What To Do When The News Is Wild
On this episode of Financially Naked: Stories from The Financial Gym, our hosts Whitney and Kadri are here to discuss financial news updates. With so many changes happening quickly, staying informed can feel overwhelming. That’s why they are here to share the most important updates, talk about how to stay grounded and provide helpful tips for navigating the ever-changing landscape. When things are moving fast, they remind us to stay informed, calm, and prepared to keep ourselves on track.
Podcast Notes
Weathering Market Volatility
The market has been down for the last few weeks, but it looks like things are starting to even out and be more consistent. Fluctuations in the market are a normal and expected part of investing.
We did a whole episode discussing market volatility, which we recommend listening to if you’re nervous. During periods of volatility, it’s important to stay calm. Do not constantly check in on your accounts.
Remember, investing is for the long term. Focus on those long-term goals and try not to react impulsively to short-term changes. Kadri reminds his clients that if you do not need the money right now, you do not need to worry about day-to-day market changes.
Financial News and Updates
Student loan updates: The Department of Education has been gutted and is in limbo. While nothing has been officially determined, there have been talks about loans being transferred to the SBA.
Tips for borrowers: Make sure to regularly check your accounts, download important documents/records, and stay updated about your payment amounts, especially if you are on an income-based repayment plan. If you cannot make your payments, request forbearance.
Robo-Advisor update: Ellevest, a female-led and centered robo-advisor platform, has been sold to Betterment. If you were with Ellevest, you would have the option to automatically stay with Betterment, or you could explore other alternatives.
Government program uncertainty: Huge changes and cuts are being made all over various government programs. It can feel scary but don’t panic. Stay informed and stay grounded. You can’t control what is happening, but can control how you react.
Consumer Awareness and Leading with Values
The traditional financial services industry focuses on serving high-net-worth individuals. What makes The Financial Gym different is we focus on people of all financial shapes and sizes. Our coaching program is designed for anyone and there are no asset minimums for Financial Gym Advisory Services.
Boycotts have become an increasingly popular form of resistance. Our choices as consumers matter. More than ever, people want their spending to align with their values, which The Gym has always supported.
Ever since rolling back their DEI programs, Target has seen fewer customers, while Costco has seen an increase in its sales and number of customers.
Advice for uncertain times: Stay informed, but don’t panic. Focus on what you can control. Work on building your savings, caring for your community, and staying adaptable. Financial news can be overwhelming, but focusing on your personal financial plan can help you stay grounded.
If you want to work with a Certified Financial Trainer to help navigate your finances, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.
Resources
Meet The Trainer
Kadri Augustin, Certified Financial Trainer
Whitney Catalano, Marketing Coordinator