Available for Interviews: Lauren Oschman
Lauren Oschman, CFP® is a certified financial planner specializing in financial strategies, tax planning, and is an expert in helping physicians manage their finances.
What Lauren Oschman can say in an interview on
Lessons Learned From the Pandemic:
The past year has been unprecedented in its specific circumstances, but this won’t be the last time we go through a volatile market cycle. Lessons that can help clients go beyond the pandemic stem from very poignant lessons learned having lived through the past year. Below are 5 valuable money lessons learned from the pandemic:
- Market rewards discipline. So many investors panicked in March 2020 and questioned whether they should go to cash and wait for the volatility to subside. The S&P 500 bottomed on March 23, 2020 after falling nearly 30% from its previous high, which is scary. Yet by the end of 2020, the S&P 500 had set 33 new record highs! If you held through 2020, you would have finished the year with a nearly 20% return in your S&P 500 holdings. Though the markets don’t typically recover as quickly as they did in 2020, the lesson here is that without a crystal ball nothing is certain. Long-term, consistent time in the market rewards the disciplined investor.
- A crash is nothing more than a buying opportunity. I’ve often used the example with clients that when the market dives, it’s like walking into your favorite department store and seeing the shoes you’ve been eying on deep discount! A market drop can be an excellent buying opportunity, especially while you are working to build your wealth. If you bought in spring 2020, you profited nicely in the recovery. And those accounts you fund once per year like Roth IRAs and perhaps your child’s college fund? Well, a dip could be a great opportunity for those once-per-year deposits.
- Emergency reserves matter. I usually recommend 3-6 months of fixed expenses in a safe and liquid account as an emergency fund. While many are tempted to skimp on their emergency fund, 2020 showed us exactly why we have one in the first place. If you unexpectedly are laid off or furloughed, or your salary is temporarily cut, an emergency fund gives you 3-6 months to figure out your next steps before you have to panic.
- Playing the “What If” game is imperative. I like to do an exercise with clients where we play through the worst-case scenarios. What if someone gets sick and can’t work for a long time? What if any member of the household passes away unexpectedly? A financial plan is only as good as its risk management component. If you have been dragging your feet on estate planning or wondering if you need more life insurance, now is the time to get things in order. You don’t want to wait until a global pandemic or a positive COVID test to get your will written up. You want to do all the planning for the worst when you can wholeheartedly expect the best so you are clear-headed to make wise decisions to protect your household. And you probably need more life insurance than you think.
- Change is inevitable and flexibility is key! About life, Heraclitus is quoted as saying, “Nothing is constant except change.” I always tell my clients that the most important thing to me is that our plan isn’t too rigid to change. This is because we know that life will throw us curveballs, we just don’t know the exact nature. So be sure that your financial plan allows you room to pivot and course-correct as needed to stay on track no matter what new tax legislation or market conditions we see next.
Interview: Lauren Oschman
Lauren Oschman, CFP® is a financial advisor for some of the nation’s highest caliber physicians. She holds an economics degree from Vanderbilt University and completed her financial training at Emerson University. Along with these prestigious degrees, Oschman has over a decade of expertise in financial matters for high net worth individuals.
Oschman delivers financial education programs to medical residents & fellows nationwide (Vanderbilt, Dartmouth, Rush, OrthoCarolina, and many others), has built a $1 million revenue financial planning business, and co-founded Vestia Personal Wealth Advisors, and is an expert in helping physicians attain their financial goals—and has a niche passion for working with high-caliber female surgeons, and volunteers as a CFP® WIN (Women’s Initiative) Advocate to raise awareness about the profession for young women.
Her decade-long experience as an accomplished financial advisor and executive has led to her being a sought-after speaker for financial workshops throughout Alabama, Georgia—and Tennessee, where she has happily resided with her husband and two young children.
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