It would be seldom that I would ever do two videos in one week, but I think under the circumstances the 2nd video this week for the weekend would be a smart idea. This morning I received an email from a client due to the market pressures, and I wanted to share it with you and also share my reply as well.
Here’s the email: “Hi Mark, Good morning, I hope you and your family are well and are enjoying the summer months. FYI, I just wanted you to know that I have not looked at my IRA activity since the markets went to crap, my statements are still in their sealed envelopes; therefore, I have no idea what hit my IRA has taken. I do not want to know; it makes me too nervous. I know you are watching it. Thank you, sincerely…...”
The reply that I sent this client is probably the same reply I would send to you, so I would like to share what I wrote back. “I can understand your trepidation to open the envelope. It doesn’t mean just because the market is down that you have lost money. You only lose money if you sell, and you currently remain in the market. So, unless you are thinking about spending all of your money today, it’s really a moot point. You are down, here today. You probably don’t want to know the actual dollar amount; it might be best to keep that statement in a sealed envelope. “
Your account is probably like many of the accounts here at our office the cream of the crap, doing better than the stock indexes like the S&P 500 or the NASDAQ, it could’ve been much worse. I could provide you with a long list of why’s this has occurred but that doesn’t change your account balance. Here’s what you need to know.
We have been through tough times like this before. We don’t know when things will get better. Yet, 35 years has taught me the importance of patience and to not hastily change things out of fear, and lastly, just like your email said, know that I am watching. We thank you for your continued trust, Mark.” It is a difficult time and yet I have been through times like this time and time again, ever so often the reality of the market hits us squarely in the face, but tomorrow will be another day and though I can never make any promises for the future. I do know from wisdom and I know from experience that all bad things that have happened in the past, the tide turns we’ve gone around the corner and every single time in the past things eventually get better and just like I said to this client, Thank You for your trust in me.
