One area in particular that family stewards must account for are bear markets. Bear markets – markets where prices are falling – can be unnerving, causing anxiety and stress for even the most seasoned investors. However, by proactively building resilience, you can better manage the impact of such downturns. The best way to ride the wave and stay focused on your long-term sales so you do not make any rash decisions is by maintaining your overall well-being. Prioritize healthy habits, such as a balanced diet, regular exercise, meditation, and stress management techniques. These practices will not only contribute to your mental and physical well-being but also fortify your ability to withstand any financial shocks that may happen.

Included in this health prioritization is to continue fostering meaningful social connections. Reach out to your support network, whether it’s family, friends, or trusted advisors, such as your wealth advisor. Sharing your concerns, seeking advice, and engaging in open dialogues can create a robust support system for you and your loved ones while giving you greater insight into what is in your control and what is not. This helps you to release anxiety about those things you can’t control, such as the value of a stock or other investment. By modeling resilience and the tools you use to build yours, you are encouraging your family to build their own practices,  paving the way for collective strength in your family unit.