Please note that this content has been designed for informational purposes only and does not constitute individual financial advice.
It’s a natural response to freeze in the face of danger. We think that by standing perfectly still, the danger will pass.
And while the economic headwinds we’re experiencing right now will likely pass with the fullness of time, staying still and doing nothing right might not be the best course of action. By doing nothing you could be missing opportunities to improve your financial position, or at least protect yourself from going backwards.
When chatting to Lloyd about this on Lloyd Burr Live, Hannah McQueen gave the example of someone preparing to retire at age 65.
If they were to stop their financial preparations for that now, they’re potentially shortening their own runway. Pausing investments for two years, for example, could mean losing two years’ worth of potential growth. Because, while you can stop contributions to your KiwiSaver, you can’t stop time.
When faced with uncertainty, it’s well worth assessing your options and understanding the opportunities and costs of each option – including the cost of ‘doing nothing.’ Talking to a financial adviser from enable.me can help you determine exactly what those costs might be.
Listen to the full conversation between Hannah and Lloyd below.
Disclaimer: This blog post is for informational purposes only and does not constitute individual financial advice. If you’re interested in receiving personalised financial advice, you can book in a consultation with an enable.me coach. Costs apply.