Could a Simple Exercise Help Investors Keep Their Perspective During COVID-19? Plus: Money Quotient Awards David Tenerelli with Scholarship
There is little doubt that the COVID-19 pandemic has been one of the most challenging tests of resilience in recent memory. From the health crisis itself, to the resulting economic downturn and spike in unemployment, to the social unrest across the country – and the tremendous uncertainty and chaos which has accompanied it all – many have wondered when this crisis will end, and what they can do to weather the storm.
One helpful tool from Martin Seligman, the founder of the Positive Psychology movement, was recently promoted by the Money Quotient organization as a means to help counteract the emotional toll of the pandemic. Seligman suggests a brief four-step exercise called Put It In Perspective to help avoid catastrophizing and to refocus the mind.
In short, according to Seligman our minds are “automatically attracted to the worst possible case, often very inaccurately.” This is referred to as “catastrophizing,” and it can result in strong, prolonged fear and anxiety. Seligman suggests that by imagining the worst case, best case, and most likely outcome, we can then develop a plan for the most realistic scenario.
While the circumstances of the pandemic seem to change rapidly in the short-term, this exercise can help remind us that “this too shall pass” and keep a long-term perspective. The exercise’s usefulness isn’t limited to the COVID-19 pandemic, of course. It can be applied to any challenging scenario whose outcome may be out of one’s control.
The Money Quotient organization provides tools and training for financial planners to assist their clients in developing a more successful and satisfying relationship with money. This month, Money Quotient announced their 2020 Ken Gillaspie Legacy Fund scholarship winners, and Strategic Financial Planning’s own David Tenerelli was honored as one of the two recipients.
David will participate in Money Quotient’s “Fundamentals of True Wealth™ Planning” training course in September. The interactive training provides practitioners with a thorough overview of Money Quotient’s process for delivering life-centered financial planning services.
Congratulations to David on this well-deserved award! His desire to improve clients’ overall relationship with money and dedication to personal growth and excellence are certainly noticed each day.