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Sinking into a Depression from Coronavirus Market Chaos? Thumbnail

Sinking into a Depression from Coronavirus Market Chaos?

Think like The Big Bang Theory’s Executive Producer, Dave Goetsch Instead.

Dave Goetsch knows what it's like to forge a successful career in a competitive industry. Leading up to the economic downturn of 2007- 2009, he felt the additional stress of not having his financial life planned out as well as his professional career. As the market went down, his stress was palatable.

From Good to Bad in One Downturn

In February 2009, the stock market was down around 50% from its high, and everyone seemed to feel like the sky was falling. Dave is familiar with this state of panic because his relationship to the financial markets is that he doesn’t trust them.

“Seeing all the recent headlines about the sudden downturn in the stock market has transported me back to February of 2009, when I was close to anguish. It’s striking how different I feel now.”

In an Op-Ed for CNBC, Dave reflected on the perfect storm that occurred as his career success and the economic downturn happened around the same time. Not having a financial advisor or financial plan, was crippling for him.

“They were always going up and down in ways no one could predict, and I couldn’t trust those folks who said that they could anticipate what was going to happen. So when the market went down, I went down with it—sinking into a depression, knowing there was nothing I could do.” 

Recover from Market Mistakes

Dave was right not to trust people who said they could predict what was going to happen in the markets, but he was wrong in thinking that there was nothing he could do. For clarity, Dave works with an independent, unaffiliated third-party advisor unaffiliated with Cogent. 

Dave sought out a fee-only, independent financial advisor in the Los Angeles area to assist him in planning his family’s financial life as well as he had planned out his professional journey from Yale to Hollywood. 

Invest Without Fear

“One of the great gifts in my life has been learning that I can still invest without needing to know what is going to happen tomorrow, because I’m a long-term investor,” Dave said. “I’ve learned that I can have a great investment experience if I just accept a few simple truths.”

Dave recalled he didn't understand what he was up against in planning out his family’s financial life’s future without a financial advisor. He needed someone who could talk him through what his plan should be, work through how he felt about investing and what he could do to change his perspective and mitigate his investing stress.

“In order to be a long-term investor, you have to have a long-time horizon. This can be hard to remember when you’re being assaulted by noise, but if you can stay strong, the results are stunning. By results, I don’t mean the investment returns, which hopefully are good. The return I’m talking about is how I feel every day. I worry less—not just about the future, but also about the present. Of course, I know that there are no guarantees when it comes to investing, but I feel like I’m going to be okay. I have a plan.”

It's Time to Make a Plan

Cogent helps high-achieving individuals, much like Dave, develop clear goals for securing their financial future and educating them on how to alleviate the stress of putting the financial markets to work for them. Let Cogent Strategic Wealth help you navigate the current financial crisis and come out the other side with less stress.

How will you survive the uncertainty of today’s markets? Do you have a plan on how to come out the other side with your wealth intact? COVID-19 has impacted the economy, but how will it impact your financial future? Will you be positioned well when the markets eventually recover?

Align with People who Work for Your Best Interests

Life is uncertain. The market is even more precarious. Building wealth has no shortcuts. Success requires a solid investment approach, a long-term perspective, and discipline to stay the course. Instead of leaving your investment strategy to chance, you need to have a plan.

Reduce the personal stress of worrying about your family’s financial future and take positive steps to protect it.

Set up a Cogent Conversation with us today. We’ll show you how to transform your hard work into durable wealth even through troubling markets.

Having someone in your corner with your best interests in mind is incredibly important. At Cogent Strategic Wealth, we are fiduciary advisors, who work with high achieving professions and their families every day to convert their dreams into plans, and their plans into reality.

The opinions expressed by featured authors are their own and may not accurately reflect those of Cogent Strategic Wealth®. This article is for general information only and is not intended to serve as specific financial, accounting or tax advice. By clicking on any of the links above, you acknowledge that they are solely for your convenience, and do not necessarily imply any affiliations, sponsorships, endorsements or representations whatsoever by us regarding third-party Web sites. We are not responsible for the content, availability or privacy policies of these sites, and shall not be responsible or liable for any information, opinions, advice, products or services available on or through them.
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