Has it ever seemed like life has thrown you off course financially? Over the past year, we have heard from clients who feel like recent unexpected events may have changed their financial picture. Since 2020, we have experienced:
- Pandemic during which the S&P 500 dropped by over 30% in less than two weeks.
- Inflation top 9% in response to government stimulus.
- Twenty years of interest rate hikes condensed in span of a year.
- Numerous bank failures in 2023.
- Markets dropping by 18% over concerns about a potential recession.
- Geopolitical conflicts in the Middle East and Ukraine.
Feelings of financial uncertainty can be a source of stress and anxiety. No one wants to work hard and save consistently for an entire career, only to have the finish line moved due to external factors. Luckily, there is hope and the power and sense of control achieved through financial planning.
Financial planning allows you to take charge of what you can control, including spending habits, saving strategy and asset allocation. By creating a road map for your finances and planning ahead, you empower yourself to navigate life’s twists and turns with greater confidence, knowing that there is a plan when (not if) something unexpected happens. At The Trust Company of Tennessee, we believe that financial planning is an iterative process, making it important to revisit on an ongoing basis as your life and the economy change.
With our busy lives, financial planning may seem overwhelming, but we encourage you to make it a priority by utilizing our team of financial planners who are here to guide you toward your goals. It’s never too early or late to create a plan to help protect you when financial curveballs are thrown your way.