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Money Guy Show

Will the Market Crash in 2024?

Money Guy Show

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

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 31 January 2024

⏱️ 28 minutes

🧾️ Download transcript

Summary

How do we feel about a potential market crash in 2024, and how should you be preparing your finances no matter what the market looks like this year?

We'll walk you through that question and more in today's Q&A episode!

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Transcript

Click on a timestamp to play from that location

0:17.0

Next question is from Peter. He says, we bought a house at the height of the market but were able to snag a sub 5% mortgage rate. It doesn't feel like our quote-unquote forever home.

0:21.0

What should we do next?

0:26.0

Honey, we're missing some variables.

0:28.0

What?

0:29.0

I wanted to see what you would say.

0:31.0

I think, let me, let me tell you how I thought about this. He's got this

0:36.5

low interest rate he knows he wants to buy another house and it's hard to give up

0:40.9

that interest rate. How does he know when it's the right time to do that?

0:44.3

And is it worth it because the interest rates are now higher?

0:47.0

What do you think about that?

0:48.0

Here, I think Peter said, I bought at the height of the market.

0:50.4

So what that tells me is that this has been a recent purchase likely in the last three years.

0:55.0

But he said he got a sub five, so I'm thinking this is probably like two years ago if I'm using my sort of mental math here.

1:02.0

So he's in this home for two years.

1:03.4

I think the first thing that you should think about

1:05.1

is, okay, when it comes to buying a home,

1:07.3

we actually have an entire checklist.

1:09.3

You can go to moneyguide.com, slash resource,

1:11.0

check out our home buying checklist.

1:13.2

One of the things that's on our home buying checklist is when you make a real estate

1:16.7

purchase it needs to be a longer term decision so you need to say okay when I buy

1:20.9

this home I need to commit that I can be here for seven

...

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