Hi, this is Shane Tenny, managing partner of Spaugh Dameron Tenny and I wanted to come to you today to share some thoughts about the unfolding crisis around us as you can tell we, like most corporations across the country, have instituted our continuity plan.
I want to start by saying thank you for the trust and confidence that you have placed in our team.
It is an honor and a privilege to walk with you through times like this. Of course, it's much more fun to walk through good years like the last decade, but it is our privilege and it's part of our role to Journey with you through difficult times and help you navigate these decisions that are necessary for you and your family.
So, I extend to you a genuine thanks for your trust, your confidence, and your patience in us and our team. I want you to know that each member of the Spaugh Dameron Tenny team is absolutely committed to responding and to providing any help. We can to help you make thoughtful judicious decisions for you and your family.
With that said I want to share a couple perspectives on both the short-term and long-term impact. We realize that that many of you, if not all are going to be impacted in some way by the spread of the Coronavirus. Watch this video to hear my thoughts.
Most of you will feel some impact financially.
Whether that means you are in private practice and needing to or choosing to temporarily close your medical or dental practice.
Whether your income comes from elective procedures which were being curtailed for a time being by your hospital.
Whether you own a business or are employed and anticipate some decrease in income or true-ups for bonuses.
We know that the coming months and quarters will have some financial impact and change for you more than likely.
In the short term, as we've said before, it would be most prudent to spend time focusing on your economy more than the economy.
You don't control Washington policies, interest rates, or the market, but we can take time now to look at your monthly income and expenses.
It would also be prudent to take stock of what expenses or savings may be discretionary and could be temporarily suspended if needed and your income forecast bears out. Additionally, I’d suggest to look at your cash or emergency funds that are available, as well as, any investments or cash values that could be accessed to provide liquidity to you. It may be reasonable to consider a line of credit or if you already have one in place, that could be used to help bridge any gap in expenses that may come over the coming months.
Now that I’ve addressed ideas for you to consider during the short-term, let’s dive into actions you could take when planning for the long-term during this time.
I think we have a little bit more certainty. I'm reminded of a quote from Winston Churchill who said, “The farther we look dackwards, the farther forwards you are likely to see.”
If we lift our eyes out of the fear and the headlines that are barrage in the United States by the minute and look instead at the history that is behind us, I think we can gain faith in the future.
This too shall pass.
I don't know when and I don't know how, but this will be behind us at some point and we will go on to reach new heights and new successes.
It's important to keep the faith, to understand that the market will turn before the economic data supports it, because the market is a forward-looking or a leading indicator and the market moves based on what it thinks might happen. Even before the economic data supports it, the market will begin to move.
It's important to remember that.
I'll close by sharing with you one of my favorite movie quotes that comes from Apollo 13, which starred Tom Hanks in 1995.
There is a lot of chaos and pandemonium in the control center and NASA and one of the technicians looks to the other as he recounts all the things that are going wrong. He says the heat shields are failing and the oxygen filters are failing and the astronauts are struggling.
Sir, I believe this is going to be NASA's worst disaster and Ed Harris who plays the command center of the control center leader turns to them and says, “With all due respect sir. I believe this is going to be our finest hour.”
I share that with you to give you hope. I know today is difficult and I know there are difficult days and weeks ahead, but we will get through this. This too shall pass.
Thanks for being a part of the Spaugh Dameron Tenny family and by all means don't hesitate to reach out with any questions or if we can do anything to help you and your family through this.
If you are uncertain about what to do in your financial situation during these times, contact Spaugh Dameron Tenny to discuss your next course of action to be financially prepared.
CRN202002-225723 | CRN202203-260885
Shane Tenny is the managing partner of Spaugh Dameron Tenny. Along with hosting the Prosperous Doc® podcast, Shane has a true passion for behavioral finance, helping clients and audiences understand how to develop successful strategies based on their unique temperaments. An accomplished and highly engaging speaker, Shane is regularly interviewed for television and podcasts, is actively involved in the Financial Planning Association®, and contributes to industry advisory boards.
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For over 50 years, Spaugh Dameron Tenny has provided comprehensive financial planning for physicians and dentists across the U.S. In addition to providing personalized advice, we walk our clients through their options to help maximize finances and maintain financial security.
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