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
Taxes are a major part of your life, especially your life in retirement. Having a good understanding of how you can prepare may save you in the long-run. Discussing your options with a financial advisor can help point you in the right direction. Listen in as we chat about tax consequences in today’s episode.Read More
Sometimes we want to take the easy way out instead of the smarter way. Today, we talk about ways people have tried to cut corners financially and where that falls apart. Think you can take extra risk to make up for lost time? Letting your financial life fall to disarray?Read More
Next to income, tax planning is the most important thing Eric focuses on with his clients. If you can control how much tax you pay, it’s more money you get to keep, spend, and enjoy. Retirement is a prime time to focus on tax planning as you have more opportunity to control the taxes you owe.Read More
When can overconfidence cause catastrophe? If you are setting your financial goals based on a rule of thumb or a certain arbitrary dollar amount, you might want to reconsider. Having overconfidence, especially in the wrong things, can lead to financial disaster.Read More
Sometimes we learn from our mistakes, and unfortunately, sometimes we make the same mistake over and over. Having a financial advisor can help you navigate through your financial decisions so you don’t get stuck in the same rut of financial mistakes on repeat. In today’s episode, Eric will share some of the mistakes that he sees people make frequently.Read More
You may be familiar with Maslow’s hierarchy of needs which breaks down a human’s needs into five different tiers. In today’s episode, we apply those tiers to what you need when retirement planning. Have you planned and saved in a way that will cover all of these needs?Read More
The classic movie, Forrest Gump, is full of great quotes. We see how some of those quotes can be applied to your finances. From figuring out what to do when life isn’t going just like you thought to learning from past mistakes, there are a lot of takeaways from Forrest.Read More