Covid-19 and the Bear Market

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Business, Investing, Entrepreneurship

4.7 • 3.6K Ratings

🗓️ 25 March 2020

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

#248: We are living in a time of extreme uncertainty. Many of us are questioning how we can best use the funds we have to survive it. “Should I sell the funds I have invested in the market, or keep contributing?” “Should I continue with my plans to invest in real estate?” “Should I hoard all of my cash in case this gets worse?!” My friend and former financial planner Joe Saul-Sehy joins me on today’s show to shed light on the answers and how to handle the stock market collapse. Here are the key points we discuss in this episode: Don’t panic sell and convert paper losses into real losses. Stay the course. If this is your first bear market, welcome to being a real investor! This is how you grow in the long-term. Dollar-cost averaging is your best friend. How this upcoming recession might be different. The silver lining? The economy was doing well going into this. But the speed at which our markets recover depends on the speed and dedication with which we flatten the curve. The financial principles you can use that will guide you to security in these rough times. P.S. – Unless you’ve been tested, default to the assumption that you’re infected and act accordingly. For more information, visit https://affordanything.com/episode248 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Hi there. I wanted to give you a quick update for those of you who heard my Monday update.
0:07.7	My fever last night hit 103.7 degrees and the night before that my fever hit 103.5 degrees.
0:17.4	So today in about an hour I am going to go for COVID-19 drive-through testing and I was
0:28.3	nervous about whether or not I could drive. The part of the inherent challenge of drive-through
0:34.7	testing is that it means that you may have to drive even when you're feeling very, very
0:41.6	sick. But I think I feel okay to drive and I'm going to go to drive-through testing and
0:48.3	in two to three days I should have my results.
0:52.0	So on the next PSA Thursday I will go into more detail about what all of this has been
1:02.3	like trying to get doctor's appointments, trying to find testing, all of that.
1:08.4	In the mean while though, enjoyed today's episode, Joe saw C. High and I recorded this
1:13.9	episode last week and once again it feels like a time capsule. PIPF like archaeologists
1:20.6	have dug up this audio file that demonstrate what life was like last week.
1:26.9	I just want to reiterate I didn't start developing a fever to the best of my knowledge until
1:34.0	day nine of quarantine. So I quarantined as a precautionary measure even though I felt
1:40.5	perfectly healthy for nine days before I started feeling any symptoms. And if that is not
1:47.9	an argument for the importance of quarantining as a matter of caution even if you feel healthy,
1:56.4	I don't know what is because if what I have is COVID-19 which it may or may not be,
2:03.4	then that means that I would have contracted it between 10 to 14 days prior, presumably.
2:10.9	I mean unless there was some way I could have somehow contracted it while in quarantine
2:17.7	which is also possible. But at any rate, I'm getting drive through tested today. I'll
2:22.8	know within two to three days on PSA Thursday. I'll describe much more detail about what
2:28.8	all of this has been like for now. Enjoy today's episode which is all about the bear market.
	...

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