Mindful Investing & Planning – By Peter Janowsky
The recent changes in the markets and economy may have you adjusting your strategies going forward. Considering the effects of the spikes in interest rates and inflation, there may be major changes in store for some people. Moving to downsize, refinancing, consideration of a major purchase and even retirement timelines may be very different now. In some cases, a need to consider a tighter budget may be in order.
The economic data that is made public are always results. Gross Domestic Product, Inflation and Unemployment numbers, for example are telling us what happened in the past. Even though the actions that the Federal Reserve takes is based on past data, they try their best to maintain order going forward by adjusting interest rates and regulating something called “Money Supply”. In essence they are making decisions based on the high probability of coming changes in the economy.
Avoiding being overly technical and keeping this brief, at the end of the proverbial day, it is prudent that we do our best, just like the Federal Reserve to prepare as best as possible for whatever unknown change will occur.
During a light hearted conversation concerning investing, I heard a phrase, “if I invested in a pumpkin field, they’d cancel Halloween”. As much as it was a funny quip, it also holds a lot of truth for many people. It’s also a rare attribute to admit to, the fact that we humans can make mistakes and clearly make poor decisions at times.
For the longest time, I have been stressing the importance of decision making along with making a plan and reviewing it at the proper intervals. My point has been that choosing to do nothing is a choice, however a poor one.
When it comes to putting any plan in place, whether you’re renovating your house, restoring a car or planning for your retirement and estate plan, being ill-informed may be just as bad as being uninformed.
There is a plethora of information and opinions combined with constant news streams that may cause a person to make the wrong choice with any facet of financial planning. Yes, there are some great sources and a few very smart people who have television shows, write books, have newsletters and are on social media that proclaim what people should be doing to financially plan for themselves and their families. However, they are painting with many broad strokes when this type of work requires detailed attention.
If you were to renovate your house and tried to do part of it yourself from gathering information from various sources, only to find out in the end that you were misguided, I’m sure you would regret either not getting the correct information or more importantly, regret not hiring professionals.
ABOUT:
Peter Janowsky AIF®
Founder, Financial Advisor at Ryan & Janowsky Financial Strategies Group
Peter Janowsky is the Managing Director of Ryan & Janowsky Financial Strategies Group, specializing in retirement plans and endowment management. With 24 years of experience in the financial services industry, he is an Accredited Investment Fiduciary and has expertise in various tax-efficient wealth accumulation programs. Peter is a Certified Peer Counselor and has coaching experience, which he utilizes in his client interactions. He is involved in community service and holds leadership positions in several organizations.
He has been involved in various organizations, including co-founding Project S.A.F.E. and co-hosting the PATV series of the same name. He serves on the Board of Directors of Long Island Caregivers Coalition and has held leadership positions in Temple Chavarim, the Rotary Club of Great Neck, and The Great Neck Business Circle. Peter has recently founded LIPRA (Long Island Professional Resource Association), which serves the entirety of Long Island.
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