Market crashes, inflation, interest rate rises & moreJan 27, 2022
This week it's all about... the many, many media articles & commentary on the many ways money is making the news this week.
There have been articles on tech crashes, share crashes, inflation rising, interest rates rising and so much more. It's enough to make you bury your head even deeper into the sand and hope it all just goes away. In this week's Musing I talk about what you should be doing - and the answer may (or may not) surprise you.
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Hey, and welcome to Mel's Money Musings.
There has been a lot of talk about money in the news this week, whether it's tech stock crashes, share market wild swings, whether it's inflation rates being higher than expected, or whether it's the expectation that interest rates are going to rise earlier than expected, or maybe it's just wage pressures and more.
What I am seeing is a lot of questions from people around, but what do I do now? And should I be doing this now? Or should I be doing that now?
And here's the thing. This is why I'm such a fan of a strategic plan so that you know this is where I am now, this is where I wanna be and this is the path to get there. For most of you, that will be a long term plan where it'll be the next 10 years, the next 20 years.
So what's gonna be happening in the meantime is that that plan will still be enacted out. Will you be buying during a tech crash? Potentially. Will you be buying when the share markets rocky and wild? Potentially. Will you be buying property when interest rates could rise? Potentially. But if you are enacting that well thought out plan, it shouldn't really matter what happens in the short term.
And that is why I'm not a fan of timing the market. That's why I really don't love the question of, oh, should I be buying or not? Because the answer is if you buy some months or some quarters, if you are buying regularly, if this is part of your long term investment, you're gonna buy sometimes when it's high and you're gonna buy sometimes when it's low and everything in between. So for me, it's about reducing the noise of those headlines and simply concentrating on the beautiful plan that you've laid out.
Now, if you don't have a strategic plan, that's exactly what we teach you in the My Financial Adulting Plan.
Yes, we have two weeks of who you are and mindset. So you understand why you've been behaving with money the way that you have.
We also have two weeks of you creating that beautiful strategic plan, looking at where you are now, where you want to go, what you have and what you own or you owe. And then what's the gap look like between where you are and where you wanna be.
There's three weeks on investing - property, shares and business - as well as looking at things like risk rewards and seven streams of income. Because for me, those streams of income are more important than how much do I have. And then finally the habits that you need in order for this to work out for the long term.
The doors close next Tuesday night. So if you are looking at the headlines at the moment going, I just don't know what to do. Maybe now's the time to jump in and what you will get is the opportunity over the eight weeks to ask me questions, not just about the modules, but also about what's happening at the moment, but also it's not just for the eight weeks. You get what lifetime access to our closed group so that you can ask questions anytime. But this is your reminder.
Don't be put off by short term things. Yes, you've got that beautiful long term investing plan. Yes, you should be paying things like mortgages at one, two, three per cent more. So if interest rates do go up, it doesn't matter. And then just being conscious and acting, enacting that beautiful plan.
Until then, we'll be back to regular programming next Friday. If you've got a topic you'd like me to cover during one of these Musings, just let me know. Either DM me or flick me an email. Until then, have a great week.