Ep 7: Are You Suffering From Pandemic Paralysis With Your Finances?
InvestingOn This Episode
With all of the changes in the market and in the workplace lately, have you avoided making financial decisions? Are you still working toward your financial goals or are you facing a bit of pandemic paralysis?
Takeaways
The pandemic has caused people to have a lot of emotional reactions, including the desire to stay still and hope for the best. Are you suffering from pandemic paralysis when it comes to your financial decisions? On this episode of Saving with Silverman, Mark talks through several areas in a financial plan where you might be feeling stuck.
Are you tempted to put your 401(k) on hold while the market is so volatile? Or have you been meaning to put together a financial plan for some time but now feel like there are too many changes happening to plan for the future? Coronavirus has definitely caused economic changes across Arizona and may mean you’ll have to be more flexible with your plan, but it’s crucial that you have someone look over the numbers with you.
You might be concerned about retirement, especially if you had planned on doing so this year or in the next couple of years. Are you scared that you might have to put that off? Knowing where you stand and having a direction is key to making the right decision next.
Finally, would you rather just bury your head in the sand and just ignore your accounts altogether? Instead of doing that, get advice from a financial advisor in Tucson or a second opinion to make sure you look at your long-term financial goals.
Listen to the full episode or skip ahead by clicking on the timestamps below.
Understanding everything that you have and having someone look at your numbers to come up with a plan to tell you, ‘Hey, you’re going to be okay’ or ‘No, you’re not going to be okay, but here are your options’, is crucial right now.
- Mark Silverman, CFP®
The Layout
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
1:10 - “The market has been so volatile; I’ll stop putting money into my 401(k).”
2:47 - “There’s no point in making a financial plan now since everything keeps changing.”
3:57 - Do you want more information about what’s happening with coronavirus and your finances?
4:47 - “I was planning to retire this year, but now I guess it’s pushed back indefinitely.”
5:55 - “I just ignore my accounts altogether.”
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