Focus on your overall approach during times of short-term volatility.

As an investor, it can be tempting to get caught up in daily news headlines. Consider how news about the election and COVID-19 vaccines have moved the markets over the past several weeks. But having a financial strategy can help you ignore short-term volatility and focus on your long-term vision.

As you know, investing is a process based on your goals, time horizon and risk tolerance. Interestingly enough, it’s also a process that may help you prepare for life’s financial challenges.

For example, did you know that only 44% of workers have estimated how much income they would need in retirement? What’s more, only 36% have calculated how much money they would need to cover health care expenses.

Creating a financial strategy means thinking about the bigger picture, including a variety of issues like monthly income needs, handling unexpected expenses and preparing for health care costs. People who take a “do-it-yourself” approach can quickly find themselves overwhelmed by all the variables they need to consider.

If a current event or headline has caused you to reconsider your financial strategy, please give a trusted advisor a call. Sometimes, a newsworthy event can require a new approach. But many times, it may just be a “speed bump,” a momentary blip that’s already factored into your long-term vision.

This information should not be construed by any client or prospective client as the rendering of personalized investment advice. All investments and investment strategies have the potential for profit or loss, and there can be no assurance that the future performance of any specific investment or investment strategy including those discussed in this material will be profitable or equal any historical performance levels. Investment strategies such as asset allocation, diversification, or rebalancing do not assure or guarantee better performance and cannot eliminate the risk of investment losses. Any target referenced is not a prediction or projection of actual investment results and there can be no assurance that any target will be achieved. Kent Patrick is with Bush Wealth Management.