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Money Guy Show

The BEST Financial Strategy During the COVID-19 Pandemic

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.73.1K Ratings

🗓️ 27 March 2020

⏱️ 41 minutes

🧾️ Download transcript

Summary

When you live through a market downturn, you walk away wiser, and full of new planning strategies to help you prepare for your next unexpected life event. In this episode, we walk through financial planning opportunities you can take advantage of in the middle of this uncertainty, then shift our focus on how to prepare for the next one. For more information, visit: https://www.moneyguy.com/2020/03/best-financial-strategy-during-the-covid-19-pandemic/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

The best financial strategy for crisis.

0:03.6

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:10.5

investing, taxing. You've got financial questions, he's got financial answers.

0:16.0

It's Brian Preston, the money guy.

0:19.4

Both typically, they're things that can be learned during a crisis. There's also things that

0:24.6

you're going to be in the middle of ego. Man, I wish I didn't know they're going in, but

0:28.4

there's definitely something I'm going to internalize and then I'm going to make sure

0:31.6

in the future, I don't get myself in this situation again.

0:35.6

What I think is so exciting, Brian, is whether this is like a fortunate or unfortunate thing,

0:39.8

we've been through crises before, whether it be the dot com bubble or 9-11 or the great recession

0:47.2

or fill in the blank. We've been here before and one of the great things you said is after a crisis,

0:52.0

you can learn a lot from there. You get to do an after-action review and we thought, well,

0:56.3

maybe there are some things that we've learned from prior previous experience that we can share

1:01.3

that might be valuable as we approach this or even the next crisis. Let's see if there's some

1:05.6

planning opportunities and things that you can figure out how this works with your financial

1:10.4

situation. You not only go into this the next time stronger, better, and more prepared,

1:17.1

you will be in a much better place to tackle this. Number one, give it gas and drive through it.

1:25.1

I think we talked about this in pre-show. You guys love recirculating this picture that Daniel created.

1:32.3

And this is supposed to be because he did somehow he found a picture of the hat that I had

1:37.6

when I worked at parties. I was the crew leader working the drive through. I mean, if you drove

1:43.2

through the hardies in Magdana, Georgia, more than likely, you saw me working there. And I'll

1:48.4

never forget that it was at parties that days of thunder, Tom Cruise, Robert DeVol, and others.

...

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