We work with clients of all personalities, assets, and goals. It’s part of the enjoyment when trying to develop financial plans that work for every situation. Sometimes, though, the process can be a little more stressful for people.

We see it more frequently all the time because of all of the external factors that weigh on people each day. From the pandemic to politics to the environment, we are constantly made aware of problems that exist around us, whether valid or not. It’s the world we live in and it can lead to added anxiety for a lot of people, especially those that are nearing retirement and worried about their financial future.

On this episode of the Money Wisdom podcast, we look at some hypothetical statements that clients could present to us and find out how Joel would advise them.

The first is about cash and the safety of keeping it in a bank. You might have family that experienced the Great Depression and told you stories about that money not being available when you needed it. With the volatility we’ve seen this year from the market and the economy, some have worried that we could be headed towards a major recession. Whether that’s true or not is unknown, but Joel doesn’t have any worries about keeping cash in the bank. He’s doing it with confidence but also provides some suggestions for those that don’t want to do the same.

The second worry relates to climate change. That’s not a discussion we need to have here, but we understand a lot of people are thinking about how it will impact them longterm. That’s where this question of whether it’s worth it to travel to places that you’re concerned about even if it costs a little more to do so. There’s a lot to unpack in this question but Joel believes strongly in the value of travel for the mental health of people. If you feel strongly about something and it means a lot to you, it’s okay to spend a little more if your finances are in order.

Next is the question about whether gold is a smart investment right now. It ties into our first scenario a little bit because people are wondering how to position their cash. Gold could be a good investment for you but you’ll want to sit down with an advisor to see how it fits for your overall plan. If you fear the worst about the economy, it might not do you any good to have a backpack full of gold anyways.

The last thing we’ll discuss is Social Security. Those that have a high-anxiety mindset are often worried that the program is going to run out of money. Because of that, people will say that you need to claim your benefit as soon as possible. Is that true? Joel will give his opinion on the matter but we will say that Social Security is a key piece to most people’s retirement incomes so you have to develop a strategy for how you will use that benefit.

If any of these things give you a little worry or make you nervous, check out the full show using the audio player above. Hopefully, Joel will ease some of those concerns by the time the show is over.

[2:19] –  We believe there’s going to be another Great Depression and we don’t want to have any money in the bank because it might disappear. What should we do with the cash?

[5:26] –  I was supposed to go on an African safari in the fall but had to cancel that. I could go in the spring but it will cost significantly more. I feel like it’s worth it because animals are quickly dying off due to climate change. Should I spend more and take the trip?

[7:52] – My son told me I should put half of my money in gold. 

[9:07] – I know we talked about waiting until at least 65 to claim Social Security but my friend said to take it now because it’s not going to be around.

Thanks for listening to this episode. We’ll be back again next week for another show.