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ChooseFI | Financial Independence Podcast

Financial Resilience in a Bear Market

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Investing, Business, Careers

4.85.2K Ratings

🗓️ 17 March 2020

⏱️ 16 minutes

🧾️ Download transcript

Summary

The stock market just erased 20% of its value overnight — and your retirement account went with it. Brad and Jonathan recorded this special daily episode during the early pandemic market crash to address the financial anxiety rippling through the FI community. With the bull market officially over and uncertainty mounting, they tackle the emotional side of investing: why panic selling destroys wealth, how to assess your true risk tolerance, and the critical difference between having a plan and actually sticking to one when fear takes over. Key Topics Discussed [00:00:00] Introduction and Context Announcement of the new daily podcast format to address rapidly evolving events. [00:00:48] Societal Responsibilities Reflection on collective efforts toward self-quarantine and society's response to crisis. [00:04:07] Market Updates Overview of the stock market downturn marking the end of the bull market. [00:04:43] Understanding Recession and Bear Markets Definitions and context for bear markets and recessions. [00:10:00] Psychology of Investing Emotional aspects of investing and the importance of maintaining a long-term perspective. [00:14:24] Community Engagement Encouragement to connect with the financial independence community for support. Key Takeaways Don't panic sell; it's detrimental to your financial health. [00:05:30] Avoid the pitfalls of panic selling during market volatility. Your perspective shapes your reality. [00:03:38] Focus on positive aspects and maintain a calm demeanor to improve your financial outlook. Preparation is key for navigating market cycles. [00:10:05] Assess and prepare for potential market fluctuations ahead of time. Create your plan when emotions are calm. [00:11:43] Develop a solid investment strategy in peaceful times to navigate crises effectively. Action Items Determine your risk tolerance to avoid panic selling. [00:11:44] Review your financial strategy regularly to ensure it aligns with your risk profile. Engage with the financial independence community for support. [00:14:06] Share your experiences and seek advice from peers facing similar challenges. Related Resources Freelance to Freedom by Vincent Puglisi [00:14:06] Expert insights on navigating current challenges.

Transcript

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0:00.0

Hey guys, welcome back to the Chusified Daily Special Edition bringing this to you

0:07.5

five days a week really as we're all kind of going through this time together.

0:11.6

We talked about it yesterday how we kind of all woke up to a new world and what went

0:15.3

from kind of like maybe kind of scary stuff coming our way went to the world has forever

0:22.0

changed.

0:23.0

And so our show, which was really intended as a twice a week format, we're going to move

0:26.8

it to daily because we're living this with you.

0:29.3

There's no free passes here.

0:30.3

You know, if you're on this path to financial independence, you certainly have advantages.

0:34.8

You're excited that you started when you did, but it's not a get out of jail free card.

0:40.6

And so yeah, we're back for our second edition of this daily show and tell me with this,

0:45.7

I have my co-host Brad, how you doing buddy?

0:47.4

Hey Jonathan, I'm doing well.

0:50.2

Yeah, doing quite well.

0:51.4

So yeah, it's interesting like as we're kind of recording these just stream of consciousness

0:55.6

here, the world has forever changed.

0:58.2

I wonder if we'll look back in a year or two and think that.

1:03.2

I mean, I suspect so, but it's very, very hard to know.

1:07.6

And it certainly, it feels that way right now, but I think we'll unfortunately, we'll

1:13.2

only know in hindsight.

1:15.0

And I mean, maybe it has changed in positive ways, right?

1:17.8

Like we've seen America and people across the world do things that we previously would

...

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