The new decade didn’t start off like any of us imagined. The pandemic. Racial tensions. Wildfires. A presidential election where there wasn’t a clear winner when we woke up the next morning.
Amidst the uncertainty, one thing was certain – plans changed. Vacations, weddings, graduation parties, and more were cancelled or postponed. Many were, and perhaps still are, working primarily from home, perhaps missing their casual interactions and “water cooler talk” with coworkers. Essential workers didn’t have that luxury and continued to show up for us day after day despite everything going on in the world (and for that we cannot thank you enough). Some lost jobs, some lost homes or businesses, and some lost loved ones.
Looking back on 2020, it’s easy to think of a lot of things that didn’t go “right” or as planned. But if we step back and focus on the points of light in all the darkness, this year provided an opportunity to reflect and gain perspective. It pushed individuals to be intentional in relationships with family, friends, coworkers, and clients while finding ways to stay in touch from a distance. It required adapting to new ways of executing everyday tasks and creativity in discovering new avenues of entertainment. It caused a more rapid embrace of technology - who would have thought the verb Zooming would be used so frequently when we started this year? It led to adjustments in allocating personal resources from both a time and a financial perspective.
While these events weren’t anticipated, our advisory relationships rooted in financial planning are designed to provide clarity and adapt when the unexpected occurs. Your financial plan isn’t a binder that sits on a shelf collecting dust, a document buried somewhere in the files on your computer or lost in the cloud. It’s a dynamic roadmap that evolves as the world around us and your personal circumstances change, while continuing to help you progress toward the North Star of the goals you’re seeking to achieve.
Having a financial plan allows you to understand what you are investing for. It allows you to extend your investment timeframe. By focusing on your long-term goals, short-term volatility becomes less important. A financial plan helps you understand your liquidity needs and know where your cash flow is coming from. It allows you to evaluate capacity to shift your investment objective, taking on more, or less, risk as you adapt to market conditions and its impact on the goals you are striving to achieve. The planning process helps determine if current opportunities are a fit for you.
As we turn the page to a new year and reflect on all we’ve learned from the whirlwind that was 2020, plans will continue to change. The Sequoia team stands ready to help you navigate the inflection points on your ongoing journey toward achieving your desired outcomes in 2021 and beyond.