Weekend Reading: What is In Your Control?

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|Stock Market |Inflation |Financial Psychology |Economy |"The Big Picture" Articles
This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
Weekend reading in your control Weekend reading in your control
Weekend Reading

In an economy where markets are going haywire, inflation is surging and geopolitical warfare is holding strong, it might feel as if everything is out of control. However, rest assured, in relation to your financial wellbeing, there are aspects still in your control.

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Out of your hands: Understanding what you can confidently keep in your wheelhouse first and foremost begins with recognizing what you have zero control over. That includes markets, the economy, inflation, interest rates, volatility and elections, to name a few. All of these things continue on, regardless of what you do or don’t do, and there is no way for you to change their outcome.

Within your reach: On the other hand, there are many other aspects of your financial life that you can confidently take charge of (reference the graph in this article). To begin, you have full say over the make-up of your portfolio. That includes saving, controlling how much risk you’re willing to take, having a broad asset allocation (including a diversified selection of investment vehicles), a tax strategy and a financial plan to keep you on track. You also have control over the bearish news media you consume and most importantly, your behavior to the things happening around you.

My two cents: Focus on what you can control and let go of the rest. Your loved one’s will thank you, and so will your wallet.
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