From market crashes to empty nests, we discuss different situations that may be first viewed as a crisis. But is it really an opportunity in disguise? We will explore both sides today on the podcast.
(Click the featured times below to jump forward in the episode)
Do you live life with a glass half full or glass half empty mentality? Depending on how you look at things, there are several scenarios that may happen in life that could either be considered a crisis or opportunity. On today’s podcast, we talk through the good and bad of several different situations to give you perspective and help you find the hidden financial opportunity, even amidst a crisis.
As kids leave the nest and go off to college or homes of their own, do you fear the empty nest syndrome? Whether you are sentimental about your babies leaving home or ready for them to spread their wings, being an empty nester may provide a unique opportunity financially. You are likely making more money than you’ve ever made, have the chance to put more away for retirement, and have a little more flexibility with your investments.
Market crashes are unfortunately inevitable. The vast majority of time, the market eventually goes back up but you have to have your money still in the market to do so. When the market is down, is this a chance though to make a Roth conversion? Do you have a plan in place to be able to view this calmly and as an opportunity instead of a crisis?
How does long-term care insurance work? How should you build it in your plan? Or is there a plan that could be better implemented into your legacy plans?
Are you fearful of getting laid off, especially in the midst of coronavirus? As you get closer to retirement, getting a forced early exit may feel like a bit crisis. You may however find there’s opportunity to do something else that you enjoy to cover an income gap. Putting a plan in place may show you the possibility of reasonably retiring, even sooner than you thought.
Is your situation a crisis or opportunity?
Listen to the entire episode to hear more or skip to a particular scenario using the timestamps below.
[1:22] – Is empty nest syndrome a crisis or opportunity?
[4:55] – Is there an upside to market downturns?
[6:56] – How should you view long-term care insurance rate hikes?
[9:11] – What is the opportunity in getting laid off?
“If you’re going to be retired, you’re going to be subject to ups and downs from the market–you don’t want that to affect your income. You want your income coming from safer, smarter places that do not come from the market.“
Check out some other recent episodes
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Looking for a way around paying for long-term care insurance? Will an inheritance cover it? Eric answers this question and two others from the mailbag.Read More