May 11, 2020

How to Get a Refund for Your Cancelled Plans, Ep # 139

15 minutes

One of the effects of the Coronavirus has been a number of cancelled plans. Have you had to cancel plans due to the pandemic? Today we'll explore how to get a refund. I'll also share a CNBC article that I use as a cautionary tale. Then we'll look at some cosmic opportunities that may arise post-pandemic. And lastly, we'll listen to a listener question about home mortgages in retirement. We've got an action-packed episode, so press play now.

Outline of This Episode

[1:02] Resist the urge to swing at a fat pitch
[5:24] How to get a refund from your canceled plans
[7:13] The cosmic opportunity post-Corona
[10:00] A home mortgage question

Resist the urge to swing at a fat pitch

A recent CNBC article came across my feed right before I started recording and I wanted to share it with you all as a precaution. The headline states that investors are betting that 2 of the hardest-hit sectors, airlines and energy, have hit their bottoms. ETF's including these 2 sectors have increased in the past few weeks. I want to warn you away from betting on the large companies with household names that have taken a beating recently. Just because a company has suffered huge losses over the past few months doesn't necessarily mean that it will eventually bounce back to its all-time highs. These may seem like huge opportunities but taking risks with your retirement money is a frightening gamble right now.

How to get a refund from your cancelled plans

59 million people have been forced to cancel their plans due to the Coronavirus pandemic. But shockingly, only ⅓ of them expect to get a 100% refund. Have you tried to get a refund from your cancelled plans? If you have and haven't been successful try these strategies. Start by calling the merchant. But before you call to ask for a refund develop a plan. Consider whether you are looking for a full refund or if you'll settle for a credit. You may yield better results by being willing to take a credit. If the merchant doesn't cooperate try calling your credit card company.

The cosmic opportunity post-Corona

I'm always looking for positive news coming out of the pandemic. Recently I read an article written by Professor Scott Galloway. If you haven't heard of Professor Galloway, he is a fun follow on Twitter @ProfGalloway. His article showcases the idea that we can use this downtime that Corona has offered to invest in ourselves. By investing in ourselves and our relationships we are really investing in our future. So ask yourself how can you use this time to improve yourself?

A home mortgage question

To pay off the house or to retain a mortgage? That is a common question folks have as they get closer to retirement. There really is no correct answer. The answer is different for every person and it depends on your own personal goals. On the one hand, no one ever laments their paid-off house. And no mortgage means less risk. But… With interest rates being so low you could see much more growth by leaving those funds in the market. Where do you stand on this subject?

Resources & People Mentioned