Imagine this: across America, unemployment rates are at an almost all-time low at 3.6%, the best they have been in 50 years and on the trend to continue to decrease. The public stock market is at a high and at surface level, looking better than ever. Businesses are booming, growing at a rate where more and more people are living the American dream.
In a sudden turn of events, America, along with the rest of the world, is blindsided by a catastrophic epidemic. A novel virus. One of which there is no vaccine.
Creating a situation that hasn’t been seen in over a hundred years.
The virus is causing people to become sick, some hospitalized and, sadly, some succumbing to this terrible virus. The virus is easily spread and some people can be infected and not even know that they are carrying it. Thus making it almost impossible to know where the threat of being infected might be hiding.
Businesses shut down. People are asked to self-quarantine for the good of their neighbors, not knowing when it will be safe to resume their normal lives.
With the country shutting down, millions of Americans are losing their jobs. Because of this, people are quickly losing any savings they may have had due to having to stock up on food and necessities in order to comply with the stay-at-home orders, given by the government, that have no clear end in sight.
The stock market crashed. Unemployment rates rose to a number that hasn’t been seen since the great depression.
Mass emotional chaos. Supply shortages. Nationwide shutdowns. A Stock market crash. Millions unemployed. Anxiety about the future. All in a matter of a few weeks.
Sounds like the storyline for a suspenseful drama film.
Sadly, it is not a movie concept. It is exactly what has happened in America in 2020.
So, how does one cope emotionally and financially in such a chaotic time?
Today, Zach and I will discuss how to efficiently manage emotions in a volatile investing market. We hope that after this episode you will feel empowered to regain control of your emotions and make decisions, financial and otherwise, from a position of power versus fear.
Key Takeaways:
Cash is king… or is it? (3:30)
Step 1: Call a Timeout (6:15)
Step 2: Cut the emotions- no more DRAMA (7:17)
Step3: Become a third-party consultant (9:48)
Step 4: Open the enemy’s playbook (19:45)
Step 5: Create a new plan (22:13)
Step 6: Get back in the game (23:49)
Where to find ancient wisdom (31:20)
We ended today’s podcast episode with a prayer for our listeners. We truly and literally pray for blessings over you, for you to gain the wisdom to discern through the different emotions and voices that do not serve your best interest, and to seek the Lord for clarity.
Now that we have clearly laid out this mental framework for you, how will you implement it into your life?
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