Good morning, good afternoon, good evening. Depending on the part of the world you’re in. This is Jonathan Satovsky of Satovsky Asset Management. On today’s episode of “Seeking Wisdom, Wealth, and Wellness,” I want to talk about the idea of recessions.
There are periodic recessions that happen all around the world, and during those periods it might coincide with higher unemployment, fears of people losing their jobs, stock portfolios declining sharply, stress around money, tighter money supply, it’s harder to borrow money, higher interest rates—a whole slew of different things that can be going on. And during that period, in anticipation, or during a period like that, generally, anxiety is very high. People have a tremendous amount of caution to try to, just like if you were in the jungle, you’re just trying to survive. So people are navigating to survive.
So my premise is, how can you be mindful about designing a financial ecosystem to not just survive, but thrive? Now, if you haven’t developed that yet. Saving and investing, particularly when it’s hard, particularly when it’s not working, can be the biggest benefit over time. Of course, you’re buying low, but the concept is so distant because someone would say, “Why would I be saving into something that I know is going to be worth less next month, next year, whatever the case may be?”
Suspend disbelief. Develop a discipline in good times, and particularly in bad times, and you will have a future ecosystem that gives you more financial freedom and flexibility than you can ever imagine on your path to Wisdom, Wealth, and Wellness.
Have a great day.