4.6 • 682 Ratings
🗓️ 30 October 2023
⏱️ 9 minutes
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0:00.0 | Brought to you by the Every Dollar app. Start budgeting for free today. |
0:06.3 | Today's question comes from Rachel in Missouri. She says, I've been listening to you for over 20 years, |
0:11.7 | and I'm so grateful for your financial principles. My family is close to paying off our mortgage, |
0:16.8 | and then we are completely debt-free. Will you please give perspective on our world events, |
0:22.5 | talking about the Israel at war, etc.? What's the best advice to prepare financially for our |
0:28.8 | own home and how to invest with so much turmoil? This is an interesting question. Dave, I'll |
0:34.7 | give my two cents on this. I'd love to hear your side of this. |
0:39.3 | Rachel, things like this, whenever there's calamity, whenever there's uncertainty in the world, |
0:44.5 | I think about COVID and all those things. I really go quickly to controlling what I can control. |
0:51.1 | And in this case, like you said, you're close to paying off your mortgage, you're close to being completely debt free. Do those things that you know to do and continue walking down that path. And then for me, I just also have to accept. It's like in one hand, I control the things that I can control. And then on the other hand, I have to accept the things that I can't control. And one thing |
1:12.1 | that I have found that helps me accept the things I can't control is I tend to want to lean into |
1:17.4 | generosity a little bit. And then there's kind of just like, okay, I can't go overseas and I may not |
1:23.4 | be the one that can save people, but I can be generous in my community. There's things that I can still do. So that's the way that I would approach that. And those are the two things that have |
1:32.5 | given me peace in times like these. What about you, Dave? Now, that makes a lot of sense. Control the |
1:38.4 | controllables. I mean, when we were in the Fauci pandemic, you know, we didn't know what was going to happen. Um, you know, |
1:45.6 | it was, we'd never been in a Fauci pandemic before. You didn't know what to do, right? And so, um, |
1:51.4 | you know, you just kind of got to get in there and wind your way through. That one actually |
1:55.0 | showed up in Missouri. I don't think Hamas is going to show up in Missouri. I could be wrong, but I'm pretty sure of that one. |
2:06.5 | Might be wrong. I mean, sure as I say that, it'll be tomorrow, but I don't think so. I think you're, I think you're probably okay. But then the question is, what does world, what do global events |
2:11.7 | do to your investments? Well, if you're invested in the stock market, for instance, in your 401k, |
2:16.9 | sometimes global events temporarily affect that. |
2:20.5 | A scare in the Ukraine, a scare in Israel, a war in Israel, a war in the Ukraine can affect stock market, usually fairly temporarily. |
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