Be Aware of Emotion-Driven Decisions
Gerald Grant III, retirement planning specialist at Equitable Advisors in Miami, says pandemic worries and news stories are taking a toll on Americans.
"Emotions and misleading information can lead to making very poor financial decisions," Grant says, who encourages his clients to leverage his firm as a resource if they have concerns about anything about their finances.
"We are able to filter some of the information to give them an unbiased interpretation of what's actually going on," he says.
He also reminds clients of their goals and the recommendations in their financial plans. Overall, he says, it's important to keep the current situation in perspective.
"This isn't the first economic downturn, and it won't be the last," he says. "One bad financial decision can cost someone years' worth of returns, which can have an enormous impact on their retirement and long-term goals."20 January 2021