One of the characteristics of successful investors is the ability to stay focused on their financial goals and objectives. That is, both in bad economic times and in good ones.

You can have any number of goals, from funding your child’s education to buying a home or simply building a nest egg that can bring in enough income after retirement. Whatever the measurable goal, you need to anticipate the unexpected and be prepared for adjustment.

In most cases, something like job loss or illness is unexpected. We all certainly got an unexpected boost when Russia recently invaded Ukraine. People who live from salary to salary will fight the most. And immediately after them are those whom I call financial drifts.

By financial tramp I mean a person who has a sufficient income but tends to spend a lot and lead a life beyond their means. Rarely do they save money for a rainy day.

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