#022: 5 Lessons Learned from Market Declines
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 29 May 2017
⏱️ 24 minutes
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Summary
Recessions and market declines are going to happen. What are the lessons we can learn from the Tech Bubble of 2000's and the Great Recession of 2008?
Devin shares the 5 lessons he learned during the two most recent market declines while being a financial advisor:
1. Market declines are normal
2. No one can consistently predict market movements
3. The best days hang out with the bad days
4. This time is not different
5. The greatest threat to your portfolio return is not the market
You can read more at http://socialsecurityintelligence.com/5-lessons-ive-learned-market-declines
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Straightforward Advice
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If you don't have an advisor who can help you through the downturns then contact us at http://www.bigpictureretirement.net
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide specific tax, legal, or financial advice. |
| 0:05.1 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:12.8 | Welcome to the Big Picture Retirement Show, where we deliver insight on what you need to know for a meaningful and successful retirement. |
| 0:20.5 | If you are planning for or living in |
| 0:22.5 | retirement, this is the show for you. I'm Devin and joined again today by my co-host, John. Hey, John. |
| 0:28.8 | Howdy. |
| 0:32.5 | John, not long ago, we had an episode where I was talking about some mistakes that I've made as a financial |
| 0:37.3 | advisor. Sure. Yeah, mistakes are normal. It happens. I was talking about some mistakes that I've made as a financial advisor. |
| 0:37.8 | Sure. |
| 0:38.3 | Yeah. |
| 0:38.5 | Mistakes are normal. |
| 0:39.4 | It happens. |
| 0:40.2 | I was just telling you about a mistake before we got started, but this is not the episode for that. I make screw ups occasionally, right? Everybody does. If anybody says they don't, they're a liar, and you can run away from that person. In my early days as a financial advisor, and I think I shared this on that episode, one of the biggest mistakes I made was not being more convincing to my clients to just stay the course when the markets got bad. |
| 1:04.1 | Sure. |
| 1:04.6 | And I was in the tail end of the 2000 to 2002 bear market, and then I got to ride all the way through what happened 2007, 2008, |
| 1:14.0 | 2009. Those were nasty and dark days. But I wish I would have been more convincing to these |
| 1:21.7 | clients to stay invested, especially looking back now. That's right. Sure. Sure. We used to hear, when I first got |
| 1:28.8 | started, it was 2000 into 2002, early 2003, in that bad market, which at the time was the |
| 1:35.7 | worst market since the Great Depression, it was still really fresh on a lot of people's minds. |
| 1:40.8 | Yeah. And oh, I'd hear about it all the time about how bad the market was. And finally, |
| 1:46.0 | you know, probably around 2006 into first part of 2007, people stopped talking about it and |
| 1:51.6 | they started to think, okay, everything's good again. Right. We've weathered the storm, |
... |
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