The Story:

With a constant changing world, particularly in the last four months, what is going on with the economy right now? What takeaways should we have from that when mapping out our financial plan?

Click play to listen to the episode…

The Show:

What is the state of the economy right now? Between coronavirus, economic uncertainty, and now some unrest, there is a lot going on with people. With a high unemployment rate, how is it that we currently have a rising stock market?

Think about your own family. You’ve likely seen your expenses change recently and have adjusted and cut costs where you can to maintain some economic health. Likewise, businesses are cutting expenses right now, be it wages or travel or office costs. While costs are being cut, profits are in some cases increasing, which is reflected in the market.

This continues to show us how important it is to diversify and not try to time the market. As the times change, so do the businesses that are able to best adapt and move forward. Think back ten years–many of the top companies are no longer the top stocks right now. Likewise, the top five companies right now aren’t guaranteed to be the top stocks ten years from now.

In today’s Cash Connection, Don answers a question about getting out of a variable annuity to escape the high fees. Is it worth the penalty to do so? Make sure you review all of the expenses as well as the purpose of the annuity in order to make your decision.

Finally, what is Don feeling nostalgic about? Find out in today’s Getting to Know You segment of the podcast! Listen to the full episode or click on the timestamps below to skip to a particular segment.

0:43 – Hopefully we move toward a better tomorrow.

2:01 – How can we have high unemployment and a rising stock market?

3:17 – How is this possible?

6:43 – Why is it important to diversify?

9:13 – Cash Connection: Is it worth the penalty in a variable annuity to move my money somewhere with lower fees? 

13:04 – Getting to Know You: What does Don get nostalgic about from the past?

Show Resources:

https://www.forbes.com/sites/davidrae/2019/07/01/variable-annuity-fees/#1d8f37ed7de2

https://www.irahelp.com/2020

https://youtu.be/spcj6KUr4aA

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Additional Resources:

Phone: (732) 784-2867

Email: don@donaldcash.com

Website: http://www.donaldcash.com/

About Don:

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 advocates 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.