Today it’s just Marcus and Rich on the podcast. They’re free styling the conversation and chatting about how they were both on vacation while the news was breaking that COVID-19 was spreading quickly and that the government declared it a pandemic. They also discuss the role that therapy has played in their decisions to stay calm during the current stock market crash and what could be the start of a recession. They reiterate the importance of making sound financial decisions and not jumping into buying stock or selling stock out of emotion. Remember, investing is something that should be part of your regular financial plan and a habit that you practice 365. Lastly, they give some tips on how to maximize your cash flow during this time, while still being strategic about paying off your debt.

 

Key Takeaway: It’s ok to be scared, but don’t make panicked decisions with your money or things in your day-to-day life. It’s important to follow good financial habits year round so that if you find yourself cash strapped or possibly out of a job right now, you can reflect and revaluate how you can make sure you’re in the best situation possible the next time a global or countrywide crisis happens.

 

Highlights:

• Being on vacation and disregarding the US media
• The fear of being left abroad
• Not worrying about what you can’t control
• Anxiety transfer
• “It’s ok to be scared”
• Therapy bringing out self-awareness – Making better decisions in the midst of a chaotic situation
• The stock market response to COVD-19
• Capitalizing on fear and selling predatory products or services during this pandemic
• Maximizing cash flow during an emergency – Paying your minimum debt payments for a short time to keep your cash liquid
• Don’t make any financial moves out of fear or panic

 

Paychecks & Balances

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Books Mentioned In This Episode:

 Maybe You Should Talk To Someone, by Lori Gottlieb - https://www.amazon.com/Maybe-You-Should-Talk-Someone/dp/1328662055

Atomic Habits, by James Clear - https://www.amazon.com/Summary-Atomic-Habits-Proven-Build/dp/1672148553/ref=sr_1_2_sspa?crid=3D1E6DMZV87OB&dchild=1&keywords=atomic+habits&qid=1584984840&s=books&sprefix=atomic+hab%2Cstripbooks%2C205&sr=1-2-spons&psc=1&spLa=ZW5jcnlwdGVkUXVhbGlmaWVyPUFQRjZPVEJHQ0NWRkMmZW5jcnlwdGVkSWQ9QTA2MjA2NDkzMVk4SFIwSDVFQjBaJmVuY3J5cHRlZEFkSWQ9QTA3MDEyNDUyUDJMV1A4TUZXT0JZJndpZGdldE5hbWU9c3BfYXRmJmFjdGlvbj1jbGlja1JlZGlyZWN0JmRvTm90TG9nQ2xpY2s9dHJ1ZQ==

The Behavioral Investor, by Daniel Crosby -