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Speaker 1: Hey, hey, hey, we're back. We're black, We're brown and bucy.

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Speaker 1: I'm so excited about this episode, Manajoe.

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Speaker 2: Because we have one of our faves.

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Speaker 1: On, Sharon Epperson of c NBC. She's gonna talk to

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Speaker 1: us about what do we need to do? Sharon rescard.

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Speaker 1: We're scared, we're unsure these wacky, wild financial times that

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Speaker 1: are happening out there.

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Speaker 2: What should we do?

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Speaker 1: Sharon is the dopest I can't wait to chat with her.

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Speaker 1: Shall we let's start?

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Speaker 3: Sharon Upperson, thank you so much for coming to our rescue.

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Speaker 3: You're gonna fix everything, right, Sharon, You're gonna make that.

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Speaker 2: I don't know about that. I don't know about that,

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Speaker 2: but I will definitely commiserate and try to give you

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Speaker 2: some guidance on what I've learned so far.

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Speaker 3: Well, this is just an unprecedented time, and you know,

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Speaker 3: our listeners come to us for answers to their everyday

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Speaker 3: personal finance questions, and it feels like a little bit

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Speaker 3: like the questions we're getting now are very much like

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Speaker 3: the ones we've always gotten. You know, should I be

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Speaker 3: investing for saving? Should I roll over my four one K?

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Speaker 3: You know? Should I pay off my credit card debt

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Speaker 3: versus my student loan debt. But there's just this underlying

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Speaker 3: current of oh, yeah, the world is falling apart and

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Speaker 3: I may not have a job tomorrow, and you know,

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Speaker 3: let's just start off by sharing a little bit about

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Speaker 3: personal experiences. You know, right now, my dad lost his

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Speaker 3: job today. He's a transit worker in Atlanta. He rides

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Speaker 3: drives the bus for special needs passengers, and they furloughed

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Speaker 3: him without pay. And he's texting me all day. You know,

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Speaker 3: how does he do unemployment and things? You know, what

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Speaker 3: about his four one K matching? And like all these

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Speaker 3: things are hitting him and hitting me while I'm trying

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Speaker 3: to work with the baby at home, losing my mind.

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Speaker 3: Tiff on your end, what's it like?

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Speaker 1: Honestly, like I my family is for the most part okay,

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Speaker 1: but it's really like through the budget needs to platform,

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Speaker 1: which is getting so many questions. I mean, people are

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Speaker 1: really scared. I can't tell you how many people who

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Speaker 1: are my age or younger who are legitimately like I'm

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Speaker 1: going to take all the money of my bank account,

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Speaker 1: or I'm going to withdraw everything from my four to

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Speaker 1: one K, or should I even contribute to a four

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Speaker 1: to one K or what do I do if I

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Speaker 1: don't have any savings. There's a lot of fear and uncertainty,

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Speaker 1: and you know, I try to answer as many questions

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Speaker 1: as I can, but oh my gosh, like my dms

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Speaker 1: are blowing up, and I'm like, I don't have all

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Speaker 1: the answers. Just been worrisome like all around. And so

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Speaker 1: I'm glad Sharon is here today.

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Speaker 2: Absolutely, I'm glad to be here. I mean, I'm worried too,

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Speaker 2: I'm anxious too. It's really hard, you know. I have

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Speaker 2: a fourteen year old daughter and a seventeen year old son.

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Speaker 2: My husband too. I came in contact with someone who

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Speaker 2: had COVID nineteen, so I've been self isolating from my

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Speaker 2: own family for now. I'm at day thirteen. Tomorrow, finally

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Speaker 2: I'll be allowed to be nearer them and not have

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Speaker 2: to have social distance in my own home. But it

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Speaker 2: is very, very difficult, you know, and it's hard to

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Speaker 2: separate how emotional I am about and anxious I am

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Speaker 2: about making sure that I keep my family safe and healthy,

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Speaker 2: and also how stressed I am about our own family's

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Speaker 2: financial situation, even though I know we're going to be fine.

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Speaker 2: It's just it's unsettling. And again, no one has all

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Speaker 2: of the answers, and so it's been a difficult time.

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Speaker 3: I think for everyone, Well, why don't we tackle the

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Speaker 3: first questions people are having, which I think have to

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Speaker 3: do with what do I need to do anything? So

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Speaker 3: starting with people who have their nest egg and retirement,

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Speaker 3: I mean, what answer do you give them, because if

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Speaker 3: they're like me, they have logged into their four one

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Speaker 3: K even though we told them not to. We said,

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Speaker 3: don't touch your face, don't touch your four one K,

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Speaker 3: but I did it, and it's down nearly thirty percent,

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Speaker 3: which is painful. It's like, why did I even bother

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Speaker 3: saving for the last year and a half. But what

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Speaker 3: advice do you have for people on what should I

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Speaker 3: do with my nest egg right now?

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Speaker 2: So I want to back up real quick before we

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Speaker 2: think about the nest egg and think about the overall

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Speaker 2: financial picture, because I think people are looking at that

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Speaker 2: nest egg and they are looking at their four one

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Speaker 2: K or IRA balance and they're totally freaking out. Why

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Speaker 2: to ever put my money in the stock market. I

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Speaker 2: should never have done that. But that's not the whole

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Speaker 2: picture for your financial life. Or it probably shouldn't be.

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Speaker 2: And so one of the things that I did to

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Speaker 2: calm myself down this morning is I made a list

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Speaker 2: of what my new goals are. Sharon's new money goals

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Speaker 2: and my new money goals are. I'm nervous. So if

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Speaker 2: I'm nervous, that makes me know that I do not

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Speaker 2: have enough money in cash savings to not be nervous.

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Speaker 2: So that's my first thing. How am I going to

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Speaker 2: increase that cash cushion. The next thing I had on

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Speaker 2: my plate was, you know, I do have credit card debt.

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Speaker 2: I don't like having credit card debt. And I know

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Speaker 2: that at card company some of them are going to

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Speaker 2: be more lenient in terms of waiting interest, but eventually

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Speaker 2: I have to pay off this money. They're not saying

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Speaker 2: you're never going to have to pay your money. There

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Speaker 2: may be more lenient in how you get it paid.

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Speaker 2: So that's something that I know I want to deal

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Speaker 2: with because the interest rates there are way more than

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Speaker 2: down thirty percent, right. And then the other part was

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Speaker 2: I don't want to stop investing. I know that I

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Speaker 2: need to invest because I know I'm going to be

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Speaker 2: working probably for at least another decade or two I'm

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Speaker 2: going to be retired, I hope if I'm healthy another

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Speaker 2: decade or two after that. I need growth, So I

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Speaker 2: need to be in the stock market but not feel

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Speaker 2: so clobbered when it's down thirty percent? So how do

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Speaker 2: I put some money there and still, you know, be

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Speaker 2: able to do some of these other goals. And then

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Speaker 2: the other thing I decided to do was eventually this week,

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Speaker 2: I'm going to start my taxes. I know we have

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Speaker 2: until July fifteenth to do our taxes, but if I'm

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Speaker 2: going to get a refund, and I'm not certain that

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Speaker 2: I will, but if they're possibility, I want my money.

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Speaker 2: I want my money as soon as possible to say today,

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Speaker 2: that was my checklist. And in terms of what I

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Speaker 2: thought about the four one K and I think people

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Speaker 2: who are really nervous might want to think about it

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Speaker 2: this way. If your company is offering you a matching contribution,

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Speaker 2: you don't want to miss out on that free money,

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Speaker 2: because there's no free money anywhere right now. And so

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Speaker 2: I wanted to make sure that I'm contributing up to

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Speaker 2: that amount. But any amount that I was doing over

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Speaker 2: that which I was doing, I'm not not going to

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Speaker 2: do anymore. I'm going to put that money into just

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Speaker 2: cast savings because that's where I'm most nervous. I'm going

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Speaker 2: to try to believe that what has happened historically and

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Speaker 2: what financial advisors say as after every market correction over

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Speaker 2: the next decade or so, the market comes back, you

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Speaker 2: don't want to miss out on that. Sometimes it even

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Speaker 2: goes higher. We have seen that happen again. These times

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Speaker 2: are unprecedented, so who knows if it's going to happen again.

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Speaker 2: But I don't want to lock in losses. I don't

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Speaker 2: want to sell it a loss. So I'm not trying

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Speaker 2: to sell anything that's in that four to one K,

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Speaker 2: but I want to be more prudent about the money

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Speaker 2: that's going in there and where it's going.

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Speaker 3: So talk a little bit about your decision to you're

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Speaker 3: not contributing to your four one K, but you're diverting

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Speaker 3: some of the savings you would have put in there

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Speaker 3: toward your cash savings, your cash cushion. So for people

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Speaker 3: who are wondering what's more important right now putting money

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Speaker 3: in the market or putting it in my cash saving

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Speaker 3: is like, what's swaying your decision the most right now?

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Speaker 2: If you lose your job, what do you have as

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Speaker 2: a cushion. Do you have to go into your four

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Speaker 2: one k and take a loan, take a hardship withdrawal,

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Speaker 2: or do you have money in the bank that you

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Speaker 2: could access? And in my case, I want to make

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Speaker 2: sure I have money in the bank that I can access.

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Speaker 2: I know that there's a lot going on in Washington

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Speaker 2: about making hardship withdrawals easier or waiving penalties if you

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Speaker 2: take some of the money out. Nothing is etched and stone,

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Speaker 2: yet they're still wrangling over this stuff. So right now

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Speaker 2: I need to know what can I do and not

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Speaker 2: rely on someone else to be in control, But what

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Speaker 2: can I do to control making myself feel more comfort?

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Speaker 2: And that's putting more money in savings, not stop it,

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Speaker 2: not completely stopping investing, but scaling back.

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Speaker 1: So if you are someone sharing who feels fairly comfortable,

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Speaker 1: because we do have listeners who are like, Okay, I've

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Speaker 1: got my six months or my eight months in emergency savings,

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Speaker 1: and I do have like extra money coming in. So

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Speaker 1: should I should I invest more heavily into the market now,

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Speaker 1: knowing that if I were to lose my job, I

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Speaker 1: do have you know, some money to lean back on.

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Speaker 1: So what do I do if i'm if i'm if

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Speaker 1: I do have savings?

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Speaker 2: Okay, So if you have money to invest, you already

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Speaker 2: have an emergency fund, you know, your job is pretty secure,

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Speaker 2: you're secure with what your income is going to be,

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Speaker 2: and you have no credit card debt. You should absolutely

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Speaker 2: be investing even more money right now. If you have

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Speaker 2: that money, put it to work, buy the stocks when

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Speaker 2: they're at these very low prices. And if you are

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Speaker 2: many years away from retirement and you have a decade

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Speaker 2: or more to see this money grow, you want to

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Speaker 2: you want to be in the market. So absolutely you

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Speaker 2: should be investing if you've done those things already.

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Speaker 4: Okay, gotcha.

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Speaker 3: Let's let's talk about people who were in jeopardy of

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Speaker 3: losing their jobs. I think that is the I mean,

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Speaker 3: I made the mistake of watching CNN when I wasn't

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Speaker 3: you know, holding a crying baby or trying to work today.

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Speaker 3: And he said this, the chair of the Saint Louis

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Speaker 3: Federal Reserve or the Bank of what is it called

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Speaker 3: on my brain is dead the bank?

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Speaker 4: Yes, do you know what I mean?

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Speaker 3: Saint Louis fed Yes, a very yes, very smart economist

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Speaker 3: person who projected that unemployment could possibly go up to

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Speaker 3: thirty percent, which is I believe worse.

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Speaker 4: I told you it was a mistake.

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Speaker 2: Then the Great Depression was a great twenty percent.

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Speaker 3: Yes, so we're and and he would not back down

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Speaker 3: on that number, even when the reporter interviewing him asked him, well,

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Speaker 3: what if this, uh, what if Congress gets their act

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Speaker 3: together and passes this you know, this rescue plan or whatnot,

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Speaker 3: this one point eight trillion dollar package, And he was like, eh,

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Speaker 3: because they'll be thirty And like I said, my dad

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Speaker 3: today is already a victim like so many others are

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Speaker 3: of how quickly this has just like, you know, just

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Speaker 3: rip the legs out from under a lot of businesses.

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Speaker 3: You know, my dad's a bus driver for public transit

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Speaker 3: in Atlanta. He's been furlough without pay. So for people

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Speaker 3: who are scared about losing their jobs or who have

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Speaker 3: unfortunately just lost their jobs, sharing like, what are some

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Speaker 3: things that they can do to cope with it?

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Speaker 2: Well, we've been writing about this a lot on CNBC

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Speaker 2: dot com, and I would urge listeners to go to

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Speaker 2: CNBC dot com slash invest in you check out a

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Speaker 2: story I just did where someone asked this question about

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Speaker 2: where the jobs. Amazon's hiring one hundred thousand people, Walmart's

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Speaker 2: hiring one hundred and fifty thousand people. Where are the

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Speaker 2: jobs right now? Well, if you are a warehouse, you

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Speaker 2: have refrigerator services, you work with grocery stores, you work,

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Speaker 2: you're going to need someone to drive trucks from place

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Speaker 2: to one place to another. There are restaurants that are

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Speaker 2: still able to function, mostly pizza chains. And one of

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Speaker 2: the things I did today was for a group of nurses.

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Speaker 2: I ordered pizza lunch for them because they're on the

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Speaker 2: front lines. And you know, the person who delivered the

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Speaker 2: pizza happened to be the owner of the store, but

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Speaker 2: he's still in operation. And so I think what people

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Speaker 2: who have who are concerned about, Well, let's start. If

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Speaker 2: you've lost your job, you need to immediately start thinking

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Speaker 2: differently because you've lost your job, likely because your company

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Speaker 2: or your industry is unable to function like it used

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Speaker 2: to and at the moment and maybe for a long time.

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Speaker 2: So how can you use the skills that you already

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Speaker 2: have for another position? What type of driving jobs are

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Speaker 2: there in the Atlanta area for Walmart, for Kroger, for

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Speaker 2: stopping I don't think stopping shop is in the South

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Speaker 2: publics curt my idea, right, Kroger. So, I mean that's

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Speaker 2: not necessarily it's for many people, it's not going to

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Speaker 2: be the job that they'd ideally want, it may not

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Speaker 2: be the industry that they'd really like to be in,

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Speaker 2: but it's income that they need. And so so I

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Speaker 2: think it's very important to look at all these places,

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Speaker 2: and in the story, I have several companies that are

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Speaker 2: hiring right now that I've listed. The thing to also

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Speaker 2: keep in mind is companies that really do need workers

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Speaker 2: right now, they need them fast. So the usual process

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Speaker 2: of interviewing or meeting somebody or they don't have time

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Speaker 2: for that. So there's a lot of virtual interviewing going on,

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Speaker 2: virtual screening and hiring before they've even seen you. So

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Speaker 2: if you are if you come correct, as we say,

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Speaker 2: as if you really have your stuff together, your LinkedIn

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Speaker 2: profile for those who are in those industries is already

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Speaker 2: you know, up to date, and you've been working on

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Speaker 2: that because you've been nervous about what's going to happen

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Speaker 2: with your job and if you're going to be furloughed,

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Speaker 2: be ready to jump on an opportunity because people who

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Speaker 2: want to hire now need to hire right now.

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Speaker 3: I guess I'll just add not to make this all

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Speaker 3: about my family, But the crazy thing about this economic

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Speaker 3: situation is that there's also a healthcare crisis at hand.

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Speaker 3: So the advice for my dad, you know, my brother

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Speaker 3: and I are talking about this. We're trying to think

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Speaker 3: of a way of how we can send him money

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Speaker 3: so he doesn't have to look for another job, so

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Speaker 3: he doesn't have to be out there at risk because

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Speaker 3: he's in his he's close to retirement himself. He has

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Speaker 3: a pre existing condition, and we're worried about him out there. Look,

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Speaker 3: we were already worried about him being a bus driver.

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Speaker 3: To be honest, I'm a little I'm a little like

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Speaker 3: relieved that he's forced to stay home now because he

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Speaker 3: talk about trying to convince your parents to stay in

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Speaker 3: one place. It is hard out here, okay, But yeah,

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Speaker 3: it's just you're it's I want to tell him he's

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Speaker 3: already looking.

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Speaker 4: Of course he is.

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Speaker 3: He's a very you know, ambitious man who's used to working.

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Speaker 3: But I'm just like, can we send very money hard

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Speaker 3: and you just sit down?

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Speaker 2: Well, that's another thing. I mean these conversations that I

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Speaker 2: know you both have and we have because we talk

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Speaker 2: about money with each other, with everybody who we come

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Speaker 2: into contact with all the time. But many people never

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Speaker 2: have that money talk with their family members, so they

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Speaker 2: have no idea, you know, whether their parents are struggling,

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Speaker 2: whether their siblings are struggling before this happened, and so

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Speaker 2: add to that a job loss and now they're out,

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Speaker 2: they really they do need help right away. And so

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Speaker 2: this is a time to have that conversation, not just

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Speaker 2: don't go outside. How you're doing? You okay? You know

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Speaker 2: what have you watched on Netflix? But what are you

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Speaker 2: doing to make sure you're going to be okay financially?

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Speaker 1: Can I ask Sharon, do you think I read somewhere

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Speaker 1: that small businesses account for a sixty five percent of

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Speaker 1: all jobs in the US. Is that what this this

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Speaker 1: economic this economist is saying is driving why he's anticipating

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Speaker 1: so many jobs being lost, That so many small businesses

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Speaker 1: are going to be put out of business as a

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Speaker 1: result of this economic downturn that we're experiencing.

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Speaker 2: I think it's that, and it's also there's just so

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Speaker 2: much uncertainty of how long we're going to be on

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Speaker 2: lockdown in various places. I mean, how long are we

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Speaker 2: going to be haveing one hundred percent stay at home

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Speaker 2: order unless we're an essential worker? It could be months.

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Speaker 2: And so it doesn't just impact small businesses. It impacts

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Speaker 2: larger businesses where certain positions are in considered non essential

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Speaker 2: and people are forced to stay home, but their companies

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Speaker 2: have not equipped them, and companies have not thought through

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Speaker 2: how they could do telework, and so it's a lot

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Speaker 2: of industries, not just small businesses, that are going to

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Speaker 2: be impacted.

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Speaker 3: I mean, our entire economy is based on people spending money.

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Speaker 3: That's what that's what keeps us ticking. So if like

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Speaker 3: I personally, this coronavirus scare has been sadly enough great

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Speaker 3: for my finances because I'm not going anywhere. I refuse

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Speaker 3: to spend anything we don't need because I'm like batting

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Speaker 3: down the hatches. I'm going to put everything I can

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Speaker 3: into cash savings right now, and that is what's hurting

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Speaker 3: other businesses. I think I see an instagram Michelle Obama

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Speaker 3: is posting and encouraging people to buy gift certificates for

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Speaker 3: their favorite nail salon or their favorite like you said,

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Speaker 3: pizza place or small business to help those businesses keep going.

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Speaker 3: But I'm over here thinking, well, I don't really want

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Speaker 3: to spend money.

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Speaker 4: Right now, and I'm so sorry. And that is I

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Speaker 4: think the crux of it.

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Speaker 2: Well, I thought about that too, and then I've thought

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Speaker 2: about also. I mean, I could buy a gift certificate

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Speaker 2: now maybe, but I'd never use it, or I won't

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Speaker 2: use it for six months or you know, or you know.

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Speaker 2: When I order pizza today, I did have a friend

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Speaker 2: say you better check that out. I heard the virus

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Speaker 2: can last on pizza boxes for twenty four hours. What what?

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Speaker 4: I don't know about that?

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Speaker 1: What?

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Speaker 2: But I worried. I'm like, that's the last thing I

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Speaker 2: want to do is give people on the front lines

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Speaker 2: and the medical profession get them sick. But you just don't,

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Speaker 2: you know, But you just don't know, you don't know.

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Speaker 2: And so yeah, I think that that lack of spending

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Speaker 2: is going to be around for a while.

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Speaker 1: So how do you balance that? Because I'm not gonna lie.

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Speaker 1: My advice to folks has been hunker down and to

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Speaker 1: preserve your capital. But then I understand that and doing so,

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Speaker 1: it's not necessarily what's best for the economy. But I'm like, well,

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Speaker 1: what's best for Sharon, for Mandy, for Tiffany? Because if

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Speaker 1: I say, well, yes, continue to spend with your your

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Speaker 1: your local small business, but then you know you're of work,

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Speaker 1: you become out of work for six months. How does

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Speaker 1: that work? It's like, how do you balance what's for

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Speaker 1: the greater good of the full economy versus what's for

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Speaker 1: the greater good of you and your family?

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Speaker 2: You know, well, if you're financially sound, when this is

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Speaker 2: all said and done, what's the first thing you're going

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Speaker 2: to want to do. I want to want to go

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Speaker 2: buy something, you know, have a nice cocktail or something.

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Speaker 2: I don't know, but you know, you know you're going

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Speaker 2: to want to do something. I'm definitely gonna want to

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Speaker 2: get my nails done. I want to get my nails done.

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Speaker 2: You're going to spend money, I think when I don't know.

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Speaker 2: I think people will want to spend when this is over,

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Speaker 2: but right now they don't want to. And so that's

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Speaker 2: why we will probably see this dramatic drop in jobs

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Speaker 2: and we're going to see this dramatic drop in spending

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Speaker 2: for this time period. But the hope is that it's

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Speaker 2: going to come back, just may not come back for

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Speaker 2: a while and may not come back to the same

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Speaker 2: degree of where it was before.

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Speaker 3: Can we talk really quickly about our elected leaders, because

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Speaker 3: the Senate right now is grappling with and I keep

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Speaker 3: using that word grappling. I don't know why it got

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Speaker 3: stuck in my head. Anyway, they are bickering, of course

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Speaker 3: about this relief package, one point eight trillion dollar relief package.

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Speaker 3: Democrats and Republicans can't agree on all the other junk

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Speaker 3: they're trying to stuff into it. But the purpose of

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Speaker 3: this bill, and it's I think it's the third such

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Speaker 3: bill that Congress has moved to pass quickly to offer

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Speaker 3: some relief. This is the one that would potentially be

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Speaker 3: sending checks directly or even direct deposited into Americans bank

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Speaker 3: accounts to help them bridge the gap.

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Speaker 4: With this christ we're talking about twenty four hundred dollars.

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Speaker 3: I think for a family, you get a certain additional

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Speaker 3: amount if you have children. It's all varied by income,

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Speaker 3: and of course if you earn over a certain amount,

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Speaker 3: you probably don't qualify for any cash at all. But

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Speaker 3: so let's say, Sharon, like everyone gets a thousand bucks

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Speaker 3: in the mail. Andrew Yang's dream came true. I mean,

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Speaker 3: everyone gets a thousand bucks? Is it enough?

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Speaker 2: Like?

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Speaker 3: Even if they pass this number just sounds mind boggling,

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Speaker 3: But is it enough?

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Speaker 4: Like?

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Speaker 3: Will this actually move the needle for people with their

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Speaker 3: with their finances.

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Speaker 2: I think that the threshold for income was around seventy

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Speaker 2: five thousand. Again, everything could be changed by final legislation

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Speaker 2: and checks for twelve hundred dollars per person, and as

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Speaker 2: you said, extra for if you have children. For some people,

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Speaker 2: that's going to be much needed. I mean for many people,

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Speaker 2: any amount of money will be needed, but it does

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Speaker 2: not replace figuring out how you're going to help yourself.

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Speaker 2: That's the whole thing. I mean, you know, there are

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Speaker 2: so we have gotten so many questions about these checks,

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Speaker 2: how big is it? How can I get it? How

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Speaker 2: soon can I get it? But no questions about or

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Speaker 2: fewer questions about how can I make sure that I'm

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Speaker 2: doing the right thing. Sometimes people are saying I've been

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Speaker 2: doing the right thing, what more can I do? But

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Speaker 2: more often they're waiting. They want to know what's in

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Speaker 2: the works to help me. What's in the works. The

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Speaker 2: way that Congress has been bickering over everything for the

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Speaker 2: last several years. Should let you know it's going to

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Speaker 2: take a while. If this is going to go through,

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Speaker 2: it may take a while. And even if it gets

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Speaker 2: passed quickly, how fast are the different agencies going to

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Speaker 2: be able to get the money to you. It's not

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Speaker 2: all going to just you know, the Treasury Secretary is

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Speaker 2: going to sit there from his desk and write checks

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Speaker 2: to people. That's not how it's work. So the process

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Speaker 2: of that of this is also might be longer, a

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Speaker 2: longer period of time than some people think. And in

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Speaker 2: that's time, you still have rent, do you still have

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Speaker 2: your mortgage, You still have to pay for groceries. How

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Speaker 2: are you going to be doing that? And I think

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Speaker 2: people have to put it again, there's so much stress,

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Speaker 2: so much anxiety, so much worry. So you know, I

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Speaker 2: don't want people to feel like what she's telling me

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Speaker 2: to do yet another thing. But it's your financial life.

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Speaker 2: You have to be in control of it.

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Speaker 4: Personally.

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Speaker 3: I don't trust those those those clowns on Capitol.

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Speaker 4: I don't.

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Speaker 3: I mean, it's been shit show after shit show for

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Speaker 3: such a long time. I agree, it's put your life

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Speaker 3: fest on first. I wouldn't worry about big businesses surviving

435
00:21:26,520 --> 00:21:28,360
Speaker 3: or not. I mean, at the end of the day,

436
00:21:28,359 --> 00:21:32,320
Speaker 3: it's like we have to fight for our own financial survival.

437
00:21:33,119 --> 00:21:35,479
Speaker 3: One thing that I want to mention as well is,

438
00:21:35,800 --> 00:21:38,320
Speaker 3: like you said, people have to take care of themselves.

439
00:21:38,359 --> 00:21:40,440
Speaker 3: I agree, we have to take care of us ourselves

440
00:21:40,440 --> 00:21:43,160
Speaker 3: first and put our own oxygen mask on first before

441
00:21:43,160 --> 00:21:47,360
Speaker 3: anybody else is. I want people to know that because

442
00:21:47,359 --> 00:21:50,280
Speaker 3: things are not really figured out yet, because no one

443
00:21:50,320 --> 00:21:52,520
Speaker 3: really knows exactly how this is going to play out,

444
00:21:52,720 --> 00:21:54,919
Speaker 3: you sort of have to put yourself not sort of

445
00:21:54,960 --> 00:21:57,360
Speaker 3: you should put yourself in the driver's seat and pick

446
00:21:57,440 --> 00:21:59,960
Speaker 3: up the phone today. And if you're worried about hitting

447
00:22:00,040 --> 00:22:02,760
Speaker 3: your mortgage payment next month, or your credit card bill,

448
00:22:02,960 --> 00:22:05,040
Speaker 3: or or you know, you may not make it this month,

449
00:22:05,359 --> 00:22:08,520
Speaker 3: I would say call the banks, you know, call them directly.

450
00:22:08,760 --> 00:22:11,080
Speaker 3: You can google and try to find out what so

451
00:22:11,160 --> 00:22:15,720
Speaker 3: and so banks policy about coronavirus. You know, relief package,

452
00:22:15,800 --> 00:22:17,760
Speaker 3: you know what it looks like online. But I feel like,

453
00:22:18,280 --> 00:22:21,600
Speaker 3: just call them yourself and tell them you're struggling and

454
00:22:21,640 --> 00:22:24,200
Speaker 3: see if there's something that can be done. We've heard

455
00:22:24,240 --> 00:22:28,720
Speaker 3: anecdotally from people sending questions through my company, you know,

456
00:22:28,760 --> 00:22:31,840
Speaker 3: we do personal finance content too that some banks are

457
00:22:32,160 --> 00:22:35,320
Speaker 3: you know, for you know, gonna you know, last year

458
00:22:35,400 --> 00:22:38,880
Speaker 3: the interest charges, they'll waive them, or maybe they'll give

459
00:22:38,920 --> 00:22:42,240
Speaker 3: you longer to make your credit card bill. And now

460
00:22:42,320 --> 00:22:46,280
Speaker 3: mortgage lenders are also potentially creating some sort of relief

461
00:22:46,400 --> 00:22:50,160
Speaker 3: increasing the availability of for barons programs for borrowers.

462
00:22:50,240 --> 00:22:51,720
Speaker 4: So there's things out there.

463
00:22:51,760 --> 00:22:53,720
Speaker 3: But all the experts we talked to you have just

464
00:22:53,760 --> 00:22:57,359
Speaker 3: said you have to be proactive and call people and

465
00:22:57,560 --> 00:22:58,840
Speaker 3: and try to access them.

466
00:22:59,280 --> 00:23:02,160
Speaker 2: That's absolutely you definitely have to put calls in and

467
00:23:02,240 --> 00:23:04,680
Speaker 2: I've been doing that myself this week. Actually, I've been

468
00:23:04,880 --> 00:23:07,359
Speaker 2: trying to do what all of these experts have told

469
00:23:07,400 --> 00:23:10,800
Speaker 2: me from various places, Compare cards dot Com being one

470
00:23:10,800 --> 00:23:12,960
Speaker 2: of them, which is go through your credit card build

471
00:23:13,560 --> 00:23:16,960
Speaker 2: and figure out what charges might be on there that

472
00:23:17,040 --> 00:23:19,440
Speaker 2: you didn't realize that you were still paying for these

473
00:23:19,480 --> 00:23:22,159
Speaker 2: recurring charges. And I discovered that I have two, or

474
00:23:22,200 --> 00:23:26,160
Speaker 2: I had until yesterday, two Amazon Prime accounts, and so

475
00:23:26,240 --> 00:23:28,760
Speaker 2: today I got an extra one hundred and thirty dollars

476
00:23:28,760 --> 00:23:31,680
Speaker 2: in my on my American Express bill as a credit,

477
00:23:31,680 --> 00:23:33,600
Speaker 2: which I then used to pay for the pizza lunch

478
00:23:33,600 --> 00:23:36,480
Speaker 2: for the nurses. But I was shocked that I did that,

479
00:23:36,520 --> 00:23:37,960
Speaker 2: but I went through and I'm like, why do I

480
00:23:38,000 --> 00:23:38,360
Speaker 2: have this?

481
00:23:38,560 --> 00:23:38,720
Speaker 3: Then?

482
00:23:38,760 --> 00:23:40,320
Speaker 2: And I'd call the company and like, what does this

483
00:23:40,359 --> 00:23:42,320
Speaker 2: even mean? What is this for? I had something that

484
00:23:42,440 --> 00:23:44,520
Speaker 2: was an insurance for my sewer I'm like, why do

485
00:23:44,600 --> 00:23:46,640
Speaker 2: I have that for my sewer line? But then I'm like, well,

486
00:23:46,680 --> 00:23:48,840
Speaker 2: if I'm homebound, I want to have all the productions

487
00:23:48,880 --> 00:23:51,320
Speaker 2: on my house that I can. But the point being

488
00:23:51,440 --> 00:23:53,720
Speaker 2: that there are probably things that you're paying. There may

489
00:23:53,760 --> 00:23:56,000
Speaker 2: be things that you're paying for that you don't even

490
00:23:56,000 --> 00:23:57,800
Speaker 2: realize that you're paying for that you don't have any

491
00:23:57,800 --> 00:24:01,159
Speaker 2: business paying for now. Gym membership. You know, again, you

492
00:24:01,200 --> 00:24:02,960
Speaker 2: want your gym to be there when you when all

493
00:24:03,040 --> 00:24:04,679
Speaker 2: this is over, But right now, do you really need

494
00:24:04,720 --> 00:24:07,040
Speaker 2: to be paying a gym membership? I don't know. They're

495
00:24:07,080 --> 00:24:09,119
Speaker 2: just things to think about. But you have to call.

496
00:24:09,520 --> 00:24:11,159
Speaker 2: You have to go through do some homework and do

497
00:24:11,240 --> 00:24:14,120
Speaker 2: some calling, and be prepared, as I did, to sit

498
00:24:14,119 --> 00:24:16,320
Speaker 2: on the phone for twenty minutes before someone picks up,

499
00:24:16,840 --> 00:24:19,840
Speaker 2: or be industrious enough to use the chat. I mean,

500
00:24:19,920 --> 00:24:23,040
Speaker 2: they're much faster on chat. So just you know, yeah,

501
00:24:23,200 --> 00:24:26,440
Speaker 2: live chat is great, and I you know, it worked

502
00:24:26,440 --> 00:24:28,600
Speaker 2: out really really well. And then you can also just

503
00:24:28,760 --> 00:24:31,760
Speaker 2: you know, get their videos out there. That also, someone

504
00:24:31,800 --> 00:24:34,480
Speaker 2: walked me through how to look at my Apple ID

505
00:24:34,680 --> 00:24:37,760
Speaker 2: to make sure I'm not paying for subscriptions for these

506
00:24:37,760 --> 00:24:39,320
Speaker 2: teenagers that I never knew about.

507
00:24:41,000 --> 00:24:42,680
Speaker 1: They love to print the button, don't they.

508
00:24:42,880 --> 00:24:45,359
Speaker 2: And I'm like right, And I'm like, why is this

509
00:24:45,440 --> 00:24:48,160
Speaker 2: fourteen ninety nine a month on my card? Oh yeah,

510
00:24:48,160 --> 00:24:48,840
Speaker 2: we don't need that.

511
00:24:49,560 --> 00:24:52,440
Speaker 3: I mentioned the fact that you know, we may be

512
00:24:52,520 --> 00:24:55,880
Speaker 3: getting there may be for Baron's programs through mortgage lenders

513
00:24:55,920 --> 00:24:58,800
Speaker 3: and credit card companies may offer some relief for their customers,

514
00:24:59,119 --> 00:25:01,280
Speaker 3: you know, whether it's you'll give you a grace period

515
00:25:01,320 --> 00:25:04,400
Speaker 3: of ninety days versus fifteen or whatever. But I don't

516
00:25:04,480 --> 00:25:07,480
Speaker 3: know if I even trust that. As a diligent bill

517
00:25:07,520 --> 00:25:10,600
Speaker 3: payer who gets excited about when paycheck comes and loves

518
00:25:10,600 --> 00:25:12,720
Speaker 3: to pay bills right away, I don't know if I'd

519
00:25:12,720 --> 00:25:16,080
Speaker 3: feel comfortable taking a chance in saying, oh, well, Bank

520
00:25:16,119 --> 00:25:18,400
Speaker 3: of America's got my back, Like no, I don't think

521
00:25:18,440 --> 00:25:20,320
Speaker 3: they not that I bank with them, But anyway, you know,

522
00:25:20,440 --> 00:25:24,320
Speaker 3: big bank AYZ has a XYZ has my back. I

523
00:25:24,320 --> 00:25:26,639
Speaker 3: don't know if I feel comfortable doing that, even though

524
00:25:27,080 --> 00:25:28,879
Speaker 3: you know there may be programs out other people can

525
00:25:28,920 --> 00:25:29,760
Speaker 3: take advantage of.

526
00:25:30,119 --> 00:25:32,400
Speaker 2: You know, depending on where you are with your payments.

527
00:25:32,760 --> 00:25:37,040
Speaker 2: Whatever the borrowing is that you're doing, waving interest and

528
00:25:37,160 --> 00:25:41,199
Speaker 2: waving a penalty or late fee maybe truly pennies compared

529
00:25:41,240 --> 00:25:43,919
Speaker 2: to what your balance do is. And they're not saying

530
00:25:43,960 --> 00:25:46,879
Speaker 2: your balance due has gone away. They're not saying your

531
00:25:46,880 --> 00:25:49,320
Speaker 2: principal balance is wiped out in most of the in

532
00:25:49,400 --> 00:25:52,199
Speaker 2: what I've read, and again, things are constantly changing, so

533
00:25:52,240 --> 00:25:55,800
Speaker 2: there may be some changes to this, but you're absolutely right.

534
00:25:55,880 --> 00:25:58,320
Speaker 2: You can't bank on that. Literally, You're still going to

535
00:25:58,400 --> 00:26:01,040
Speaker 2: have to pay that money at some point. It's you know,

536
00:26:01,080 --> 00:26:03,760
Speaker 2: it's the same with the tax situation, where people are like,

537
00:26:03,840 --> 00:26:08,000
Speaker 2: you know, I don't have to do it until July fifteenth. Yeah,

538
00:26:08,040 --> 00:26:11,240
Speaker 2: but they're not saying you don't owe then at July fifteenth.

539
00:26:11,400 --> 00:26:13,879
Speaker 2: It's that you have until then to pay what you

540
00:26:13,960 --> 00:26:18,879
Speaker 2: owe before being penalized potentially penalized. I think it's really

541
00:26:18,920 --> 00:26:22,000
Speaker 2: smart to figure out how you can work with them

542
00:26:22,000 --> 00:26:25,119
Speaker 2: to make payments that you can afford, but realize that

543
00:26:25,160 --> 00:26:27,080
Speaker 2: you still are going to have to pay something at

544
00:26:27,160 --> 00:26:30,080
Speaker 2: least event eventually. The other thing I wanted to point

545
00:26:30,119 --> 00:26:32,040
Speaker 2: out when we're saying, you know, to make a call.

546
00:26:32,280 --> 00:26:34,199
Speaker 2: I don't know how many of your listeners are like,

547
00:26:34,600 --> 00:26:36,840
Speaker 2: you know, when we talk about financial advisors, think those

548
00:26:36,880 --> 00:26:41,080
Speaker 2: are only for rich people. The Financial Planning Association has

549
00:26:41,160 --> 00:26:43,800
Speaker 2: just released some information today that they are going to

550
00:26:43,800 --> 00:26:49,280
Speaker 2: be providing free, no strings financial guidance with certified financial

551
00:26:49,359 --> 00:26:54,280
Speaker 2: planners who are making themselves available at no cost. And

552
00:26:54,359 --> 00:26:57,560
Speaker 2: so if you go to one the word one spelled

553
00:26:57,560 --> 00:27:02,360
Speaker 2: out FPA dot org slash pro bono Planning, you can

554
00:27:02,359 --> 00:27:06,080
Speaker 2: see a list of certified financial planners professional members of

555
00:27:06,119 --> 00:27:09,520
Speaker 2: the Financial Planning Association who are making themselves available to

556
00:27:09,640 --> 00:27:13,080
Speaker 2: help you for free. So no one should say I

557
00:27:13,119 --> 00:27:15,359
Speaker 2: can't afford a financial advisor. There are a bunch of

558
00:27:15,359 --> 00:27:18,959
Speaker 2: financial advisors that are ready and willing to help you,

559
00:27:19,359 --> 00:27:21,560
Speaker 2: and you don't have to do every single thing they say.

560
00:27:21,960 --> 00:27:25,959
Speaker 2: You can just explain your financial situation, ask some questions

561
00:27:25,960 --> 00:27:28,040
Speaker 2: about you know, based on what you've heard us say,

562
00:27:28,080 --> 00:27:30,159
Speaker 2: what your situation is, what you want to do, what

563
00:27:30,200 --> 00:27:33,160
Speaker 2: you think you can do, just get their advice. And

564
00:27:33,280 --> 00:27:36,439
Speaker 2: this is a great way to introduce yourself to having

565
00:27:36,480 --> 00:27:39,920
Speaker 2: financial advice and working with a financial advisor. But it's

566
00:27:39,960 --> 00:27:42,600
Speaker 2: also a great way to get some concrete advice that

567
00:27:42,640 --> 00:27:45,119
Speaker 2: you can put into action right now. If you think

568
00:27:45,200 --> 00:27:47,800
Speaker 2: that you can take these steps. What's that website against

569
00:27:47,800 --> 00:27:53,840
Speaker 2: Sharon one fpa dot org slash pro bono Planning.

570
00:27:53,920 --> 00:27:56,000
Speaker 3: Okay, I'll definitely put a link to that in the

571
00:27:56,040 --> 00:27:58,320
Speaker 3: show notes for those of y'all on your phones right now.

572
00:27:58,880 --> 00:28:01,359
Speaker 3: Well for people who come to us for their financial advice,

573
00:28:01,400 --> 00:28:04,000
Speaker 3: which we always say, you guys, come on, get it

574
00:28:04,000 --> 00:28:05,960
Speaker 3: good a professional, but of course we'll always be happy

575
00:28:05,960 --> 00:28:08,840
Speaker 3: to share our own tips and tricks. Tiffany and I

576
00:28:08,880 --> 00:28:11,440
Speaker 3: both have financial planners, and I think this is their

577
00:28:11,480 --> 00:28:13,640
Speaker 3: time to shine because they really stop people from doing

578
00:28:13,720 --> 00:28:16,680
Speaker 3: dumb stuff. But in lieu of a financial planner, let's

579
00:28:16,680 --> 00:28:19,840
Speaker 3: take another question from a listener. If you guys don't mind,

580
00:28:19,840 --> 00:28:22,560
Speaker 3: this is back to investing, but it's more specific. I

581
00:28:22,560 --> 00:28:25,720
Speaker 3: don't think we touched on this earlier. This question comes

582
00:28:25,720 --> 00:28:28,400
Speaker 3: from listener Tracy from our email. Again, you can email

583
00:28:28,480 --> 00:28:31,440
Speaker 3: us broad Ambition Podcast at gmail dot com with your questions.

584
00:28:31,480 --> 00:28:34,640
Speaker 3: She says, during this time of the stock market crashing

585
00:28:34,680 --> 00:28:37,800
Speaker 3: because of coronavirus, I've lost over eleven thousand dollars in

586
00:28:37,840 --> 00:28:40,720
Speaker 3: my four one K and I'm panicking. Should I change

587
00:28:40,760 --> 00:28:42,920
Speaker 3: some of my investments or just leave it alone to

588
00:28:43,000 --> 00:28:45,320
Speaker 3: bounce back once this is all over and the stock

589
00:28:45,360 --> 00:28:49,160
Speaker 3: market recovers thanks in advance. So specifically, not whether she

590
00:28:49,160 --> 00:28:51,080
Speaker 3: should cash it out, but should she change anything.

591
00:28:51,480 --> 00:28:53,760
Speaker 2: What do you think, Sharon, Well, again it depends on

592
00:28:53,800 --> 00:28:56,600
Speaker 2: how old she is, how far away she is from retirement.

593
00:28:57,000 --> 00:29:01,120
Speaker 2: But if she's uncomfortable, then even probably at any age,

594
00:29:01,120 --> 00:29:02,640
Speaker 2: maybe she should have a little bit of that. For

595
00:29:02,840 --> 00:29:05,400
Speaker 2: one cave it's all in stock and stock funds, she

596
00:29:05,440 --> 00:29:07,240
Speaker 2: should put a little bit of it in fixed income,

597
00:29:07,560 --> 00:29:10,400
Speaker 2: in some fixed income fund. If she's in a target

598
00:29:10,480 --> 00:29:15,520
Speaker 2: date fund. It's supposed to be getting more conservative as

599
00:29:15,560 --> 00:29:18,160
Speaker 2: you get older, but right now, if you're in your

600
00:29:18,200 --> 00:29:21,320
Speaker 2: twenties or thirties, price one hundred percent ninety percent in

601
00:29:21,400 --> 00:29:24,400
Speaker 2: stocks and you're completely freaking out, then you don't want

602
00:29:24,400 --> 00:29:26,680
Speaker 2: to be in an age based plan. If you're a

603
00:29:26,720 --> 00:29:30,600
Speaker 2: young adult and you are almost completely in stocks, you

604
00:29:30,640 --> 00:29:32,600
Speaker 2: may not want to do that in an age based plan.

605
00:29:32,680 --> 00:29:35,400
Speaker 2: You may want to kind of pick the investments yourself. Now,

606
00:29:35,480 --> 00:29:38,040
Speaker 2: make sure you have some more fixed income. So this

607
00:29:38,120 --> 00:29:40,280
Speaker 2: is again a perfect opportunity for you to talk to

608
00:29:40,320 --> 00:29:44,920
Speaker 2: someone or Also many employers, some larger employers actually have

609
00:29:45,600 --> 00:29:48,920
Speaker 2: you know, some tools on the website of your benefits

610
00:29:48,960 --> 00:29:52,320
Speaker 2: department website for your company where you can kind of

611
00:29:52,680 --> 00:29:55,080
Speaker 2: go through a calculator and see and they ask you

612
00:29:55,120 --> 00:29:57,440
Speaker 2: about your risk tongs. And right now, it's like, I'm scared,

613
00:29:57,760 --> 00:30:00,400
Speaker 2: so whatever you want to tell me to do. So

614
00:30:00,440 --> 00:30:03,400
Speaker 2: I'm not as frightened about where my money is. But

615
00:30:03,440 --> 00:30:05,720
Speaker 2: if you have ten years or more until you're retiring,

616
00:30:06,120 --> 00:30:08,120
Speaker 2: you're definitely going to want to be and even ten

617
00:30:08,200 --> 00:30:10,160
Speaker 2: years or more while you're going to be in retirement,

618
00:30:10,160 --> 00:30:11,720
Speaker 2: you're going to have to have some money in stocks.

619
00:30:11,840 --> 00:30:15,760
Speaker 1: So if you're twenty or thirty, the likelihood is I mean,

620
00:30:15,880 --> 00:30:19,760
Speaker 1: this is definitely uncharted territory, but if we're going to

621
00:30:19,800 --> 00:30:23,000
Speaker 1: look back at history, there is a very strong likelihood

622
00:30:23,000 --> 00:30:26,240
Speaker 1: that there will be a rebound. We've seen recessions before,

623
00:30:26,280 --> 00:30:29,400
Speaker 1: although we haven't seen necessarily well, we have kind of

624
00:30:29,400 --> 00:30:32,680
Speaker 1: seen well, I don't know, recession period with the pandemic. No,

625
00:30:32,800 --> 00:30:36,320
Speaker 1: we have not seen that, but we have seen recessions before.

626
00:30:36,560 --> 00:30:39,120
Speaker 1: The economy goes down and up and down and up again.

627
00:30:39,320 --> 00:30:41,479
Speaker 1: And so if you're in your twenties or thirties, and

628
00:30:41,560 --> 00:30:45,280
Speaker 1: you have ten twenty thirty years before you retire, the

629
00:30:45,360 --> 00:30:47,840
Speaker 1: likelihood is that you're going to see another up. So

630
00:30:47,960 --> 00:30:51,520
Speaker 1: pulling yourself out, although it might feel good in the moment,

631
00:30:51,840 --> 00:30:54,240
Speaker 1: it's likely not good for the long haul.

632
00:30:54,680 --> 00:30:56,600
Speaker 3: Yeah, I personally am in a target I've been in

633
00:30:56,680 --> 00:30:58,680
Speaker 3: a target day fund since I was in my early twenties,

634
00:30:58,720 --> 00:30:59,960
Speaker 3: and I always said it was one of the smartest

635
00:31:00,120 --> 00:31:02,600
Speaker 3: things I ever did, and I'm still going to stay

636
00:31:02,640 --> 00:31:04,960
Speaker 3: by that, although it has lost nearly thirty percent. But

637
00:31:05,000 --> 00:31:07,520
Speaker 3: I just try and comfort myself, like Sharon and Tiffany said,

638
00:31:07,560 --> 00:31:09,760
Speaker 3: with the knowledge that it's because I am young enough

639
00:31:09,800 --> 00:31:13,640
Speaker 3: to that's why it's so aggressive right now. Because the

640
00:31:13,680 --> 00:31:15,400
Speaker 3: target date fund is smart. It knows that I have

641
00:31:15,440 --> 00:31:17,200
Speaker 3: time ahead of me, So I just need to trust

642
00:31:17,520 --> 00:31:19,840
Speaker 3: this is what they're meant for. Target date funds are

643
00:31:19,840 --> 00:31:22,640
Speaker 3: meant to make it harder for us to mess things

644
00:31:22,680 --> 00:31:24,680
Speaker 3: up and go pick things ourselves. We're supposed to set

645
00:31:24,720 --> 00:31:26,920
Speaker 3: it and forget it, and it's hard to forget it

646
00:31:27,000 --> 00:31:29,400
Speaker 3: right now. But I'm trying to just remind myself, Okay,

647
00:31:29,520 --> 00:31:32,320
Speaker 3: this is what it's for, and as I get older,

648
00:31:32,360 --> 00:31:35,880
Speaker 3: it will become more conservative. And I am I'm not touching,

649
00:31:36,160 --> 00:31:37,920
Speaker 3: not going to touch it. I'm just going to leave

650
00:31:37,920 --> 00:31:41,560
Speaker 3: it where it is. And like Sharon said, I've thought

651
00:31:41,600 --> 00:31:44,320
Speaker 3: about my emergency savings and I feel comfortable enough to

652
00:31:44,880 --> 00:31:47,240
Speaker 3: kick up my retirement savings a little bit now to

653
00:31:47,240 --> 00:31:50,120
Speaker 3: try and take advantage of the low cost of investments

654
00:31:50,200 --> 00:31:50,520
Speaker 3: right now.

655
00:31:50,560 --> 00:31:53,280
Speaker 4: But that's about it. And as another.

656
00:31:53,080 --> 00:31:56,400
Speaker 3: Disclaimer, of course, you guys should be contacting a personal

657
00:31:56,440 --> 00:31:59,120
Speaker 3: financial planner where and if you can, because then you

658
00:31:59,120 --> 00:32:01,440
Speaker 3: can give them a real complete picture of your finances

659
00:32:01,480 --> 00:32:03,600
Speaker 3: and they can give you more specific advice. Taylor to

660
00:32:04,160 --> 00:32:06,000
Speaker 3: you know your situations.

661
00:32:05,760 --> 00:32:07,680
Speaker 2: Mandy, I want to bring up a point about target

662
00:32:07,760 --> 00:32:10,280
Speaker 2: date funds because I'm in a target date fund as well,

663
00:32:10,320 --> 00:32:14,240
Speaker 2: but for my children's college education and in my five

664
00:32:14,320 --> 00:32:18,960
Speaker 2: twenty nine plan. So I was completely concerned because I'm

665
00:32:18,960 --> 00:32:21,240
Speaker 2: a seventeen year old so a year from now, I

666
00:32:21,320 --> 00:32:23,680
Speaker 2: need to have money to be able to help fund

667
00:32:23,760 --> 00:32:27,280
Speaker 2: his college education. And I was so concerned, you know,

668
00:32:27,360 --> 00:32:29,920
Speaker 2: seeing the market down or the down down thirty percent,

669
00:32:30,000 --> 00:32:33,600
Speaker 2: and you know, worried about where his money is going

670
00:32:33,680 --> 00:32:36,680
Speaker 2: to be there for retirement. It's down, but it's not

671
00:32:36,800 --> 00:32:39,680
Speaker 2: down newly as much because he's closer to going to

672
00:32:39,760 --> 00:32:42,720
Speaker 2: college and he will still have four years in college

673
00:32:42,760 --> 00:32:44,440
Speaker 2: that I'm going to be able to have that money

674
00:32:44,520 --> 00:32:48,120
Speaker 2: grow or I hope. I don't know now right, but

675
00:32:49,800 --> 00:32:52,400
Speaker 2: I'm glad I'm there. I'm glad I'm there where something is.

676
00:32:52,480 --> 00:32:56,240
Speaker 2: It's where it's automatically gotten. You know, I opened it

677
00:32:56,720 --> 00:32:59,480
Speaker 2: when he was two, so it's gradually gotten more and

678
00:32:59,520 --> 00:33:03,000
Speaker 2: more concerned, servative, and that you know right now, that's

679
00:33:03,120 --> 00:33:05,240
Speaker 2: very comforting. So for those people who are in a

680
00:33:05,320 --> 00:33:07,640
Speaker 2: target date fund in their four one K and they're

681
00:33:07,640 --> 00:33:11,840
Speaker 2: closer to retirement, again, you might be very concerned because

682
00:33:11,840 --> 00:33:14,320
Speaker 2: it's gone down, likely because you're going to have some

683
00:33:14,440 --> 00:33:16,840
Speaker 2: stocks in there, but you should not be down nearly

684
00:33:16,880 --> 00:33:19,680
Speaker 2: as much as those market indicties that you see on

685
00:33:19,720 --> 00:33:22,480
Speaker 2: the news because you also have the fixed income part.

686
00:33:22,720 --> 00:33:24,640
Speaker 3: That's really good to know about those college We've talked

687
00:33:24,680 --> 00:33:27,040
Speaker 3: about college five, two nine plans before. I was thinking

688
00:33:27,080 --> 00:33:29,400
Speaker 3: about just opening one for my son through New York,

689
00:33:29,680 --> 00:33:31,960
Speaker 3: and that's great. So you can there's sort of like

690
00:33:32,000 --> 00:33:33,920
Speaker 3: a retirement plan in which you kind of can pick

691
00:33:33,960 --> 00:33:36,160
Speaker 3: your investments, but you can pick a target date fund

692
00:33:36,480 --> 00:33:39,080
Speaker 3: which just projects for the next like eighteen years instead

693
00:33:39,120 --> 00:33:41,400
Speaker 3: of exactly forty or whatever it is.

694
00:33:41,840 --> 00:33:42,400
Speaker 4: That's great.

695
00:33:42,480 --> 00:33:45,520
Speaker 3: Okay, So hopefully your son's got enough money for college.

696
00:33:45,840 --> 00:33:50,920
Speaker 2: Yeah, I know, wow, she'll see. But he said to

697
00:33:50,960 --> 00:33:53,440
Speaker 2: the point we had about jobs, he just came in

698
00:33:53,480 --> 00:33:55,200
Speaker 2: and said, you know, mom, I think I might have

699
00:33:55,240 --> 00:33:58,080
Speaker 2: a better chance of getting a job right now because

700
00:33:58,400 --> 00:34:00,360
Speaker 2: I'm like, I don't know what is wrapped out was

701
00:34:00,560 --> 00:34:02,680
Speaker 2: but he's like, you know, here, I am seventeen years old.

702
00:34:02,720 --> 00:34:05,120
Speaker 2: I'm willing to do anything. You know, as people are

703
00:34:05,160 --> 00:34:07,880
Speaker 2: trying to come back and get back to work and

704
00:34:08,120 --> 00:34:10,760
Speaker 2: do things. I think I'm going to just put myself

705
00:34:10,800 --> 00:34:13,640
Speaker 2: out there and try to do as many different jobs

706
00:34:13,640 --> 00:34:16,080
Speaker 2: as I can over the summer if summer programs are

707
00:34:16,080 --> 00:34:18,080
Speaker 2: canceled or if you know, he was thinking about taking

708
00:34:18,120 --> 00:34:20,320
Speaker 2: a trying to take a class at a local college.

709
00:34:20,320 --> 00:34:22,440
Speaker 2: If he's not able to do that, he said, maybe

710
00:34:22,800 --> 00:34:24,440
Speaker 2: this will give me more opportunity to work and I

711
00:34:24,480 --> 00:34:27,040
Speaker 2: can find jobs and do odd jobs. I don't know

712
00:34:27,080 --> 00:34:30,040
Speaker 2: if that's just his wishful thinking, but I love the

713
00:34:30,080 --> 00:34:32,120
Speaker 2: fact that my seventeen year old is trying to figure

714
00:34:32,120 --> 00:34:34,799
Speaker 2: out how to be marketable bus him. I got a

715
00:34:34,880 --> 00:34:37,080
Speaker 2: question from a student actually who was like, you know,

716
00:34:37,320 --> 00:34:39,400
Speaker 2: a college student, it's like, now I got I'm forced

717
00:34:39,400 --> 00:34:42,040
Speaker 2: to go home do this, you know online, you know,

718
00:34:42,160 --> 00:34:44,680
Speaker 2: learning from my college course I'm paying all this money

719
00:34:44,680 --> 00:34:47,880
Speaker 2: for and I'm a senior, and so I you know,

720
00:34:47,920 --> 00:34:50,640
Speaker 2: what does this mean for my job possibilities? I thought

721
00:34:50,680 --> 00:34:52,680
Speaker 2: I was going to be interviewing right now, and I

722
00:34:52,719 --> 00:34:54,960
Speaker 2: was like, this is a great time while you're stuck

723
00:34:54,960 --> 00:34:58,359
Speaker 2: at home to freshen up your LinkedIn profile, to make

724
00:34:58,400 --> 00:35:01,560
Speaker 2: sure your picture is awesome, to make sure that you

725
00:35:02,080 --> 00:35:04,839
Speaker 2: have all the points of everything great that you've done

726
00:35:04,960 --> 00:35:07,920
Speaker 2: while you've been in college and in high school wherever

727
00:35:08,000 --> 00:35:10,720
Speaker 2: your internships were. And I think that's true for anyone

728
00:35:11,040 --> 00:35:13,760
Speaker 2: and not just a college senior. This is a time

729
00:35:14,239 --> 00:35:18,880
Speaker 2: that your most important financial asset is often your job,

730
00:35:19,040 --> 00:35:22,799
Speaker 2: right your income, and so if it's in jeopardy, or

731
00:35:22,880 --> 00:35:27,160
Speaker 2: if it's already been jeopardized, you definitely want to make

732
00:35:27,200 --> 00:35:31,360
Speaker 2: sure that you're focusing on how you're showing yourself to

733
00:35:31,680 --> 00:35:35,480
Speaker 2: potential employers, and for many that's your LinkedIn profile. You

734
00:35:35,520 --> 00:35:38,520
Speaker 2: can do a traditional resume as well, but make sure

735
00:35:38,600 --> 00:35:41,319
Speaker 2: that you have it together and ready to go. And

736
00:35:41,640 --> 00:35:44,640
Speaker 2: I think people will be looking there to find candidates

737
00:35:44,640 --> 00:35:45,560
Speaker 2: if they are hiring.

738
00:35:46,120 --> 00:35:49,719
Speaker 1: Where was that again, Sharin? You mentioned something on CNBC

739
00:35:50,480 --> 00:35:52,319
Speaker 1: looking for jobs? Where can they go again?

740
00:35:52,960 --> 00:35:57,080
Speaker 2: So it's CNBC dot com slash invest in you, okay,

741
00:35:57,400 --> 00:35:59,840
Speaker 2: And we've been answering a lot of your questions and

742
00:35:59,840 --> 00:36:03,560
Speaker 2: it's in a piece I did today answering your questions about,

743
00:36:03,719 --> 00:36:06,799
Speaker 2: you know, overcoming their coronavirus. Fhears, one of them being

744
00:36:07,400 --> 00:36:08,359
Speaker 2: where they can find a job.

745
00:36:08,560 --> 00:36:10,480
Speaker 4: We'll definitely dropp a link to that in the show

746
00:36:10,520 --> 00:36:11,759
Speaker 4: notes too. For you guys.

747
00:36:12,320 --> 00:36:15,520
Speaker 3: As a two thousand and nine college graduate, recession baby,

748
00:36:15,560 --> 00:36:18,920
Speaker 3: as I call myself, the fact that I survived that.

749
00:36:19,000 --> 00:36:20,880
Speaker 3: Although I remember being a lot less freaked out, it's

750
00:36:20,880 --> 00:36:22,480
Speaker 3: almost like I had less to lose when I was

751
00:36:22,520 --> 00:36:25,600
Speaker 3: twenty one or twenty two. It's crazy, that's crazy how

752
00:36:25,640 --> 00:36:29,160
Speaker 3: much changes in a decade. But I'm trying to remind

753
00:36:29,200 --> 00:36:33,080
Speaker 3: myself that I weathered that storm. And I feel like

754
00:36:33,280 --> 00:36:35,319
Speaker 3: and Tiffany too. The budget needs to was born out

755
00:36:35,320 --> 00:36:38,240
Speaker 3: of the Great Recession, right, and I feel like that's

756
00:36:38,360 --> 00:36:42,040
Speaker 3: our sort of talisman against this is knowing we have

757
00:36:42,120 --> 00:36:45,560
Speaker 3: survived before, and we did it because we're smart.

758
00:36:45,280 --> 00:36:46,799
Speaker 4: And we are ambitious.

759
00:36:46,840 --> 00:36:50,239
Speaker 3: Like the name of the show, get it, and we

760
00:36:50,680 --> 00:36:53,640
Speaker 3: you know, and I've learned and I know tifted too,

761
00:36:53,840 --> 00:36:57,759
Speaker 3: some big, painful financial lessons from that experience that are

762
00:36:57,800 --> 00:37:00,520
Speaker 3: the reason why you know, I do have SA today

763
00:37:00,560 --> 00:37:02,080
Speaker 3: and if you do have savings today, and we have

764
00:37:02,120 --> 00:37:05,839
Speaker 3: our investments, and I just hope that if you went

765
00:37:05,880 --> 00:37:09,560
Speaker 3: through that great recession of seven eight, then a lot

766
00:37:09,560 --> 00:37:12,279
Speaker 3: of those lessons learned then are giving. I have led

767
00:37:12,320 --> 00:37:14,560
Speaker 3: you to the point now where you know, life isn't

768
00:37:14,560 --> 00:37:17,400
Speaker 3: completely spirally out of control with all that's going on

769
00:37:17,480 --> 00:37:20,480
Speaker 3: right now. But you know, my thoughts are definitely with

770
00:37:20,600 --> 00:37:23,200
Speaker 3: you guys. And it's I keep saying it, but it's

771
00:37:23,200 --> 00:37:25,920
Speaker 3: so corny, and it's true. We're all really in this together.

772
00:37:26,680 --> 00:37:29,200
Speaker 1: Yeah, I know that. I mean, you can lose all

773
00:37:29,239 --> 00:37:31,960
Speaker 1: the things, and as long as the key is, as

774
00:37:32,000 --> 00:37:34,719
Speaker 1: long as you are here and you are healthy, you know,

775
00:37:34,800 --> 00:37:39,040
Speaker 1: there's always an opportunity to rebuild. I mean, I I'm

776
00:37:39,080 --> 00:37:41,080
Speaker 1: don't lie. There's just so much anxiety. Like even now,

777
00:37:41,120 --> 00:37:42,799
Speaker 1: I feel like this is heaviness in my chest and

778
00:37:42,840 --> 00:37:45,160
Speaker 1: I'm like and I'm like, cause I have I had

779
00:37:45,200 --> 00:37:47,160
Speaker 1: asthma as a kid, and I'm like, I'm breathing fine.

780
00:37:47,719 --> 00:37:50,120
Speaker 1: But I realized that really what it is is anxiety

781
00:37:50,200 --> 00:37:53,000
Speaker 1: because I remember how scary this was for me last time,

782
00:37:53,480 --> 00:37:56,600
Speaker 1: and so if y'all know my story, that I'd lost everything,

783
00:37:57,000 --> 00:37:59,759
Speaker 1: but here I am, I'm ten years later. I'm more

784
00:37:59,840 --> 00:38:03,160
Speaker 1: the prepared for this psession, what's prepared as I could be,

785
00:38:03,800 --> 00:38:07,160
Speaker 1: so it's possible to regain after loss. I think that

786
00:38:07,239 --> 00:38:09,520
Speaker 1: was my biggest fear back then, was like it was

787
00:38:09,640 --> 00:38:11,719
Speaker 1: always going to be like this, that's what it feels like,

788
00:38:12,120 --> 00:38:15,040
Speaker 1: and it's not. I think more so my anxiety now

789
00:38:15,160 --> 00:38:18,440
Speaker 1: is really the health component. And you know, my parents

790
00:38:18,480 --> 00:38:21,760
Speaker 1: because they're older, but you know, financially, you can always

791
00:38:21,760 --> 00:38:24,440
Speaker 1: make more money, you can always find another job. But

792
00:38:24,719 --> 00:38:27,440
Speaker 1: to stay healthy, that's that's what we want most for

793
00:38:27,480 --> 00:38:27,880
Speaker 1: you guys.

794
00:38:28,120 --> 00:38:31,560
Speaker 2: I absolutely agree, absolutely agree. I keep thinking about that,

795
00:38:31,640 --> 00:38:34,080
Speaker 2: you know, with my own health scare three years ago.

796
00:38:34,320 --> 00:38:38,960
Speaker 2: And you know the fact that sometimes men many days,

797
00:38:39,040 --> 00:38:41,640
Speaker 2: most days, I don't think that medically I really should

798
00:38:41,640 --> 00:38:44,360
Speaker 2: be here. But you know, it's grace that I am here,

799
00:38:44,640 --> 00:38:48,000
Speaker 2: and this I see as a wonderful opportunity to be

800
00:38:48,080 --> 00:38:50,520
Speaker 2: with my family. I mean, people are always like this,

801
00:38:50,640 --> 00:38:53,880
Speaker 2: we're just too close right now, But you know, I

802
00:38:54,040 --> 00:38:56,960
Speaker 2: just I'm able to spend time and we're able to,

803
00:38:57,400 --> 00:39:00,000
Speaker 2: you know, six feet apart, have dinner together, six feet apart,

804
00:39:00,320 --> 00:39:04,439
Speaker 2: watch TV together. But we're together and and and that's

805
00:39:04,480 --> 00:39:08,000
Speaker 2: a wonderful blessing actually, And it also you know, because

806
00:39:08,040 --> 00:39:10,560
Speaker 2: I do share and I and I have been anxious.

807
00:39:10,920 --> 00:39:13,719
Speaker 2: They know what my concerns are. They know that, you

808
00:39:13,760 --> 00:39:16,520
Speaker 2: know that I want to make sure that I'm saving enough.

809
00:39:16,600 --> 00:39:18,320
Speaker 2: May want to make sure that, you know, we have

810
00:39:18,480 --> 00:39:21,360
Speaker 2: enough for college. And my and my husband kept me

811
00:39:21,400 --> 00:39:22,759
Speaker 2: in check when I was like, we're gonna be stuck

812
00:39:22,760 --> 00:39:24,680
Speaker 2: in this house, we should get a peloton. He's like,

813
00:39:24,760 --> 00:39:27,600
Speaker 2: that's two thousand dollars. No, we're not to walk around

814
00:39:27,640 --> 00:39:31,040
Speaker 2: the block, you know. So but we're talking about it,

815
00:39:31,120 --> 00:39:33,440
Speaker 2: and we have to kind of come up with that.

816
00:39:33,920 --> 00:39:36,960
Speaker 2: With that silver lining, it's snowing, of all things. On top,

817
00:39:37,440 --> 00:39:40,760
Speaker 2: it has not to be snowing in the New York area.

818
00:39:40,880 --> 00:39:42,960
Speaker 2: So for the first time, I am going to do

819
00:39:43,040 --> 00:39:47,560
Speaker 2: tonight candlelight yoga in my own home office via zoom

820
00:39:47,920 --> 00:39:50,719
Speaker 2: because I need I need to just relax, I need

821
00:39:50,760 --> 00:39:52,800
Speaker 2: to just you know, normally I would go to a

822
00:39:52,880 --> 00:39:55,839
Speaker 2: yoga class, but I can't, So I'm going to try

823
00:39:55,840 --> 00:39:57,399
Speaker 2: it I've never done it. I hope I don't hurt myself.

824
00:39:57,440 --> 00:39:59,719
Speaker 2: There's no teacher watching what I'm doing. But we have

825
00:39:59,760 --> 00:40:02,040
Speaker 2: to take a minute for ourselves. And I think that's

826
00:40:02,080 --> 00:40:04,760
Speaker 2: the hardest part. As you know, we've been talented talking

827
00:40:04,800 --> 00:40:08,160
Speaker 2: and answering your viewers questions about all of the concerns

828
00:40:08,160 --> 00:40:11,320
Speaker 2: that they have. But you know, you're here, you're listening,

829
00:40:11,520 --> 00:40:14,359
Speaker 2: and you're healthy, and most likely if you're listening to us,

830
00:40:14,360 --> 00:40:18,400
Speaker 2: you're healthy. So that right there is just so wonderful.

831
00:40:18,800 --> 00:40:22,279
Speaker 2: Embrace that, be happy about that, be grateful for that,

832
00:40:22,760 --> 00:40:25,799
Speaker 2: and then from there figure out what what else can

833
00:40:25,840 --> 00:40:29,400
Speaker 2: I do to feel better? What would make me feel better?

834
00:40:29,760 --> 00:40:32,160
Speaker 2: What can I control that's going to make me feel better?

835
00:40:32,400 --> 00:40:35,040
Speaker 2: Not what's Washington going to do, not what's you know,

836
00:40:35,120 --> 00:40:37,799
Speaker 2: the person who's in the White House going to do?

837
00:40:38,000 --> 00:40:40,279
Speaker 2: What am I going to do to try to make

838
00:40:40,320 --> 00:40:43,440
Speaker 2: myself feel better about where I am right now? I

839
00:40:43,440 --> 00:40:45,879
Speaker 2: think we all need to stop and think about that.

840
00:40:46,600 --> 00:40:47,239
Speaker 4: Absolutely.

841
00:40:47,280 --> 00:40:49,560
Speaker 3: What can I control? I keep repeating that to myself,

842
00:40:49,640 --> 00:40:50,560
Speaker 3: what can I control?

843
00:40:50,640 --> 00:40:51,120
Speaker 2: Exactly?

844
00:40:51,480 --> 00:40:53,759
Speaker 3: Tiffany, what mean do you have anything that we should share?

845
00:40:53,840 --> 00:40:56,160
Speaker 3: Like mental health wise? I mean, is there anything that

846
00:40:56,239 --> 00:40:59,560
Speaker 3: you love to do sharing sooner, Candlelight Yoga, that's helping

847
00:40:59,600 --> 00:41:01,080
Speaker 3: you hope that anxiety right now.

848
00:41:01,640 --> 00:41:04,560
Speaker 1: Honestly, it's like both helping me cope and then sometimes

849
00:41:04,560 --> 00:41:07,680
Speaker 1: giving me anxiety. That I'm someone that whenever I'm like

850
00:41:07,800 --> 00:41:10,880
Speaker 1: fairly anxious and I'm not really anxious person, that service

851
00:41:10,960 --> 00:41:14,520
Speaker 1: helps best. That when I help other people, it helps

852
00:41:14,560 --> 00:41:16,640
Speaker 1: me not to think about whatever it is that I'm

853
00:41:16,640 --> 00:41:20,200
Speaker 1: worried about. So, like last night, I taught a class

854
00:41:20,480 --> 00:41:23,560
Speaker 1: just online, and so I have my you know, my

855
00:41:23,600 --> 00:41:26,080
Speaker 1: online school, so I normally don't teach the classes on

856
00:41:26,120 --> 00:41:27,759
Speaker 1: the weekend, but I was like, no, no, no, I'm going

857
00:41:27,800 --> 00:41:30,400
Speaker 1: to teach the class this Sunday. That helped a lot

858
00:41:30,560 --> 00:41:32,319
Speaker 1: because people were like, oh my gosh, this was so

859
00:41:32,400 --> 00:41:34,560
Speaker 1: good and it felt so good that I ended up

860
00:41:34,960 --> 00:41:37,160
Speaker 1: just said, you know, let me jump on ig Live

861
00:41:37,560 --> 00:41:39,719
Speaker 1: and do a Q and A. And that felt really

862
00:41:39,800 --> 00:41:41,960
Speaker 1: good because people were really like thank you so much

863
00:41:42,000 --> 00:41:44,120
Speaker 1: in the comments, and I could just see that there

864
00:41:44,200 --> 00:41:46,560
Speaker 1: was like a collective sign of like, oh, I get

865
00:41:46,600 --> 00:41:50,400
Speaker 1: it okay, And so for me, that helps, But sometimes

866
00:41:50,400 --> 00:41:53,680
Speaker 1: that also gives me more anxiety because then almost as

867
00:41:53,719 --> 00:41:56,040
Speaker 1: soon as I finished teaching a class, I'm flooded with

868
00:41:56,080 --> 00:41:58,239
Speaker 1: ten thousand new questions. So I'm like, I don't know

869
00:41:58,239 --> 00:42:01,719
Speaker 1: if this is working home, but service helps a lot,

870
00:42:01,760 --> 00:42:03,799
Speaker 1: So I'm trying to figure out, like what else for me?

871
00:42:04,480 --> 00:42:07,000
Speaker 1: Like not thinking about myself and thinking about other people

872
00:42:07,040 --> 00:42:09,720
Speaker 1: and helping other people is one of my go tos.

873
00:42:09,719 --> 00:42:12,759
Speaker 1: And I'm honestly taking a nap, but lately even naps

874
00:42:12,760 --> 00:42:14,880
Speaker 1: are not helping. It's like stressed naps. I feel like

875
00:42:14,920 --> 00:42:19,000
Speaker 1: I'm dreaming. I feel like I wake up like Corona.

876
00:42:19,560 --> 00:42:23,120
Speaker 1: So I haven't quite I'm quite found yet, although I'm

877
00:42:23,120 --> 00:42:26,840
Speaker 1: grateful sharing. Like for Christmas for myself, I gifted myself

878
00:42:26,880 --> 00:42:29,200
Speaker 1: a home gym. Well I don't know if it was

879
00:42:29,239 --> 00:42:31,600
Speaker 1: like a gift, but you know, but I got myself

880
00:42:31,640 --> 00:42:33,960
Speaker 1: a treadmill because everything was on sale. I got myself

881
00:42:33,960 --> 00:42:37,680
Speaker 1: a treadmill, a rower, and this like contraption for doing

882
00:42:37,760 --> 00:42:39,560
Speaker 1: like abs and stuff, and it was all together because

883
00:42:39,560 --> 00:42:41,800
Speaker 1: everything was on sale. It was twelve hundred dollars all together.

884
00:42:42,040 --> 00:42:45,200
Speaker 1: And the mats. Yeah, so I mean, I'm not gonna

885
00:42:45,239 --> 00:42:49,400
Speaker 1: lie my sister who stays with me, she is on

886
00:42:49,480 --> 00:42:50,719
Speaker 1: it more than I am. But I was like, I

887
00:42:50,719 --> 00:42:52,759
Speaker 1: need to go downstairs and use the home gym, so

888
00:42:52,800 --> 00:42:54,760
Speaker 1: I think I'm gonna try that as well.

889
00:42:55,440 --> 00:42:58,400
Speaker 2: Oh that's cree, that's good. That's good, well until it

890
00:42:58,440 --> 00:43:02,040
Speaker 2: starts snowing. I was loving taking walks, you know, and

891
00:43:02,120 --> 00:43:04,040
Speaker 2: I took a walk with my daughter yesterday. I don't

892
00:43:04,040 --> 00:43:05,960
Speaker 2: even know if we've ever done that before. It was

893
00:43:06,040 --> 00:43:08,080
Speaker 2: just it was wonderful. It's beautiful. And then I woke

894
00:43:08,160 --> 00:43:11,200
Speaker 2: up in snowing. I'm like, what is happening? Is that

895
00:43:11,280 --> 00:43:11,680
Speaker 2: a sign?

896
00:43:11,880 --> 00:43:13,799
Speaker 4: I don't know, it's don't look for signs.

897
00:43:15,640 --> 00:43:19,240
Speaker 2: I know, I know it's hard. It is hard to sleep,

898
00:43:19,280 --> 00:43:20,879
Speaker 2: and so I'm going to go back to the first

899
00:43:20,880 --> 00:43:23,399
Speaker 2: thing that I said. I really had a restless night.

900
00:43:23,560 --> 00:43:27,280
Speaker 2: And I'm like, why am I supposed to be calming people.

901
00:43:27,280 --> 00:43:29,960
Speaker 2: I should not have a restless night. And I tell you,

902
00:43:30,040 --> 00:43:31,600
Speaker 2: I felt better as soon as I did my list.

903
00:43:32,280 --> 00:43:35,200
Speaker 2: I'm you know, I conjure up. My dad he always

904
00:43:35,200 --> 00:43:37,800
Speaker 2: had a pro con list. Whenever there was a dilemma,

905
00:43:37,880 --> 00:43:39,799
Speaker 2: he's like, get out the legal pad. No one even

906
00:43:39,840 --> 00:43:43,319
Speaker 2: knows what that is, get out your paper, and he's like,

907
00:43:43,400 --> 00:43:45,399
Speaker 2: draw the line down the middle with the pro the con.

908
00:43:45,920 --> 00:43:48,279
Speaker 2: And I started making my lists, and once I had

909
00:43:48,320 --> 00:43:51,319
Speaker 2: my five point plan. I was like, I'm good. I'm good.

910
00:43:51,560 --> 00:43:54,440
Speaker 2: Now I have a plan, you know. So it's we

911
00:43:54,480 --> 00:43:56,560
Speaker 2: all get anxious and I and I and I have

912
00:43:56,640 --> 00:43:59,839
Speaker 2: to say, the financial advisors that have been forthcoming enough

913
00:43:59,840 --> 00:44:02,440
Speaker 2: to to really share, they need a minute too. I

914
00:44:02,440 --> 00:44:04,960
Speaker 2: mean they're they're like you, Tiffany, they want to help,

915
00:44:05,239 --> 00:44:07,439
Speaker 2: and so I think that helps them not be as

916
00:44:07,480 --> 00:44:11,359
Speaker 2: afraid or I shouldn't say afraid, but have as much

917
00:44:11,880 --> 00:44:15,919
Speaker 2: angst about what's happening. But this is unprecedented, and they's

918
00:44:15,960 --> 00:44:19,320
Speaker 2: gonna be data points that they even as experts, haven't

919
00:44:19,320 --> 00:44:22,280
Speaker 2: seen that thirty percent number that you were talking about, Mandy,

920
00:44:22,320 --> 00:44:25,640
Speaker 2: that we haven't seen that, and not recently and not

921
00:44:25,760 --> 00:44:28,680
Speaker 2: in the time of many of these financial advisors practices.

922
00:44:28,760 --> 00:44:32,320
Speaker 2: So they're also trying to figure out ways to de stress.

923
00:44:32,400 --> 00:44:34,840
Speaker 2: One financial advisor I talked to said that she with

924
00:44:34,960 --> 00:44:38,200
Speaker 2: her team is having zoom yoga and boot and zooma

925
00:44:38,200 --> 00:44:40,720
Speaker 2: boot camps, you know, so they can work out together.

926
00:44:41,120 --> 00:44:43,640
Speaker 2: They had a quarantine party and they say they had

927
00:44:43,680 --> 00:44:46,560
Speaker 2: a cocktail party together just so that they can. They're

928
00:44:46,600 --> 00:44:48,600
Speaker 2: helping other people, but they need to take a minute

929
00:44:48,600 --> 00:44:51,879
Speaker 2: and help themselves too. So no matter what industry you're in.

930
00:44:52,280 --> 00:44:53,839
Speaker 2: We just need a minute. Yeah.

931
00:44:53,880 --> 00:44:55,759
Speaker 3: And I'm a list girl too. I write my list

932
00:44:55,800 --> 00:44:57,320
Speaker 3: in the middle of the night when I can't sleep.

933
00:44:57,360 --> 00:44:59,479
Speaker 3: I love a legal pad. Shout out to your dad,

934
00:45:00,239 --> 00:45:05,680
Speaker 3: but no, honestly calling people has helped me. Video chatting,

935
00:45:06,200 --> 00:45:10,080
Speaker 3: going for walks, a glass of wine and not caring,

936
00:45:11,080 --> 00:45:13,279
Speaker 3: almost to the point where I'm like, oh my quarantine's next,

937
00:45:13,280 --> 00:45:15,560
Speaker 3: are gone and just like let my diet go, you know,

938
00:45:15,719 --> 00:45:17,839
Speaker 3: do whatever you got to do. Shout out to the

939
00:45:17,840 --> 00:45:21,480
Speaker 3: therapists out there too who are doing telecalls. I was

940
00:45:21,520 --> 00:45:24,560
Speaker 3: on the phone with mine on Friday and she's fantastic

941
00:45:24,600 --> 00:45:28,080
Speaker 3: and I really encourage you guys. You can get help

942
00:45:28,080 --> 00:45:31,040
Speaker 3: from home virtually, even if you need to see a doctor.

943
00:45:31,040 --> 00:45:34,640
Speaker 3: Some doctors are doing virtual visits now, so still for

944
00:45:34,800 --> 00:45:36,600
Speaker 3: you know, check in with yourself and your body and

945
00:45:37,719 --> 00:45:39,279
Speaker 3: try and get what you need as best you can

946
00:45:39,320 --> 00:45:42,440
Speaker 3: from home. And keep listening to Brown Ambition, because as

947
00:45:42,440 --> 00:45:44,319
Speaker 3: far as we know, we're going to keep coming to

948
00:45:44,320 --> 00:45:47,359
Speaker 3: you guys as we can each week. And we thank

949
00:45:47,400 --> 00:45:50,279
Speaker 3: you so so much, Sharon for being so gracious with

950
00:45:50,320 --> 00:45:54,000
Speaker 3: your time and for coming and sharing your wisdom. It

951
00:45:54,080 --> 00:45:55,640
Speaker 3: was amazing to have you on the show today.

952
00:45:55,960 --> 00:45:58,319
Speaker 2: Yes, thank you, Thank you so much for having me.

953
00:45:58,400 --> 00:45:59,799
Speaker 2: Thank you so much for having me and for all

954
00:45:59,840 --> 00:46:01,640
Speaker 2: the work you all are doing. It's so important.

955
00:46:01,680 --> 00:46:02,239
Speaker 4: Same to you.

956
00:46:02,320 --> 00:46:05,600
Speaker 3: That's CNBC dot com slash invest in you right right.

957
00:46:05,680 --> 00:46:07,560
Speaker 3: And Sharon, where can people find you on social?

958
00:46:07,920 --> 00:46:10,360
Speaker 2: On social you can find me on Instagram at Sharon

959
00:46:10,400 --> 00:46:14,480
Speaker 2: Epperson CNBC. You can find me on Twitter at Sharon

960
00:46:14,600 --> 00:46:18,560
Speaker 2: Underscore at person and you can find me on LinkedIn

961
00:46:19,000 --> 00:46:20,320
Speaker 2: with Sharon Epperson.

962
00:46:20,600 --> 00:46:22,960
Speaker 3: Perfect and I will again putting links to all of

963
00:46:23,000 --> 00:46:25,880
Speaker 3: her social media profiles in the show notes. You guys

964
00:46:25,880 --> 00:46:28,920
Speaker 3: continue sending us your questions just and even if it's

965
00:46:28,960 --> 00:46:31,640
Speaker 3: not a question, how are you coping with this economic

966
00:46:31,680 --> 00:46:33,520
Speaker 3: and health crisis right now? We'd love to hear from you.

967
00:46:33,520 --> 00:46:35,600
Speaker 3: If you want event send us your list of what's

968
00:46:35,640 --> 00:46:37,920
Speaker 3: going to make you feel better. Brand Ambition Podcasts at

969
00:46:37,960 --> 00:46:40,400
Speaker 3: gmail dot com or you can hit us up on Instagram,

970
00:46:40,440 --> 00:46:44,040
Speaker 3: Brand Ambition Podcast on the Gram, or go to our

971
00:46:44,040 --> 00:46:47,640
Speaker 3: website Brandimission podcast dot com and click ask us anything