A lot of clients and friends have been asking us recently: "I'm not worried about the market, I'm actually excited! But how do I take advantage of the crisis? I've heard that I should refinance my mortgage, is it true? Should I buy Amazon, Netflix or Zoom? What should I do?"
All very good questions. In this episode, we spoke about how to take advantage of a market downturn. Dan introduced the idea of Roth IRA conversions and mortgage refinancings. However, you should always understand the upside and downside of a concept. After all, there is no free lunch in this world. Nathaniel talked about his "filter process" when selecting investments, and cannot emphasize enough the importance of sticking within your circle of competence. As he brilliantly pointed out: "I know what I know, and I know what I don't know!" In addition, as Tim always says, without proper financial planning, you won't know how and when to take advantage of anything. A thorough plan puts you in the best possible position to face any challenge in the market and in life.
Enjoy this episode, and we will talk again soon!