Financial planning guidance from West Tennessee's Nathan O' Bryant.
Financial planning guidance from West Tennessee's Nathan O' Bryant.
Coronavirus Market Update + What’s Next
We’re all dealing with the affects of the coronavirus to financial markets around the globe and it’s a challenge to keep up with all the news updates. We’ll try to bring all the key pieces of information as Nathan together on this episode as we head into the final week of March. Plus we’ll discuss what could be next and what type of rebound we could see.
Read more and get additional resources: https://wp.me/paIiUZ-eX
2:06- We are doing some in-person meetings but also utilizing technology for virtual meetings.
3:19- Nathan shares an awesome phone call he got this week from a client.
5:55- Despite the rapid market drop, clients have stayed pretty calm through it all so far.
6:33- Selling now is the worst decision you can make.
7:30- Many analysts feel it could be a v-shaped or u-shaped rebound.
9:18- How does the bucket strategy fit into planning right now?
13:45- Nathan tells the story of his friend flying into Nashville this week.
14:55- How do we move forward from this?
16:37- Are they closing in on a cure?
19:35- Nathan says he’s never seen a market bounce like we’re witnessing now.
21:01- It’s so important to have a plan now and moving forward.
22:56 - Are we in a recession?
26:28 - One thing that hasn’t change is companies are still driving to make a profit.
Coronavirus: What Pandemics Often Do To The Market
Are you worried about how coronavirus might impact the market or your financial plan? Let’s look at several past epidemics to see what the market has done historically.
Read more about the topic and get additional resources: https://thefinancialanswer.com/podcasts/coronavirus-what-pandemics-often-do-to-the-market/
Today's show rundown:
1:25 - All pandemics affect the market.
3:19 - Coronavirus is definitely having an impact on the world right now.
5:00 - SARS caused a drop in the market, but it was back within a few months.
7:09 - Ebola affected the market for about eight months.
11:43 - Swine flu caused a dip on top of the market downturn we were already experiencing in 2009.
13:02 - DOW Jones market data shows that things rebound within six months.
15:20 - The Spanish flu killed millions in 1918, but the market only declined 10 percent.
Inheritance 101: Everything You Need to Know
Whether you’re trying to build an estate plan or deciding how to invest an inheritance, there are some things you need to be aware of. Let’s look at inheritances from both sides and identify the common mistakes being made, how the SECURE Act changes planning, and Nathan’s own experience with inheritances.
Show notes and additional resources: https://wp.me/paIiUZ-el
1:26 – Fun fact for the show: 90% of Americans live within 10 miles of a Walmart.
2:51 – Today we’re talking Inheritance 101 and how the SECURE Act impacts that.
3:15 – What do people need to know about tax implications of inheritances?
5:01 – What are the major changes in the near future for people inheriting money?
6:16 – With the elimination of the Strech IRA, that really targets the children.
7:04 – Nathan had his own inheritance that was grandfathered in.
8:17 – Roth conversions might be great for some and not for others.
8:48 – What are some common mistakes Nathan sees people make with their estate?
9:51 – Leaving land and farms is a very common thing here and it can cause problems with children.
11:25 – You need to be having conversations with the family and make plans ahead of time.
12:16 – What are some common mistakes for people on the receiving end of the inheritance?
13:17 – Nathan shares a client story about someone that received a $250K inheritance at 27 and it was gone within the year.
15:22 – If you receive an inheritance, what are the first steps you should take?
17:51 – Email question: My son graduated from college and his grandfather gave him $10,000 for a gift but it can only be used for investing. My son has asked me what he should do with it but I don’t know what to tell him. Thoughts?
How Often Does a Financial Advisor Answer These Questions?
How often do advisors see certain situations? Are you alone in your questions or are they common scenarios?
Show notes and additional resources: https://wp.me/paIiUZ-ek
2:25 - In the News: Former Wells Fargo CEO John Stumpf to pay millions in fines.
3:38 - How we respond to the market recently taking a bit of a dip, in part with the Coronavirus.
5:16 - How often do people ask, “Can I retire tomorrow?”
6:20 - How often do clients go against the advisor’s advice?
9:16 - It’s good to challenge advisors to understand the reasons for their financial advice.
9:49 - How often does a client cry?
11:23 - How often does a client say they need a million dollars before retiring?
13:48 - Mailbag: Should I sell my rental properties to pay off debt?
Understanding The SECURE Act
Are you right on the edge of taking RMDs and wondering what the recent changes due to the SECURE Act mean for you? We’ll explore the difference a few months could mean when it comes to taking RMDs under the new SECURE Act.
Show notes and additional resources: https://thefinancialanswer.com/podcasts/understanding-the-secure-act-when-did-you-turn-70-5/
1:35 - The SECURE Act passed but is still a bit confusing when it comes to RMDs.
2:21 - Let’s play: This or That?
3:19 - What’s the difference between being born at the beginning of the year and the second half of 1949 for RMDs?
7:07 - Fun fact: IRA and 401(k) rules were started in 1974, the same time Billy Joel and Bruce Springsteen started their careers.
8:43 - Make sure you check with your advisor to avoid the penalty of being wrong on your RMD age.
11:46 - Upcoming class: Retirement Planning Today will be held on February 4th and 11th.
5 Biggest Storylines of 2020: Will They Matter Financially?
We’re already off to a busy start for 2020 and it doesn’t appear like the news will slow down anytime soon. Let’s look at the biggest anticipated storylines for this year and find out whether or not they will matter when it comes to your retirement planning.
Show notes and additional resources: https://thefinancialanswer.com/podcasts/5-biggest-storylines-of-2020-will-they-matter-financially/
1:11 – The Dow has surpassed 29,000.
2:27 – How much will the headlines and storylines of 2020 impact the market?
2:58 – The 2020 election
4:36 – What does history tell us about election years?
6:31 – Depending on who gets elected, taxes could be impacted.
7:44 – Does it matter: Stock market returns over the next 12 months?
9:24 – Always be investing based on your time horizon.
10:24 – The trade war with China: how much will it matter?
12:26 – The health insurance marketplace: does it matter?
14:27 – The final one: the future of Social Security.