by Viola Van de Ruyt, Investment Advisor, VandeRuyt Wealth Management Group –
For the past year and a half we have all felt like a bear in hibernation. Confined to our homes with limited activities, we’re now looking forward to emerging and taking some steps toward normalcy. For many this hibernation has been a financial windfall with not many opportunities to spend money, but for others, especially the self-employed, it has been a disaster. One pandemic; two very different financial outcomes.
The important financial lesson for all though, is that we have a very rare opportunity to hit the reset button. What will we spend our money and time on going forward? For many the time and money saved from not commuting is causing a rethink of how work and meetings are conducted.
If you have found that the pandemic has been a rare opportunity to save money, then this time of reset gives an opportunity for sharing with those less fortunate in our community. Perhaps you realize you can incorporate more saving into your financial plan going forward to allow for future financial freedom.
Going forward, more people are thinking about financial freedom, rather than planning for full-out retirement. Perhaps now that you’ve experienced a forced sabbatical or a shortened schedule you may want to incorporate that in your planning for the future.
Did you get shaken from a state of automatic pilot when the pandemic hit? Did you go through an emotional rollercoaster? Perhaps this is an opportunity to rethink how your lifestyle can bring you out of hibernation with new and better financial habits. Managing the basic emotions of fear and greed is one of the most important habits that one can master. There have been many fears to face this past year, but remember that it can be difficult on your own and solid guidance is not a financial cost but a financial investment. Spending time in fear is not a good way to save money.
Ensure that as you go forward you reflect on where you’ve come from, what you’ve learned and get clear on where you are headed.
For more information visit www.violavanderuyt.ca.
Viola Vanderuyt is an Investment Advisor with National Bank Financial (NBF). National Bank Financial – Wealth Management (NBFWM) is a division of National Bank Financial Inc. (NBF), as well as a trademark owned by National Bank of Canada(NBC) that is used under license by NBF. NBF is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF), and is a wholly-owned subsidiary of NBC, a public company listed on the Toronto Stock Exchange (TSX: NA).