Thoughts on the crisis in UkraineMarch 9, 2022
by Ron Bare
Like you, all of us at Bare Wealth Advisors are concerned about the recent world events, most significantly the Russian invasion into Ukraine. In the days ahead, please contact your team here at Bare Wealth Advisors if you have specific questions on how this affects your personal financial plan. In the meantime, I feel compelled to share some overall thoughts and words of encouragement.
- There will be plenty of blame to go around for this event in the days and months ahead – for now, I suggest praying for peace and protection for the nation of Ukraine.
- We are seeing extreme price movement in food and energy, which is likely to continue. Keep in mind, the US was energy independent within the last couple years. I believe our country has the capability to produce the energy we will need in the long-term. Since Ukraine is a large producer of wheat, we will continue to see increases in our food costs until this uncertainty is behind us.
- In my opinion, Russia desires control and money from both energy and agriculture (mostly energy) and that is what this war is about. In my opinion, Putin does not want to start World War 3.
- Financial Steps to take:
- Live within your means – spend less than you earn
- Give generously to those in need – here is a link to 20 organizations that are helping people in Ukraine: https://www.ncfgiving.com/stories/help-for-ukraine-10-charities-on-the-frontlines/
- Minimize debt
- Think long term – this too will pass. Continue to “work” the financial plan we have put in place. If you are adding to investment accounts, please continue to invest and possibly increase the amount of money you are investing. You are investing into some great companies that over the long term may reward you with good profits. If you have excess cash (margin) in your financial plan this may be a great time to consider buying some of these companies shares.
- Do not fear: Read Matthew 6: 19-34 (read verses 25-27 below)
- V25: That is why I tell you not to worry about everyday life – whether you have enough food or drink, or enough clothes to wear. Isn’t your life more than food, and your body more than clothing? V26: Look at the birds. They don’t plant or harvest or store food in barns, for your heavenly father feeds them. And aren’t you far more valuable to him than they are? V27: Can all your worries add a single moment to your life?”
Thank you for trusting in our team. We are here to serve you and we would be happy to help bring clarity to any questions you have concerning your personal financial plan.
Ron Bare and the entire Bare Wealth Team