On This Episode
Maybe it’s too many months of quarantine, too much cable news or too much social media, but people have a lot of anxiety right now. Mark explains why you should just calm down.
Everybody just calm down. It’s easier said than done. Maybe it’s too many months of quarantine, too much cable news or too much social media, but people have a lot of anxiety right now.
On today’s Saving with Silverman podcast, Mark answers hypothetical financial questions and explains why people with these fears should take a breath and calm down.
Question 1: We believe there’s going to be another Great Depression, and we don't want to have any money in the bank. Where should we keep cash – in a safe or at home under the mattress?
Mark explains why you have to be optimistic and realistic and realize that U.S. currency is still the number one currency out there.
Question 2: I’m certain that we’re living in end times and we don't want to have any money in the market. Is that a good idea?
You need to have a balanced portfolio and manage your money risks. Mark explains what that looks like.
Question 3: I was supposed to go on an African safari, but it was canceled due to the coronavirus. I can reschedule for next spring but it will cost 30% more. I think it’s worth it because animals are dying off due to climate change. Do you think it’s worth paying a little more?
A lot of people have canceled trips due to the coronavirus, but Mark explains why it’s not a good idea to pay 30% more for a trip.
Question 4: My son says I should put half my money in gold. Is that a good idea?
Gold is up there right now, but Mark explains the history of gold prices and why timing the market for gold or stocks is not a good idea.
Question 5: I was planning to wait until at least 65 to collect social security, but my best friend told me the money isn’t going to be there. Should I collect social security now?
For a lot of people, social security is the only pension they’ll have. Mark explains how taking social security early can affect you and your taxes.
If your dollar’s not good in a stock, then it’s not going to be good under your mattress either.
- Mark Silverman
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
0:46 – Question 1: Money in the bank?
2:36 – Question 2: Money in the market?
3:51 – Question 3: Pay more for a vacation?
5:50 – Question 4: Buy gold?
6:55 – Question 5: Collect social security?
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