Ep. 352: Financially Preparing Yourself for Tough Times

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This week…oh boy. Pete and Damian talk about what’s important about money right now. 

::whisper:: You should keep this link in your bookmarks  HEY MONEY!

Can’t listen? Check the Show Notes!

Show Notes:

  • What Happened: Coronavirus (COVID-19) has blanketed the country and dramatically altered the way we live, work, educate, play, and socialize. It’s also changed “money.” 

We want to show you how to prepare yourself financially for uncertain and tough times like this.

  • Join Us: We’re live streaming EVERY DAY for 30 Days! We’re breaking down our “60 Days to Change” Go LIKE the Hey Money Facebook page to get notified of the LIVE broadcast each and every day.

 

  • How Concerned Are We? “I’m at a 1.25 out of 10.” — Damian. We’ve seen stuff like this before, we’ve experienced it. It still “feels like” something, but we’ve seen markets go up and down and back up again before.
  • OUR THOUGHTS: The only-ish people who should be shaking their knees are those who have retired within the last two years or so.
    • The folks who have done their hard work over the years, consulted with a planner, and a couple of years ago… they decided “I can retire, and I can take X amount of dollars out of my portfolio to supplement the incoming Social Security or pension, and it’ll be great.” Now all of a sudden, you’re losing 30% of your value and you’re taking additional money off of your investments on top of that. YIKES.
    • That’s called Sequence of Returns Risk. —— You’ve planned for varying market conditions in retirement, but the order of the returns matters. That can impact your future retirement significantly if this grave financial situation hasn’t been considered.
    • Some Financial Planners could have planned for some possible financial volatility like this. In any case, just touch base with your advisor. You could ask: “Can you help me understand how this market downturn will impact my income strategy off of my investments?”
    • NOTE: Current market conditions could also affect people within a year or two OF retirement. Consider pushing that back now. Sadly. It’s not a panic situation, presumably, but it’s going to likely affect your status.

THE ECONOMY:
We’re in for major disruption for the foreseeable future. Let’s manage our expectations, our emotions, and our behavior. Let’s discuss: What does Economic Stimulus do? Where does it fall apart, and what should you do to make sure you don’t fall apart?

LISTEN TO THE REST OF THE SHOW TO FIND OUT!

 

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