Today’s Question:
We’re all dealing with the affects of the coronavirus to financial markets around the globe and it’s a challenge to keep up with all the news updates. We’ll try to bring all the key pieces of information as Nathan together on this episode as we head into the final week of March. Plus we’ll discuss what could be next and what type of rebound we could see.
Click on the timestamps below to jump to specific topics.
Confidence Corner
The month of March has felt like a lifetime for many as we try to navigate the uncertainty of the coronavirus and deal with the financial fallout that’s followed.
The sharp movements up and down in the market is unlike anything we’ve ever seen and many people are having a hard time processing it all. Fear is certainly a common feeling during times like these but how concerned should you be long-term?
On this episode of The Financial Answer podcast, Nathan will share his perspective on what we’ve seen this month and what it’s been like for his clients. You might be surprised to hear that most of the people we’ve been working with have taken everything in stride and remain patient.
That’s always the most important thing to remember when the market has a significant pullback. Now is always going to be the worst time to sell because it locks in your losses. And when the market has lost nearly 30% on average, it can take the rest of your life to rebound and recover that value in your portfolio.
The other question we’re getting a lot is what will the next weeks and months look like? With the economy in a strong position to start 2020, will we have a quick recovery? Nathan will also discuss that and give his thoughts on how we’ll move forward from this crazy month.
Listen to the full episode above or click on the timestamps below to hear about the various pandemics of the past.
2:06 – We are doing some in-person meetings but also utilizing technology for virtual meetings.
3:19 – Nathan shares an awesome phone call he got this week from a client.
5:55 – Despite the rapid market drop, clients have stayed pretty calm through it all so far.
6:33 – Selling now is the worst decision you can make.
7:30 – Many analysts feel it could be a v-shaped or u-shaped rebound.
9:18 – How does the bucket strategy fit into planning right now?
13:45 – Nathan tells the story of his friend flying into Nashville this week.
14:55 – How do we move forward from this?
16:37 – Are they closing in on a cure?
19:35 – Nathan says he’s never seen a market bounce like we’re witnessing now.
21:01 – It’s so important to have a plan now and moving forward.
22:56 – Are we in a recession?
26:28 – One thing that hasn’t change is companies are still driving to make a profit.
A Point Of Wisdom:
Related Content:
PODCAST: Coronavirus: What Pandemics Often Do To The Market
PODCAST: Scary Facts About Retirement
PODCAST: What Mistakes Do Bad Investors Make?
Additional Resources:
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