fbpx
U

The Truth About the Coronavirus and Your Finances

February 27, 2020

What a crazy week! The uncertainty created by the coronavirus has obviously impacted the markets. In all of the panic, we wanted to help you cut through the noise. There is a big difference in the way you should prepare your family from a health perspective versus reacting from a financial perspective for any impact the virus may have.

Fortunately, if you already utilize diversified portfolios, you can weather any short-term pain! We are not the only voices that consider this a short-term event. The IMF Chief Economist Gita Gopinath stated, “There is a scenario where all the hit takes place in the first quarter, and by April, like a V-shape, China is back to normal.”  This V-shape recovery is exactly why we do not try to time the markets. As we explain in this video, there are quite a few similarities to the outbreak of SARS in 2003, and, if history is likely to repeat itself, the recovery will be just as fast (or faster) than the downturn.

Please feel free to share this with friends, family, and anyone that you feel may benefit from our insights. We hope this helps! 

Discover 5 Healthy Ways to Deal with Investment Uncertainty in this FREE download!

Enjoy the Show?

If you have any questions (or just want to say hi!), join the conversation on FacebookTwitter, or Instagram!

Connect

Subscribe

Most Recent Episodes

What I Learned From Being BROKE!!! (And Why I Wouldn’t Change It)

No one disputes the fact that being broke isn’t great. We want to spread the word that no matter where you came from, you can build wealth. In this episode, Brian and Bo share personal stories about their journey to wealth and lessons they learned along the way....

Top 10 Mind-Blowing Money Stats (2023 Edition)

These 10 money stats will blow your mind! We’ll discuss the unbelievable amount of money Americans save, when most reach millionaire status, and how many Americans carry a credit card balance. Research and resources from this episode: Most Americans don't have enough...

Wealth Multiplier Revealed: The Magic of Compound Interest!

There’s a reason why Albert Einstein called compounding interest the eighth wonder of the world! Do you know exactly how it works and how much your dollars could turn into by retirement? The Money Guy Wealth Multiplier can show anyone just how powerful every dollar...

From $0 to Millionaire in 10 Years (Is it Possible?)

How can you become a millionaire in 10 years or less? We’ll discuss common ways we see millionaires build wealth quickly, including through real estate, entrepreneurship, and the stock market. Discover how real wealth is built and why building wealth quickly may not...

Financial Advisors React to INFURIATING Money Advice on TikTok!

Brian and Bo are BACK to react to some more TERRIBLE financial TikTok advice! Join us as we take a look at some of the worst financial advice on the platform and tell you what to actually focus on in your own financial life. Enjoy the Show? Sign up for the Financial...

Investing Showdown: Dollar Cost Averaging vs. Lump Sum!

It’s a debate as old as time: what’s better, dollar cost averaging or lump sum investing? In this episode, we’ll cover the nuances and pros and cons of both, including in-depth case studies comparing investors at different times. Research and resources from this...

Is Inflation Really Ruining Your Finances? (You Won’t Like the Answer)

Inflation has changed our daily living expenses dramatically over the last few years. While we can’t control all of our expenses, there are many things in your control that can help you become a Financial Mutant and build wealth better than your peers. Enjoy the Show?...

Are $1,000 Car Payments Becoming the New Norm?!

New data shows more Americans than ever have car payments over $1,000. Is this becoming the new normal? How much could having a car payment of $1,000 be costing you for retirement? For more information, check out our Car Buying Checklist!