Financial Truths and Lies

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Today’s Question:

Can you find the lie? We talk through a few financial situations to see how well you know what’s true and what’s not.

Click on the timestamps below to jump to specific topics. 

Confidence Corner

Today we’re playing a game of two truths and a lie for a number of financial situations. Can you spot the lies from the truth?

First, let’s talk about Social Security, which has been raised with a cost of living adjustment due to inflation. You may have noticed prices rising when buying groceries or getting gas. The recent increase in prices has a lot of people talking about what this means long-term when we consider inflation.

You may be wondering what investments to make now in case inflation continues to be an issue. Which is best: gold, stocks, or bonds? Stocks typically do well in inflationary times and gold maintains. It’s bonds that you want to be careful with during a time of inflation. How does this work when interest rates rise?

With an emergency fund, you might be disappointed that it doesn’t grow but remember what the goal of it is. You want your emergency fund to be safe and liquid for when you need it. Your portfolio is for investing and growth.

A market crash is always a scary time, but what time is the most devastating? If you have a major market crash in the first few years of your retirement, you have to be incredibly careful with the rest of your retirement. This is why as you near retirement, advisors will recommend you are not as aggressive with your investments. If a market crash were to happen when you’re 80 or just starting out, it won’t hurt the same way it does at 65.

Finally, we’ll end back on Social Security. What might the future hold for Social Security? Right now, the trust fund is set to run out of money in 2034, but that doesn’t mean that your benefits stop then. They may be reduced or the retirement age may change. Talk to your financial advisor about how Social Security can fit into your plan.

Listen to the entire episode or skip ahead using the timestamps below.

[0:46] The holidays are upon us.

[2:25] What is happening with Social Security?

[6:10] What does well with inflation?

[9:34] Rising interest rates will hurt who? 

[11:06] Your emergency fund should be what?

[12:38] When is a market crash a major problem?

[16:45] What can you expect from Social Security? 

A Point Of Wisdom:

A market crash is a great opportunity to throw as much money in as you can.

-Nathan O’Bryant


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Your Guide:

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