Reflections on health, wealth, relationships and what matters most in a rebound week for stocks.
Markets were down to start the week but then went right back up—and then some—as Iran headlines were offset by strong earnings reports, continued tech and AI euphoria, and economic data consistent with an economy decidedly not in recession. The resilience in both economic data and financial markets is remarkable against a backdrop of geopolitical risk and elevated energy prices and AI disruption across industries.
This morning’s jobs report showed that job growth in April was solid; 115,000 new jobs were created, and the unemployment rate remained at 4.3%. However, we also saw that U.S. consumer sentiment fell to a new record low in May, driven by intense anxiety over inflation, soaring gasoline prices and geopolitical tensions.
As much as this timely economic data and the week’s market action are important, it is worth pausing our normal review for a timely shoutout to the mothers in our lives. So, please, kindly indulge me as I offer some solid motherly advice so you can live your best financial life. Without further ado, here are five pearls of wisdom worth holding in your hearts and mind, courtesy of some very famous mothers:
- “A woman’s best protection is a little money of her own.”
American writer, politician and diplomat Clare Booth Luce’s advice is important wisdom for all, both men and women. It reminds us of the value of financial knowledge and independence as key ingredients for a healthy financial life. We believe it is critical to understand and feel connected to your finances, and to seek financial knowledge beyond just what is happening in the stock market. And it is best to start early educating your loved ones about the importance of saving, spending and sharing.
Consider how to bring your loved ones into the conversation sooner rather than later so that when major life transitions occur, there is confidence and continuity, and the mechanisms of transfer are seamless and understood. - “Things are not going very well, and we all have a heavy heart and disturbed spirit. We need great courage and I hope we will not lack it. We must keep the firm hope that after these bad days, good times will return.”
Famed scientist Marie Curie wrote these words in a note to her daughters from Paris in 1914 as the German army threatened the city during the war. They echo in our hearts today as a reminder that our human existence is so often challenged in large ways, by wars and pandemics and economic crises, but also in more personal ways, by illness and personal setbacks.
As investors, we often must maintain firm belief in the power of humanity to overcome these challenges and bring forward a new day, as hard as that might be in the moment. But remember this does not mean “set it and forget it”—rather it is a call to action to stay close to your planning work and let that drive your decisions. Economic, political and market setbacks can and will come, but they can be weathered with patience and a plan. - “The greatest wealth is having a healthy body, a peaceful mind and the right people in your life.”
Mother Teresa is often credited with this powerful reminder that true wealth is spiritual, not material. We see these words as a call to action for prioritizing health and wellness as an investment. Too often it can be easy to put ourselves, our health and our happiness last, especially as we strive to take care of those we love. But as flight attendants instruct us, we must put on our own oxygen mask first before we help others. Please make sure you take the time to invest in your health and wellness, and incorporate that into your long-term wealth plan as much as everything else. - “You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well people can’t take their eyes off you.”
Dr. Maya Angelou, famed American poet, memoirist and civil rights activist, lived her own advice with these words, and they resonate in this period of change and disruption. Focus on your goals and dreams first, as the best success, financial and otherwise, comes when your decisions are guided by your heart and hard work. Financial milestones are important, but your legacy will be defined by the person you are, the relationships you hold and the impact you have on others. - “Everything you see I owe to spaghetti.”
While famous and elegant actress Sophia Loren denied that she made this statement exactly, the idea holds that the beauty and vitality in life comes from enjoying it. Therefore, embrace the joy of a life well-lived, nourish yourself with the rich experiences of relationships, travel, new opportunities and friendships old and new. Be comfortable with the idea that a beautiful life may not be some idealized version of perfect, but as long as it is perfect to you that is all that matters.
My warmest wishes to all the moms, grandmothers, aunts, sisters, mother figures and moms-to-be this Mother’s Day weekend. A very special thanks to my own mom, who is an avid newsletter reader and taught me to be grateful for the wonderful people in my life, including clients and friends like you.
Thank you for your interest in our weekly investment commentary. If you would like to speak personally with a member of your advisory team, please call 833.RWA.PLAN (833.792.7526).
Written by a human.