In such a short period of time, we’ve shifted from a healthy bull market to a market downturn so significant that the government is considering every option at its disposal. How did we get here?
It was the perfect storm of three factors coming together at the same time: coronavirus panic, fear for the economy as businesses were shutting their doors, and the market crashing by around 30%. All of these things happening at essentially the same time has led to us having lived through an extraordinary time in our country’s history.
We talk about the next market downturn all the time and knew it was inevitable, but no one could predict how this would transpire. Even people with a strong financial plan likely feel some degree of fear. That’s a natural to what we are experiencing. Unfortunately, not everyone was prepared for a significant market pullback and that’s left them in a difficult spot financially.
Our offices are open for anyone that wants to discuss what’s happening right now. Client or not, we’re available to discuss your plan or give you a second opinion on your portfolio. We understand how stressful many people are feeling and we want to assist in any way we can.
But we also want to take the conversation to the podcast. On this episode of Money Wisdom, Joel Johnson will give us some perspective on what we’re seeing across financial markets and how we’re addressing it with clients. We know that you ultimately want to know you’re going to be okay financially, and that’s what we want to accomplish with every plan we build.
What about the future and how we move forward? Some people see opportunity within the ashes, and Joel will share a few ways you might be able to capitalize on the downturn outside of just buying stocks at a discount. Of course, every suggestion needs to be evaluated by a professional to see if it fits your specific needs, but hopefully this will give you some areas to consider.
We understand how tough things might be for you right now and we hope this show will provide a level-headed look at the news rather than adding to the panic and speculation.
0:19 – Extraordinary times we were living in. Joel gives his big picture view of the situation.
1:27 – Don’t let fear or emotion drive you to make a decision right now.
2:01 – Three things are happening at the same time to create this perfect storm.
3:02 – How is Joel handling things around the office as a small business owner?
6:06 – Clients need to know that they’re going to be okay. That’s what a strong financial plan will do.
7:17 – We might not know why the market is going to drop, but we always know that the next downturn is inevitable. History shows us that.
10:25 – Your financial plan should not be dependent on the market going up every year.
11:33 – How can someone reach out and what kind of conversation will you have with people that want to talk about what’s happening?
16:22 – Not everyone is panicking. Some people are looking at this as an opportunity. How are you guiding those people?
18:31 – If you think about selling, make sure you have a plan in place first so that move is just part of that plan.
19:41 – What are some other opportunities that people might want to consider right now?
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