Today’s Puzzle:
No one could predict how much of an impact the coronavirus would have on the market, but it’s been a rough month for everyone. Nikki will share her thoughts on this unprecedented time and talk about the conversations they’re having around the office. With all the speculation and uncertainty, now is a great time to revisit the financial truths that should be guiding your financial planning.
[spp-player url=https://financialpuzzle.podbean.com/mf/play/yrcmc4/153_-_NIKKI_EARLY_-_CORONAVIRUS_AND_FINANCIAL_TRUTHS.mp3]
(Click the featured times below to jump forward in the episode)
The Solution:
Many people expected this year to be an interesting one with the SECURE Act being signed and the upcoming election this fall, but no one knew a pandemic would threaten economies around the world.
At the time of this show, we just wrapped up one of the worst weeks we’ve seen in the market. There were a couple bounce-backs days, but the drops were significant and dominated the news. It’s been tough for many people to endure, but that’s why a financial plan takes risk tolerance into consideration and focuses on minimizing losses rather than aim for huge gains.
We’ve been having conversations with current clients but the phone hasn’t been ringing as much as you might expect during a time like this. It speaks to the confidence people have in the work they’ve done on their retirement plan and understand the ups and downs of the market.
Hopefully you’ve built a plan that you don’t have to worry about during this crash, but that’s not going to be the case for most people. That’s why we want to get back to the foundation of financial planning by talking about solid financial truths on this episode of Solving the Financial Puzzle. Nikki Earley will take us through five different truths that everyone should keep in mind when making any financial decisions.
We built this list before the coronavirus concerns grew but these truths become even more clear with everything going on around us. Use these truths to stay level-headed and logical with your financial decisions and it will pay great dividends during volatile times.
Check out the new show now and use the timestamps below to skip ahead to specific segments of the podcast.
0:53 – It’s an unprecedented time in the world right now.
2:45 – The economic side of the coronavirus has already had a huge impact on many people.
4:34 – Everything has happened so quickly and unexpectedly.
6:36 – What conversations are happening in the office right now with clients?
9:53 – Let’s shift to our main conversation on solid financial truths.
10:38 – The first truth: TV can be our biggest enemy.
13:46 – The second truth: You rarely make good financial decisions when you act emotionally.
16:53 – The third truth: The market always moves in cycles.
18:40 – The fourth truth: You aren’t as risk tolerant as you think you are.
20:43 – The fifth truth: There’s no magic bullet.
22:53 – Nikki shares a message to listeners regarding the current state of the market.
The Full Picture:
[spp-tweet tweet=”Nobody truly knows what’s going to happen so it’s good to be a little bit skeptical about what you’re hearing and maybe just not hear it at all. Maybe turn the TV off is the message as far as that goes. -Nikki Earley”]
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Additional Resources:
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