Created: May 22, 2020
Modified: November 21, 2022

Is Financial Complacency Setting in During the Pandemic?

What You’ll Learn:
Are you letting the market downturn and the recession keep you from taking a close look at your finances? If you aren’t spending time repositioning your investments, you might be making a decision that will take years to overcome. Find out what Joel is telling his clients and why it’s vital that you avoid complacency during a financial crisis.

People react differently to adversity and that’s what we’re dealing with from a financial standpoint in this country.

At the time this article was written, the economy was trying to stay afloat and the market continued moving all over the place. Then there was the glaring problem of unemployment, which had risen to historic levels and leads many to wonder what the future of the job market looks like in 2020 and beyond. That’s something Joel has seen first hand with his children and he’ll share his experience on the show today.

We’ll also use this episode of the Money Wisdom podcast to talk about the reaction many people are having to this financial crisis: complacency. It’s easy to ignore your retirement account statement and let things play out without much thought. That’s what a lot of people are choosing to do but is that hurting you more than the current market conditions?

Joel has been working with clients quite a bit on re-balancing and repositioning portfolios. During the early days of Coronavirus was the perfect time for a giant reset and re-evaluate everything that you’re invested in.

Do you think your money is getting its best return by staying in the same investments you have been in? That’s certainly possible but there’s likely an opportunity out there. Joel will even explain on the show why he believes not repositioning your money might be a mistake that you pay for the rest of your life.


We have time to take two questions on this show and the first asks about which type of fee structure is best when picking an advisor? Two options you come across are paying by the hour for an advisor’s assistance or being charged a percentage of the assets they are managing for you. Both might work for you but we’ll talk about why dealing with someone that is working on a percentage makes sense in many cases.

The second question is one that we get quite a bit from people that are curious whether they’re investing the correct amount in the stock market. Working with an advisor puts a plan in place to make sure your assets are balanced, and it’s easy to get over-allocated in the stock market if you’re trying to plan on your own. So this is a good question, and we’ll provide some general guidance for someone in their late 50s. This question really points towards building a plan because you need based on all the assumptions you have for retirement. But risk is the other consideration that needs to be made.

0:20 – Where is Joel broadcasting from this week? 

1:15 – An update on Joel’s children during this quarantine and what’s coming.

3:03 – Big companies are big companies for a reason.

4:51 – What is the job market going to look like in the near future?

7:14 – What we’re talking to clients about right is avoiding complacency right now. 

8:31 – It’s time for a giant reset for everyone.

10:18 – What would you say to someone to motivate them to stop being complacent?

14:43Mailbag Question #1: Is it better to work with an advisor that charges an hourly fee for advice or someone who charges a management fee based on percentage of assets?

19:37 – An advisor helps people make those tough decisions they wouldn’t make on their own. 

21:29Mailbag Question #2: I’m nervous about how much money I have in the stock market. What’s the right amount for me to have invested in my late 50s?

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