-structured financial plan – and ongoing, trusted, tailored advice – ensures you’re in the best position to meet whatever the market throws at you. It helps you move calmly through financial challenges with clarity and confidence.

 

Have a financial planner that guides you through market challenges

With over 35 years in financial planning, we’ve seen plenty of booms and busts, swings and downturns. We’ve also helped our clients stay on course during every market challenge.

We’re a client-first financial partner, which means we focus on relationships, not transactions. We provide expert financial planning services and generational wealth management, and we guide you towards your goals with strategic investments, holistic financial services and ongoing support, particularly through economic uncertainty. 

At Newealth, we stay with you through every financial challenge to ensure you always feel in control of your financial planning.

 

 

General Advice Warning:
The information in this blog is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether the information is appropriate for you and seek professional advice before making any financial decisions.
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