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MC Stories – Wearing Multiple Hats

If I were to ask you how many hats do you wear, what would your answer be? For me, I wear the hats of wife, mom, Associate Advisor, and student. Unfortunately, time does not expand the more hats you wear. So how can we juggle the different roles that we are in? It is important to have separate environments for each of the roles that you have. One of the hardest things to do is to keep work at work. Not all our jobs allow us to take our work hat off completely. However, it is important that when we work from home, we have a dedicated space for doing so. Even though it is easy to take a laptop from room to room, it blurs the lines between roles.

I have found the following tips useful in helping me be fully present in each role:

  • Have separate spaces: It is important to have separate environments for each of the roles that you have. One of the hardest things to do is to keep work at work. Not all our jobs allow us to take our work hat off completely. However, it is important that when we work from home, we have a dedicated space for doing so. Even though it is easy to take a laptop from room to room, it blurs the lines between roles.
  • Dedicate your time specifically: This advice has been the most helpful for me. If you look through the pictures of this post, I shared my schedule. On weekdays, I dedicate my mornings to my family, 9am-5pm to work, 5pm-7pm to my kids before they go to bed, then I have time for school. This way, I can focus on each role individually rather than being overwhelmed with everything that needs to get accomplished in each role all at once. 
  • Communicate your schedule and ask others to hold you accountable: Unless I have a meeting or school assignment that takes me out of my normal scheduled time, my family knows that when it’s 5 o’clock, they can come into my office and help me transition to family time. I think this is important because it makes them feel just as important as the work I was doing during the day. I also set these guidelines with my peers at work so they are confident that I will be responsive and reliable during my work hours. 
  • Schedule things to look forward to in each role: Sometimes our schedules can become monotonous. It is important to schedule things to look forward to in each role. My oldest daughter and I have hot chocolate every Saturday morning. When I am bogged down by a busy work week or demanding school assignment, the thought of Saturday morning helps me push through it.

Many of us may not realize how many hats we truly wear. However, the current environment is challenging the “norm” and highlighting the different roles we all play.  What hats do you wear? Which of these tips do you think would be useful for you? The next time you start feeling overwhelmed by how much is on your plate, take a moment, breathe, and make sure you aren’t wearing too many hats at once.

 

 

 

 

 

 

 

 

MC Stories – Timing is not critical to long term success… however, time is!

 

Time or timing…which is more critical to investment success? We would say time in the market is more important. Investors would all like to buy near the bottom of the market declines and sell near the high, but no one can accurately predict when those opportunities will present themselves. It is only with the benefit of hindsight that these highs and lows become evident, so staying invested in the market is critical to capture the benefits. We often hear investors say that their market anxiety keeps them on the sidelines to save them pain, but it may also ensure they will miss the gain. Historically, downturns have been followed by eventual upswings, but knowing when that is going to occur is impossible to predict. This is why it is imperative to understand how much stock market exposure is appropriate for you, diversify your portfolio so that your lifestyle isn’t impacted by market swings, and avoid trying to outsmart the market.

Here is an example of what could have happened if an investor tried to outsmart the market vs. giving their investments time to perform. If you had invested $1000 in the S&P 500 (excluding dividends) on January 1, 2009 and left it there 10 years, until 12/31/18 it would have grown to $2775 or more than 10% a year. Had you tried to time the market and missed the 20 best days during that ten-year period, your investment would be worth $1228 or a little over 2%. Had you missed the 40 best days your $1000 would only be worth $712. The conclusion: time in the market is much more important to your investment success than timing the market.

(Sources: Thomson Reuters and S&P 500 index)