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FirstWave Financial Annual Letter 2023

In the words of the great philosopher Mike Tyson –

“Everyone has a plan until they get punched in the mouth.”

We have certainly suffered some “punches” over the last few years together. Think back to December 2019. The economy was humming. Unemployment, interest rates, and inflation were all at historical lows. Then what happened?

  • A global pandemic hit and by the end of March 2020, the S&P 500 had dropped 20% in value.
  • Later when scientists announced the development of a vaccine markets roared back.
  • Bitcoin and other cryptocurrencies reached record highs in November 2021, then crashed in 2022.
  • Russia invaded Ukraine in February 2022, sparking a humanitarian crisis and geopolitical uncertainty.
  • Inflation spiked to the highest levels last year, that most of us have ever experienced.

How did you fare considering these events? Your emotional and financial well-being after suffering these punches in the face could be an indication of how well your financial plan is working for you.

Our work with youcontemplates what you have, what you need to create the life you have in mind, and the steps you must take to get there. These steps include an investment plan in-line with your risk tolerance. But this is somewhat of an academic exercise until volatility like the last three years comes along.

The good news is that you are not alone. Working with your WealthCoach TM to monitor and update your WealthPlan helps you successfully stay the course, and you are less susceptible to the very strong emotions of fear, “Get out now before it is too late” and greed, “Bitcoin is the best investment ever” that are consistently being stoked by the financial media. 

What you personally bring to the table also plays heavily into your peace of mind and confidence. Your demonstrated mindsets of gratitude, open-mindedness, cooperation, respectfulness, connectedness, optimism, realism, and an abundance mentality. It is an honor and joy to serve so many wonderful and successful individuals, business owners, families, in many cases multi-generational families, and to partner with other professionals and community organizations.

Nobody knows what the next years will hold, although many others will claim to. Tune out the noise. Stay the course. We are with you. Continuing to work with your WealthCoaches and the FirstWave team as your financial advocate, puts you in a great position to take advantage of future opportunities and bounce back from future punches, so that you can enjoy the life you have in mind. Together we walk confidently into 2023 and the many years to come. Thank you for your trust and confidence.

Sincerely,

Laura Chiesman, CFP®, CDFA®

President and WealthCoach

Please remember to contact FirstWave, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing, evaluating, or revising our previous recommendations and/or services, or if you want to impose, add, to modify any reasonable restrictions to our investment advisory services, or if you wish to direct FirstWave to effect any specific transactions for your account. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available upon request. You should not assume that any discussion or information contained in this publication serves as the receipt of, or as a substitute for, personalized investment advice from FirstWave Financial.

“You should not assume that any discussion or information contained in this publication serves as the receipt of, or as a substitute for, personalized investment advice from FirstWave Financial. A copy of the FirstWave’s current written disclosure statement discussing our advisory services and fees is available upon request.”

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