It's scary to invest right now! In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA, and Xavier Angel, CFP®, ChFC, CLTC answer listener questions on investing in down markets. Is it a good time to invest? Should I pay off debt with my investments instead? What happens if we have a recession?
Episode Highlights:
Erik and Xavier encourage everyone to submit podcast questions or feedback on their website. (2:00)
Xavier shares that the primary question he gets asked right now is whether or not people should pull back from investing given the economic climate and talks of a recession. (4:01)
Xavier mentions that although investment choices depend on individual situations, fortunes are made by entering the market at times likes these rather than fleeing it. (4:28)
Xavier addresses the question of whether or not we are entering a recession. (9:40)
Xavier explains how long it takes to recover from a bear market. (11:23)
Erik discusses another frequently asked question: Is it a good time to invest, or should we wait a little longer for things to improve? (12:38)
Erik explains that although it may seem counterintuitive, when consumer sentiment is at its lowest, it is actually the perfect opportunity to buy stocks, based on historical market data. (14:22)
Erik believes that with investing, there is no such thing as a right or wrong answer all of the time. There may be better or worse responses, but it always depends on your personal situation. (20:18)
Erik explains the value of having a financial planner at your side, assisting you in making decisions that are aligned with your purpose, objective, and values. (27:53)
Key Quotes:
“Now's a time where millionaires are made by going into the market rather than running from the market.” - Xavier Angel, CFP®, ChFC, CLTC
“Whenever you invest a dollar, you should have a purpose for that dollar.” - Erik Garcia, CFP®, BFA
“If history is a good indication of what's going to happen in the future, the stock market's going to recover eventually.” - Erik Garcia, CFP®, BFA
Resources Mentioned:
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors
