Remember your long-term financial planning strategy when conditions start to change.
When markets begin to fall – and people's investments and retirement savings take a (temporary) hit – the media, both traditional and social, are quick to whip up a panicked storm! Though, generally, the truth often lies somewhere between the extremes of the shouting voices.
Take the below forecast on possible oil prices, for example. This small sample demonstrates why sticking to your strategy and holding strong is critical to long-term financial planning. Here are two large financial institutions with two very different opinions.
"JPMorgan Chase thinks oil prices could reach a stratospheric $380/barrel if Russia retaliates against G7 sanctions by cutting its crude oil output."
"Citigroup thinks oil could plummet to $65/barrel by the end of the year and even slump to $45by the end of 2023, if a recession destroys energy demand."
Things never seem as good when they're going well or as bad as when going poorly. As a reminder, here is a graph of what the Australian and Global Shares have returned over the last 30 years to December 2021, before the recent sell-off.
Thirty years in Australia and global shares
If you would like to put together a tailored strategy to secure your financial future, contact Prosperity Wealth + Advice today.
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