Guest ArticlesTo Set the Foundation for your Financial Future

Avatar Gideon DruckerApril 9, 202010 min

We don’t know what the next six months might bring. Nobody does. Black swan events like Covid-19 bring a host of uncertainties to the economy, to the markets, and to our own financial circumstances. It’s understandably stressful. But they also bring opportunity: opportunity to change course, to take a more honest look at your financial universe, and to start making the proactive decisions in your tax management and investment strategies that will result in real, positive change. The world will advance beyond this, and those who act proactively will the reap the long-term rewards.

We can’t control a lot right now. Our day-to-day lives. Our work. Maybe even our health…it’s all scary to think about. And as we all know, we definitely can’t control what’s going on in the stock market. So let’s make sure that we’re controlling the areas of our life and our finances that we can.

How do we do that?
There are three tips:

  1. Know that having a portfolio is not the same as having a plan: A true financial plan takes into account your spending habits, your savings rate, your dynamic tax bracket, your goals, and your investments to answer one continuously evolving question: Are you on the right financial track? Your investment portfolios are probably in rough shape as the markets fluctuate, but having a comprehensive plan will allow you to see the forest through the trees and realize that nothing has changed in your family’s roadmap just because the market is correcting…
  2. Know that you have different buckets of money for different goals: Money has purpose and should be treated with the intentionality it deserves. Having a Three-Bucket Plan (Now, Soon, Later) ensures that you are well positioned for the uncertainties of tomorrow because you have accounted for the different phases of life & their varying time horizons. Devising your own three-bucket plan means knowing that some assets are meant to let you sleep at night, some are geared towards generating income in the near term, and some are designed to grow aggressively for 20+ years.. The numbers change over time. The buckets don’t.  Fintech News
  3. Know that nothing has changed for you as a long-term investor. The market right now is EXTREMELY volatile…and that understandably causes fear! We all just need to hold onto one truth: market volatility is normal, and so are market corrections! In fact, volatility is the price we pay for long term higher gains. Understanding this historic and undeniable fact will give you the fortitude and the faith to keep holding on…which is the single best decision you can make for your financial future right now. After all, we don’t know which direction the next 25% market change will be…but we’re crystal clear on the next 100%.
https://fintecbuzz.com/wp-content/uploads/2020/04/Gideon-Drucker.jpg
Gideon Drucker, Certified Financial Planner

Gideon Drucker, Certified Financial Planner, is a third-generation advisor at his family’s NYC wealth management firm, Drucker Wealth. A Forbes Next Gen Advisor, Gideon is the Founder and Director of the firm’s Wealth Builder Division. He is the author of the new book “How to Avoid HENRY Syndrome: Financial Strategies to Own Your Future.” HENRY stands for High Earner, Not Rich Yet. He developed the HENRY Syndrome™ suite of services to educate and empower young professionals, newlyweds, and young families to make smart financial decisions for their futures. Learn more at www.DruckerWealth.com. lINKEDIN PROFILE FOR IMAGE- https://www.linkedin.com/in/gideondrucker/

Avatar

Gideon Drucker

Leave a Reply

Your email address will not be published. Required fields are marked *

We are one of the world’s leading Fintech-based media publication with our content strategized and synthesized to fit right into the expanding ecosystem of Finance professionals. Be it fintech live news, finance press releases, tech articles from Fintech evangelists or interviews from top leaders from global fintech firms, we give the best slice of knowledge topped up with the aptest trends. Our sole mission is to help tech and finance professionals step up with the rapidly emerging Fintech civilization and gain better insights to emerge victorious in every possible way. We adopt a 360-degree approach in order to cater to present a holistic picture of the fintech arena.

Our Publications




FintecBuzz, 2020 © All Rights Reserved