A Morning View from Foxtrot Family Law…2018-11-16
What I love about working in Child Custody, to put it in legal terms, is that everything is relevant. In lay terms, the field encompasses everything from science to psychology to behavioral economics. Our job at Foxtrot is to continually review the latest developments in scholarship and current events, weigh that against history as well as our own principles, training and experience, and boil it down to practical information and tactics our clients can implement to be more effective for their families. Here’s what I’m looking at and thinking about today.
– Personal Finance (Microeconomics) – The hard part of buying low and selling high
What can you learn from arcane news about cryptocurrency…? The concept of taking a contrarian and unemotional approach to investing in your family’s future. I.e., in order to “buy low and sell high,” you have to have the fortitude to buy low.
The current event is that the market value of Bitcoin is down significantly as a result of news in a parallel blockchain service called Bitcoin Cash. With something as volatile as Bitcoin, or cryptocurrency, generally, it may not be worth fooling with, or at least not more than a very small percentage of your overall investment portfolio.
The famous quote from Baron Rothschild applicable here is that one should “buy when there is blood in the streets.” For example, if by rebalancing your portfolio you purchased stock as it fell from 2007-2008 you would have enjoyed one of the greatest bull runs in history since that time. Essentially, the entire market was “on sale” at a discount.
Is Bitcoin a value now or is this recent drop the knell that skeptics have been waiting for? Who knows? Certainly not me, but anyone with a long view (i.e., optimistic) or at least speculative view on Bitcoin could consider rebalancing their portfolio with these significant recent drops in the price.
– Philosophy – Most of what you’re afraid of is in your head
“We suffer more in imagination than in reality.” ~Seneca the Younger
If you keep up with our content here at www.ThinkFoxtrot.com, through Facebook, Instagram, or Linkedin, you’ll notice our predilection towards Stoicism, a practical philosophy gaining prominence during the Roman Empire and experiencing a resurgence thanks to Silicon Valley and…wait for it…Nick Saban.
This quote from Seneca is particularly applicable to Child Custody because the vast, vast majority of questions I get from clients and prospective clients regard hypothetical situations, outcomes, decisions or behaviors that at the very least don’t exist yet but are more likely to never exist at all. As I’ve written elsewhere, my favorite answer here is that “if it turns out that way we’ll deal with then.” (https://www.thinkfoxtrot.com/blog/1-frequent-answer-to-1000s-of-frequently-asked-child-custody-questions/)
It’s not just a logical and practical answer, but it also reflects the mindset I try to keep and impart to the committed parents and caring relatives we serve.
As a co-parent or caring relative, there is plenty of real shit to deal with right now without coming up with imaginary scenarios in your head.
Stay present, as they say. Most of what you’re afraid of is in your head.
This article contains general information and should not be construed as legal or investment advice for you or your unique situation. If you would like to speak more about how you, as a committed parent or caring relative, can be more effective in your Child Custody case, please visit www.ThinkFoxtrot.com/public_calendars/ to schedule your initial consultation at one of our offices. ~SW, Foxtrot