Are You Facing Financial Crisis or Financial Opportunity?

Today’s Prep:

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.

Equipping Points:

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?

Today’s Takeaway:

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.

-Eric Peterson

Related Resources:

Which TV Character Describes Your Financial Personality?

Grading Your Financial Competency

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Financial Strategies: Agree or Disagree?

March 28, 2024

There are a number of financial ideas that people have differing opinions on. Eric shares today which of these he agrees with or disagrees and why.

Read More

Divorce Mistakes

March 21, 2024

Unfortunately, divorce happens. When it does, no one wants to make costly financial mistakes amidst an already stressful time. Today, we talk about the mistakes that can happen and how to avoid them when it comes to dividing up your assets with a spouse.

Read More

Villains of the Financial World

March 14, 2024

Just like some of these cinematic villains, some of these financial elements may have a bit of nuance and history that can make it hard to label them all good or all bad.

Read More

Uses for Life Insurance

March 7, 2024

When you’re younger, life insurance is often thought of as an income replacement as needed. But as you get older and into retirement, you might find other uses for life insurance. When thinking ahead for your estate and how it passes to beneficiaries, life insurance can prove to be a useful tool. Currently, the proceeds from life insurance are tax-free. How does that change how you include it in your financial plan? Eric outlines some of the options and benefits life insurance can provide.

Read More

Understanding Financial Risk

February 29, 2024

What kind of risks do you take in your financial life? As you get less comfortable with things like climbing up ladders and riding on skateboards, you might also become less financially risky. When you enter retirement, how you view your money in the market changes significantly from your working years. It’s important to look at your portfolio to ensure your investments match your risk tolerance.

Read More

Mailbag: What Financial Advice Should I Share with My Grandchild?

February 22, 2024

Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?

Read More

The Good Old Days

February 15, 2024

Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?

Read More

Mailbag: When Should I Retire?

February 8, 2024

When is the perfect time to retire? One question from the mailbag asks whether retiring now or in two years will make a big difference. Eric explains what you’ll need to consider and what differences you might encounter from a work and lifestyle standpoint. Then, he answers Nancy’s question on how important it is to have a financial advisor in retirement.

Read More

Discussing Dave Ramsey and His Core Beliefs

February 1, 2024

More than likely, you’ve heard about financial commentator, Dave Ramsey. Today, we talk about some of Dave’s core beliefs and how it may differ from those of a licensed financial advisor. While Dave’s tips and baby steps have helped people, it’s worth taking some of his advice with a grain of salt. 

Read More

Mailbag: What Should I Do With My Inheritance?

January 25, 2024

Every day you have to make choices about your money. What to spend it on, when to save, and how to manage it well. We tackle three questions from the mailbag today from people facing a financial decision. From learning how to take care of the household finances after one spouse passes to deciding about helping a child pay for college, Eric can help point clients in the right direction.

Read More

Leave a Comment