The Financial Impact of Gratitude
Just like I do for my clients, each year during the week of Thanksgiving, I pull out my own financial plan to go over and make any changes needed after another year of life’s curveballs.
This year, I adjusted our child care costs up due to Covid-19 limiting the time AJ and Priya are in school. With Christina teaching full time, and my own work we naturally needed help. I can’t tell you how grateful I am to be in a position that I have the ability to afford someone to come and help. To make up for the increased cost of care I decreased the amount from elsewhere in our budget.
As Christina and I sat and went through this exercise, we couldn’t help but realize that the feeling of gratitude we had over the position we find ourselves was like warm water washing over us. It’s not to say hard work and following our plan didn’t help us get here, but some of it was just pieces falling into place at the right time.
Just like we assess our financial plan and goals, we also make sure we have the kids do the same thing. No, even though I am a Certified Financial Planner® I do not make my kids create their own financial plans…. Well, sort of.
Each year we make the kids go through our playroom and find gently used, but still working toys, that we can clean up and donate to those who are less privileged than we are. It has become an easier task as the years have gone on, with this year being the best yet.
As we went through the toys, and reminisced with the kids we found them choosing to donate toys that we didn’t expect. When we asked them why, their answer was simple, “We have enough”.
Sometimes it takes a 7-year-old to remind you that learning to have enough is one of the key principals of life to learn, as well as a key principal to a successful financial plan.
Last week President – Elect Biden tapped former Fed Chairman, Janet Yellen, to be his new Treasury Secretary and it was a decision met with optimism and hope on both sides of the aisle. We could have seen a more partisan pick in Elizabeth Warren, but what we got was a very solid Janey Yellen who will work with moderates and conservatives alike.
The market reaction to this news was clear, it was a reaction of relief and joy. Uncertainty is the worst thing for stock markets in the short term, so getting key economic appointments now to give markets time to digest and prepare will be beneficial for all of us in the long run.
So how does this impact all of you?
- Assess your financial plan each year
- Take stock of what you are grateful for to help put your plan into perspective
- Financial plans are designed to manage emotions first and foremost
Stock market calendar this week:
Wednesday December 2nd, 2020
ADP Employment Report @ 8:15AM
Thursday December 3rd, 2020
Initial and Continuing Jobless Claims @ 8:30AM
Friday December 4th, 2020
Non-Farm Payrolls and Unemployment Rate @ 8:30AM
Most anticipated earnings for this week
Latest Covid-19 Data