"I'm Paying Cash for a Car - How Much Should I Spend?"
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 31 May 2023
⏱️ 31 minutes
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Summary
Transcript
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| 0:00.0 | I'm seeing you guys. |
| 0:07.5 | CS has a question for you, Bo. |
| 0:10.0 | He says, hey, money guy team, should I be keeping some percent of cash, some percent |
| 0:15.2 | cash position and anticipation of a potential upcoming recession? |
| 0:20.7 | Or should I continue ABB, always be buying as you and Brian say? |
| 0:26.3 | Yes. |
| 0:27.3 | This is an interesting question we get all the time because you hear us talk about, hey, |
| 0:31.6 | the best time to invest would have been yesterday. |
| 0:34.6 | So the second best time to invest, then therefore is today, right? |
| 0:39.2 | If we couldn't start yesterday, we need to start today. |
| 0:41.0 | And we are huge proponents of this idea of ABB, always be buying, always be putting your |
| 0:45.6 | money into the market, always be adding to your army of dollar bills. |
| 0:50.1 | But some people say, hey, I've heard this idea that maybe I want to keep some dry powder, |
| 0:54.1 | maybe I want to keep some cash on the side. |
| 0:56.4 | What if I think that there's a downturn? |
| 0:58.5 | I have to be very clear here. |
| 1:00.8 | When you say stuff like that, like what if there's a downturn, what if there's a recession? |
| 1:04.4 | I want you to be someone who's opportunistic and not trying to time the market because you |
| 1:09.3 | may hear me and Brian talk about it. |
| 1:10.6 | We personally, when it comes to investing, we are always buying, but we do keep a little |
| 1:16.5 | bit of excess cash on the sidelines or excess liquidity on the sidelines so that we can |
| 1:20.9 | jump on opportunities, this building that we're in being a prime example of that. |
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