The coronavirus struck quickly across the country and it caused a rapid sell off in the market that has many people worried. How bad will this be? What can you be doing for your retirement plan? We get the latest from Don Cash with his perspective on what we’re witnessing.
Click play to listen to the episode…
Most people expected 2020 could bring a little volatility with the upcoming election and other events, but no one could predict what we’ve seen in the first quarter of the year.
The coronavirus quickly became an International crisis and that impact has fully taken its hold in our country. While health concerns continue to be front and center, the other significant fallout from this pandemic can be found in the financial markets.
Fear and speculation have driven stocks down and the rapid sell off has been unlike anything we’ve ever seen. The pullback has been sharp and it’s taken place over the course of just a few weeks. Many people are worried and that’s to be expected. This isn’t easy for anyone to experience as it’s happening, but it’s important to keep perspective.
That’s the goal for this episode of Your Money & Your Life with Don Cash. He’ll update us on how things are going for him, his family, and the office in terms of daily life. Then we’ll turn to the market and find out what he thinks of everything that’s happening right now. You might be a little surprised to hear that there hasn’t been an influx of calls to the office, which means that investors have confidence in their retirement plan.
What about the next few weeks and months ahead? What can we expect from the market and what moves will the government make? These are just a couple of the things we’ll discuss as it relates to the coronavirus.
We’ll also talk planning for a bit to give you some idea of the next steps you might want to take with your plan. As always, it’s vital to work with an advisor to make sure you’re portfolio fits your goals, but it’s even more important during volatile times like these. Hopefully this episode will give you a little peace of mind.
Listen to the entire episode or click on the timestamps below to hear more regarding a specific subject.
1:24 – Let’s talk about what’s happening here and across the country with the coronavirus.
2:22 – Life has changed in many ways.
3:15 – Don talks about an app he’s been using to show gratitude daily.
4:23 – There’s not a lot of positivity in the news right now.
6:25 – Has Don been getting inundated with calls from clients? What kind of conversations is he having?
8:31 – What kind of financial topics are you covering right now?
9:30 – People are prone to react with fear in uncertain times.
10:44 – Is it a good time to buy?
12:44 – How do you see the government proceeding over the near term?
13:51 – People are looking for a v-shaped recovery.
15:01 – This time there’s no fear of a bank run.
15:58 – What are the things that can hurt your retirement plan right now?
18:04 – What other time of history would you rather be living in when it comes to dealing with this type of situation?
19:35 – With all the talk of selling, many people are actually adding.
21:30 – Getting to Know Don: What’s something you’ve done before that you’ll never do again?
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Donald W. Cash – CPA, CFP® is an independent advisor. Don began his career in 1985 as an accountant after graduating Rutgers University. In 1990 he entered the field of Estate Planning with a concentration in long term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs. He advoctaes a holistic approach to Estate and Financial Planning as has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers. Don is married to Cathy and have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.