Coronavirus: Ditch the Advisor?

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 23 June 2020

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

You have an account set up for your kids and you're being charged a 5.5% upfront commission. Is it time to ditch the advisor you're working with? Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Jill on Money Coronavirus Market Update. It is Tuesday, June 23rd and welcome to Tuesday.
0:12.4	And hope you're well, got some information. 3rd and welcome to Tuesday.
0:12.8	I hope you're well.
0:14.3	Got some information about existing home sales.
0:16.7	Not surprisingly, they plummeted in May.
0:20.6	Really hard to go out and buy a house when A, you't have a job or B you're scared of your next steps or C you've plowed all the money of your investment account into your emergency reserve because you didn't have that to begin with.
0:33.6	Anyway, sales of existing homes, they fell by 9.7% from April.
0:39.2	That's a seasonally adjusted annualized rate of 3.91 million units, down 26% from a year ago,
0:49.0	the largest annual decline since 1982, that's when interest rates were 18%.
0:57.0	Okay, so what do we know about this?
0:59.2	We know that this is probably going to be the bottom for the housing market.
1:05.1	We'll see.
1:06.1	People were starting to become more encouraged
1:08.9	beginning of this month.
1:10.4	Inventory is down, okay? so meaning the number of homes for sale just down.
1:17.4	We're down by gosh, almost 19% from a year ago, so we've got very tight supply here that means that prices aren't
1:25.2	going down you think you're going to go find a bargain may not be happening so
1:29.7	it's a it's really a crazy time in the housing market.
1:33.6	Okay, let's get to your questions.
1:35.4	Remember, if you have a financial question,
1:37.6	email us, ask Jill at Jill on Money.com.
1:41.6	Usman says, I'm currently investing in my 401k and my Roth IRA 20%, 10% into each.
	...

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