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Radical Personal Finance

710-Where Do We Go From Here? (COVID19)

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.21.9K Ratings

🗓️ 15 March 2020

⏱️ 60 minutes

🧾️ Download transcript

Summary

Perhaps, like me, you're having a hard time getting your brain to accept what you're seeing around you and on the news and you're trying to figure out what's going on.

In working through this problem, I decided to chart out my Best-Case Scenario and my Worst-Case Scenario for both the medical problem of the COVID-19 pandemic and the economic outlook.

I figured I might as well turn the microphone on and let you listen in.

I hope it's useful.

Joshua

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to Radical Personal Finance, a show dedicated to providing you with the knowledge, skills, insight, and encouragement you need to live a rich and meaningful life now, while building a plan for financial freedom in 10 years or less.

0:12.0

Today in the show, we're going to talk about the week ahead or the few weeks

0:15.3

ahead as I record this at Saturday, March 14 just before 8 o'clock in the evening and it's

0:20.5

been quite the momentous last few days.

0:24.2

But I wanted to share with you a few ideas.

0:27.3

Now, recently I've been sharing with you

0:30.0

what I've been thinking about, trying to help guide you, give you someone to hopefully

0:34.8

thoughtful and rational to talk through some of the events that we're living through.

0:39.0

And it seems like you can't keep up.

0:40.9

News is changing very, very fast, which is why I'm recording this. And basically, what I'd like to accomplish in today's show is I'd like to give you some ideas so that you can understand basically what the different options are.

0:53.0

And as we think about the path ahead,

0:55.0

as we think about where we're going from here,

0:57.0

I want to share with you what I see as the best case scenario

1:00.0

and the worst case scenarios.

1:02.0

And then you can watch over the coming days

1:04.7

to try to figure out what we're more in line with.

1:08.5

And I want to talk about this in light of the specific threat of the virus itself talk about kind of what a best-case

1:16.8

scenario looks like and what a worst-case scenario looks like as I see it and

1:20.8

then also talk about it economically, what is an economic best-case scenario,

1:25.7

and what is an economic worst-case scenario.

1:28.6

And I did this analysis for myself because as I look around and watch the events of the day, it makes me, it's hard to believe.

1:39.0

I think we're probably all in that same situation where it's hard to believe.

...

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