How has the global pandemic affected you financially?
Have you weathered the storm? Made the best of a bad situation? Excelled in the churn, or been crushed under the stamp of misfortune?
If COVID has reminded us of anything, it’s that the only constant is change.
So how does one survive a financial maelstrom not of our own making?
To best understand what we can do to keep our head when all around us appears to be chaos, we asked for 3 top pieces of financial advice from David Wilkinson, founding partner of the Wealth Management Group. With 38 successful years of banking and wealth management experience, David has survived and thrived through a number of ‘market adjustments’.
His unique and valuable tips help to make sense of how to ride the waves of financial upheaval without losing grip of the rudder.
David’s First Tip:
Keep calm and keep real.
Understand that what is happening now is only part of a cycle.
When things are good, we believe that this is how life should always be, that somehow doing well is our right, our reward for being us.
The truth is, it is never always good and it is never only about our efforts. Life works in cycles. The financial world works in cycles. A wise person knows this and is always financially prepared to adapt.
In a rising tide, it is easy to emotionally ride the waves, spend to our limits, and buy into a fake lifestyle.
Be warned, though. If you live like this, when the cycle moves on and the tide goes out, your happiness can be washed out to sea.
David’s Second Tip:
Invest in what is next, not what is now.
There are always winners and losers in cycles. Health and technology are currently winners.
Don’t chase past performance.
Understand future trends, diversify your investments and spread your money across multiple sectors and asset classes.
Think ahead.
Short term allocation to catch an upturn that has already happened is a sure fire way to lose.
If the horse has already bolted, there is no point in investing in a gate.
David’s Third Tip:
Adapt or die.
Ask the dinosaurs about this one. They found out, all too late.
Be willing to change and don’t hang on to the old ways of working.
How we conduct business has to change in order to thrive in this brave new world.
We need to learn how to organize our lives, our communication habits, and our time management.
Networking is changing, so is technology. Use social media to develop your business, join in professional social media groups and participate.
Be loud enough to be heard and project your entrepreneurial spirit.
If you feel out of your depth in the new landscape, take a Millennial or a Gen Y under your wing and be prepared to listen to them. They are not all weird.
Hopefully these handy tips will help you feel better about things financial. It’s not all doom and gloom and, if nothing else, we may have learned ways to protect ourselves in the future.
For more advice on money and how to keep it and to make it grow, contact David directly at david.wilkinson@wmg.com.hk
