Today’s Smart Money Question:
(Click the featured times below to jump forward in the episode)
Here Are Just A Handful Of Things You’ll Learn:
With coronavirus, we’re all staying home and trying to stay safe. How can you stay financially sane during all that is going on?
First, don’t try to predict what the market is going to do. With everything that has happened in such a quick time period, the market has really reacted in the last four weeks. Remember, volatility is a part of the game and through all of the different crises we have seen in the past, the market has always ended up coming back. While we don’t know what will happen in the future, we can use the past as a guide.
Are you wondering if other people are concerned? Absolutely! That’s completely warranted from everything that’s happening right now. No one wants to be dealing with this from a financial perspective, much less a health risk. From a market perspective, think about the buckets of risk you have. Having money in different buckets will protect you in times like this when some of your accounts are down.
Where are you at in your financial life? Depending on how close you are to retirement, you may have a different course of action right now. Knowing where you’re at will help determine which bucket you should direct your funds right now. Matt talks through the different quadrants your money should be in so that you can leverage your money and feel comfortable with your plan for the future.
What if you don’t have a plan? It is important not to panic. Analyze where your money is. Talk to a professional who can take a holistic view of your financial situation. Look for the opportunity. Then understand the risk you are taking. But whatever you do — don’t stick your head in the sand.
Listen to the full episode or click on the timestamps below to hear a specific segment.
1:13 – What is our new normal going to look like?
3:58 – What’s happening in the market?
8:06 – Everyone wants to know, am I reacting the way everyone else is reacting?
11:25 – Where are you in your financial life?
17:03 – If you are contributing into a retirement plan, do not stop!
18:18 – What if you haven’t done any planning?
22:23 – Do not take your financial advice from the media.
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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
