Sofia Financial - Can we be thankful? November 2024


I'M WITH YOU

People are feeling all kinds of things since November 6th. Me too, believe me.

Bill and I were on a 6-day empty-nester getaway to Paris the week of the election. It felt surreal to be so far away from home, yet have every taxi driver and waiter ask us what we thought. I whiplashed between deep concern for what might come, and sheer wonder at the beauty and history (and delicious food!) around us.

On the plane home, I paid for bad internet and read as much as I could to get up to speed. (One of my favorites was this open letter from Rachel Robasciotti, Founder of Adasina Social Capital.) As soon as I was back in the office, I started calling clients -- a project that continues this holiday week.

It's clear that many of us are super stressed. When I spoke with my coach, who is a science nerd and student of human potential and wellness, she surprised me with her suggestion. She emphasized that many people can be stuck in the doom thinking, that it's actually in our bodies. And when that's true it's really hard to get to a place of thinking clearly.

In order to avoid acting emotionally, to take back some level of control and create some safety in our body, her suggested first step were somatic tools, specifically tapping (also known as EFT - emotional freedom technique.

When clients ask what they should do with their money, the thing is, our advice is not changing due to the election results.... at least not yet. Because while we have listened to the loud rhetoric from the campaign trail, we don't actually know what comes next.

Here's what we don't know:

  • how many of his "campaign promises" the incoming administration will actually push after inauguration;
  • how many of those they push will actually get implemented, and in what form;
  • when they will get implemented;
  • how they will affect the economy; and
  • how that in turn will affect the financial markets. Because, as those of us who listen to Marketplace on NPR know, the market does not move in lockstep with the economy.

We are doubling down on conversations about what clients want most in life, and how to line up their money to support that. And as conditions change, whether in their lives or in the world, we will make adjustments. I imagine we'll be speaking more frequently in the months and years ahead.

What should we do personally? One client told me she is committed to becoming a better listener. Another is contributing to specific non-profits that provide essential social services. Several friends are reducing their news consumption in the interest of their mental health. And one woman was calling her senators on a particular issue as soon as we hung up from our conversation.

I'm still noodling on that question for myself, and likely will be for quite a while to come. I am going to recommit to my health and relationships, and feel OK spending more time on nurturing them, even if that means less time on work (and social media). The good news is that research shows that's also key to a longer, happier life.

HAPPY THANKSGIVING

Let's still endeavor to be grateful. "It's supposed to be good for ya (channeling the old Life cereal commercial)!" I hope you are able to truly be present and have a peaceful holiday.

WHAT ARE YOU READING?

...and watching? and listening to? Switching it up this time. Instead of sharing where I've been, I want to know what sources of news, information and support you're turning to.

Part of me longs for the days when there were just three versions of TV news, and they all agreed on the basic facts of the world! The splintering of news sources, combined with the omnipresence of social media with all its problems, means that, as E.O. Wilson said, "We are drowning in information, while starving for wisdom."

Where do you turn when you need some wisdom? PLEASE reply to this message and share your trusted experts and go-to sources.

Let's Connect!

What is bringing you small moments of joy (and distraction) right now? Is it Wordle? Meditation? The Wicked movie? Calling friends?

My friend Claire is obsessed with the 24-hour livestream of baby pygmy hippo Moo Deng of Thailand. (Gift link to NYTimes profile.)

Please reply and let me know how you're coping. I'd love to build a list of strategies to share next time.

Stephanie McCullough, Financial Planner, Speaker and Podcaster

Stephanie McCullough is founder of Sofia Financial and co-host of the award-winning Take Back Retirement podcast. One of Investopedia's Top 10 Financial Advisors of 2023, Stephanie provides non-judgmental, truly holistic financial planning for professional women. She has found that women “of a certain age” are faced with a particular set of problems around the goal of retirement, especially those facing it on their own. Her mission is to empower women to make wise financial decisions so they can control their future, and thus she speaks to women’s groups regularly. Stephanie is married with two kids in their 20’s, and has degrees from Duke University and the Johns Hopkins University School of Advanced International Studies. Follow Stephanie @sofiafinancial and www.sofiafinancial.com.

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