Speaker 1: From Bloomberg News and iHeartRadio. It's the Big Take. I'm
Speaker 1: West Cosova today our friendly guide on how to save, protect,
Speaker 1: and spend your money right now. Is it just me
Speaker 1: or does managing your money seem a little more confusing
Speaker 1: than usual right now? Unemployment is low, which in theory
Speaker 1: means jobs are plentiful, but inflation is still high and
Speaker 1: the economy feels shaky. So does that mean it's a
Speaker 1: good time to quit your job for another one or
Speaker 1: should you stay put? And what about where you live?
Speaker 1: Rents are high almost everywhere, but house prices and mortgage
Speaker 1: rates are too, So does it make sense to buy
Speaker 1: a house if you can actually find one, or is
Speaker 1: it better to hold off? And the markets, well, they're
Speaker 1: all over the place. And oh yeah, a couple banks failed.
Speaker 1: Should we just put all our hard earned savings inside
Speaker 1: the mattress until things calm down? Fortunately, we've got some
Speaker 1: answers from two Bloomberg personal finance journalists. Claire Ballantine to
Speaker 1: not panic. That's really great advice. At the same time,
Speaker 1: don't let that lead you to not pay attention to
Speaker 1: what's going on, I think, and Craig Giemona, I think
Speaker 1: the sort of Yolo. Attitude of the pandemic really has faded.
Speaker 1: They're here to help us sort through money decisions in
Speaker 1: volatile times, So I would say, maybe don't go with
Speaker 1: the Mattress route. I think one thing that's become very
Speaker 1: clear over the past few weeks is that if you
Speaker 1: have under two hundred and fifty thousand dollars in a
Speaker 1: Federal Deposit Insurance Corporation insured bank, you're fine. That being said,
Speaker 1: most savings accounts in traditional banks aren't paying a lot
Speaker 1: in interest. It could be a good time to think
Speaker 1: about other options to keep your cash liquid but still
Speaker 1: earn more a return. Yeah. I think that's been one
Speaker 1: of the interesting side effects of interest rate hikes is
Speaker 1: that we're coming out of an era of easy money,
Speaker 1: low rates, and there's a lot of people with money
Speaker 1: sitting in a savings account at whatever their bank is
Speaker 1: that is making nothing or next to nothing, and there
Speaker 1: are better options, right. I mean, at Goldman, Saxes, Marcus,
Speaker 1: they offer high yield savings account that have become very popular.
Speaker 1: You can get three point seven five on a savings account,
Speaker 1: and you can do even a little bit better if
Speaker 1: you're willing to lock that money up with a certificate
Speaker 1: of deposit. I mean, you can go up to four
Speaker 1: point seven five. It obviously depends on the amount of
Speaker 1: time you're willing to lock up that cash. But I
Speaker 1: do think for personal finance people, people that are looking
Speaker 1: around saying I got a little spooped by everything that's
Speaker 1: gone with the banks, they're checking their accounts, there are
Speaker 1: ways to move money from those accounts that are really
Speaker 1: yielding nothing or next to nothing and start making some
Speaker 1: returns on that cash, and three point seven five or
Speaker 1: four percent or better. You know, depending on which day
Speaker 1: of the week it is, you're kind of doing better
Speaker 1: than even the market. Yeah, no question, you know. It
Speaker 1: was the worst performance for the SMP five hundred, I
Speaker 1: think since two thousand and nine last year. So there
Speaker 1: was a lot of people that, after a bull market
Speaker 1: that was running and running for years and years, went
Speaker 1: to cash, and the big debate about whether cash is
Speaker 1: trash and what you can do with your cash. There
Speaker 1: are great ways to put your cash places to earn
Speaker 1: more money. You just have to take a look and
Speaker 1: be willing to move into a different account that a
Speaker 1: different bank, perhaps, especially if you're looking to do something
Speaker 1: with your money right now. I at least, I'm not
Speaker 1: super excited about putting more fresh cash into the stock
Speaker 1: market at the moment, but looking at some of these
Speaker 1: higled savings accounts and CDs, it's very safe and very
Speaker 1: attractive rates. Craig, you mentioned that treasuries had become popular.
Speaker 1: Bonds are often a place where people go in stocks
Speaker 1: get volatile, should people be looking to put money in bonds.
Speaker 1: So we're coming off a year where I mean there's
Speaker 1: always been this rule in finance that the average person
Speaker 1: wants to have sixty percent of their holdings in equities
Speaker 1: forty percent in bonds, and you know, that's just sort
Speaker 1: of one of those rules of thumb. It's been around
Speaker 1: for a long time, and last year that was one
Speaker 1: of the traumatic things I think for people was that
Speaker 1: that did not perform well. Just because of how turbulent
Speaker 1: things are. The Fed is jacking rates. That's had a
Speaker 1: big impact on bond prices. You do have to be
Speaker 1: careful obviously in the bond market. You know, people will
Speaker 1: go to bonds when they're scared. So it's been an
Speaker 1: extremely turbulent environment, but bonds are an option. I mean,
Speaker 1: yields have been strong, and I think you're seeing the
Speaker 1: sixty forties start to rebound a bit, which is what
Speaker 1: people expected coming into this year. Yeah. So one thing
Speaker 1: that I think regular investors, everyday people would be wise
Speaker 1: to take away from this is that treasuries are still
Speaker 1: very safe, very safe in a very good way to
Speaker 1: put your money in bonds and kind of hedge some
Speaker 1: of your stock exposure. I think there's been some concern
Speaker 1: with all the banking turmoil that rates could drop, that
Speaker 1: maybe the Federal Reserve would be forced to pause their
Speaker 1: rate hikes or even cut rates. I mean, it's an
Speaker 1: open question now whether that's going to happen this year.
Speaker 1: But we saw the Fed raise again, so that should
Speaker 1: give people some feeling of assurance that, you know, treasure
Speaker 1: are still a good place to be. And again it's
Speaker 1: still the US government the safest thing there is as
Speaker 1: far as investment. So I think that's still a place
Speaker 1: that a lot of people are looking at as far
Speaker 1: as protecting their money. Claire, you said you don't know
Speaker 1: how good you would feel about putting fresh money into
Speaker 1: the stock market right now. Let's say you do want
Speaker 1: to put money into the market. It's a little bit
Speaker 1: lower now where there are some kind of rules of
Speaker 1: the road. For the moment when stocks are down, it's
Speaker 1: a good time to put money in. You should buy
Speaker 1: the dip. That being said, an important point to look
Speaker 1: at within that is valuation. There is a narrative that
Speaker 1: whenever stock prices come down, that means stocks are cheap,
Speaker 1: and that's generally true, but there's some nuance within that.
Speaker 1: And one important thing to notice that stock valuations have
Speaker 1: been so high for so long that even though we
Speaker 1: did have that big drop in stock prices last year,
Speaker 1: it still hasn't flushed out all of that overvaluation. There
Speaker 1: are different sort of complex measures that Wall Street uses
Speaker 1: to determine if stocks are cheap or not. From talking
Speaker 1: with a couple of analysts, I think the takeaway is
Speaker 1: that they're not quite cheap yet. It's going to take
Speaker 1: a while for valuations to really come down. That being said,
Speaker 1: you can still make money in the stock market, especially
Speaker 1: if you have a longer term time horizon. But I
Speaker 1: think just it's important to sort of dispel that narrative
Speaker 1: that stock prices dropped, so now is a good time
Speaker 1: to buy. And I think whenever we talk to financial
Speaker 1: advisors or ask them questions about how to explain this
Speaker 1: to regular people. They basically say, do not try to
Speaker 1: time the market, that this is not something that the
Speaker 1: average person should be attempting to sort of figure out
Speaker 1: our stocks cheap? Is this the bottom? But that you know,
Speaker 1: if you have a longer term goal, that stocks are
Speaker 1: probably part of your portfolio. There's no question about that. Yeah.
Speaker 1: I think the smartest thing to do, and what advisors
Speaker 1: tell me as well is that you set aside a
Speaker 1: portion to invest each month or every six months, and
Speaker 1: you do it regularly. The issue that some people get
Speaker 1: is that, you know, maybe they have too much in
Speaker 1: their hild savings account and think I need to deploy
Speaker 1: all of this into stocks right now. We're doing that
Speaker 1: sort of gradual timing I think makes a lot more sense.
Speaker 1: So one of the most popular features that Bloomberg runs
Speaker 1: periodically is this article called what should you do with
Speaker 1: ten thousand dollars right now? I'm going to put you
Speaker 1: both down on the spot. We've been talking about various
Speaker 1: kinds of investments. If you have ten thousand dollars and
Speaker 1: you want to invest it, what would you do with
Speaker 1: it right now? One thing I'll say right off the
Speaker 1: top is buy I bonds. I bonds are a savings
Speaker 1: vehicle that the government offers. If you can navigate the
Speaker 1: notoriously wonky Treasury Direct website, it might be worth it.
Speaker 1: I'll take you a few minutes. But ibonds got super popular.
Speaker 1: They're meant to protect against inflation. They have a yield
Speaker 1: that basically moves up and down based on inflation. So,
Speaker 1: as you can imagine, it's been super hot the last year.
Speaker 1: People were plowing into I bonds. You can buy ten
Speaker 1: thousand dollars per year per person, so you could put
Speaker 1: some in your kid's name. It's a very good savings vehicle.
Speaker 1: The money is basically locked up for five years. You know.
Speaker 1: There's various rules around when you could take the money out,
Speaker 1: how much interest you would forge. Again, if you have
Speaker 1: money ten thousand dollars that you want to protect, you
Speaker 1: want it to be safe. I think I bonds are
Speaker 1: up there on the list of things. You know. My
Speaker 1: first answer is going to be to put it all
Speaker 1: on doagecoin. But besides that, I think disclaimer Claire is kid. Yeah,
Speaker 1: I'm getting on the doagecoin. But so I like the
Speaker 1: I bonds answer. I think I'm gonna go slightly different.
Speaker 1: I'm going to say, put it in a CD. The
Speaker 1: reason I'm going there instead of I bonds is that
Speaker 1: one less time that your money is locked up. Also,
Speaker 1: with I bonds, the rate does change based on inflation,
Speaker 1: and so we're seeing inflation come down, those I bond
Speaker 1: rates may come down pretty soon. And most importantly, the
Speaker 1: websites for any digital bank are going to be a
Speaker 1: lot nicer and more user friendly than the Treasury Direct website,
Speaker 1: which is notoriously something out of the early two thousands
Speaker 1: Internet era. It's a great environment for savers. If there's
Speaker 1: one good thing that comes out of all of this,
Speaker 1: it's that and Americans are going to get a better
Speaker 1: yield on their savings. We may even see that longer
Speaker 1: than you know this whole crisis plays out, because banks
Speaker 1: get competitive and you know, they don't want to be
Speaker 1: the first to drop their rights. So it really is
Speaker 1: the time to look and explore the options that banks
Speaker 1: are offering for your savings. I think another thing that
Speaker 1: has become a little bit in turmoil lately for a
Speaker 1: lot of people is the workplace in their own jobs.
Speaker 1: We've seen a lot of people decide to quit their jobs,
Speaker 1: take a new job, drop out, entirely. If you're one
Speaker 1: of those people and maybe you're thinking it's time for
Speaker 1: something new, what are some of the things you should
Speaker 1: be considering when it comes to quitting your job or
Speaker 1: taking a new one in this kind of tumultuous environment.
Speaker 1: This is another thing that really went into the spotlight
Speaker 1: in the pandemic that suddenly offices were closed. I mean,
Speaker 1: this was a massive shift in society and culture, and
Speaker 1: people were moving anywhere, working remotely, so and you know,
Speaker 1: the Great Resignation was a story that got written about
Speaker 1: quite a bit that people were just quitting their jobs.
Speaker 1: I mean, I think the pandemic pushed people to re
Speaker 1: examine all facets of life in some cases, and there
Speaker 1: was a lot of quitting. I mean, the quits rate,
Speaker 1: which is a government statistic, was through the roof for
Speaker 1: a long time. You know. Frankly, a lot of that
Speaker 1: stuff has settled down. I mean, there has been a
Speaker 1: massive amount of tech layoffs. I think tech has been
Speaker 1: the hardest hit. The headlines are I think a little
Speaker 1: bit scary for average people who are sitting there the
Speaker 1: mortgage payment is due, you know, they're paying for their
Speaker 1: kids school. Maybe the kid is getting ready to go
Speaker 1: to college. So I think there's a people that are
Speaker 1: doing the financial math, and I think the sort of
Speaker 1: yolo attitude of the pandemic really has faded, and that
Speaker 1: people are looking out there saying, you know what I mean, Look,
Speaker 1: maybe I don't love this job, but it's a job.
Speaker 1: I like the steady paycheck. From where I sit, it's
Speaker 1: a tricky time to be doing some of the risky
Speaker 1: stuff that we saw in the pandemic because the job
Speaker 1: market has just cooled off so much. Yeah, I think
Speaker 1: the days of quitting your job without a backup plan
Speaker 1: are mostly over. Some people are still going to do it, obviously,
Speaker 1: but now people are prioritizing safety. They're looking more at
Speaker 1: their savings accounts, They're looking at how much everything costs,
Speaker 1: and unless you're super young and super you know, into risk,
Speaker 1: the decision to leave your job is going to be
Speaker 1: a bit more fraught than it was during the pandemic.
Speaker 1: In some ways, that, you know, can be a bit
Speaker 1: of a good thing. And that, you know, people are
Speaker 1: thinking more about their finances, they're looking at their next steps,
Speaker 1: but people still are looking for different jobs. You know,
Speaker 1: the economy is on pretty solid footing right now. A
Speaker 1: lot of places are hiring, even if some are laying
Speaker 1: off workers. So it's not to say that no one
Speaker 1: should look for a new job right now. It's just
Speaker 1: the time to put more consideration into it versus any
Speaker 1: spur of the moment quitting like we had seen the
Speaker 1: past couple of years. If you aren't going to make
Speaker 1: that leap, make sure you have enough savings to do that.
Speaker 1: Make sure you have a bit of a plan. You know,
Speaker 1: I'm going to give myself this long to do whatever
Speaker 1: and find myself. And I also think take a closer
Speaker 1: look at the job market, right I mean, you're absolutely right.
Speaker 1: The unemployment rate remains low. The participation rate, I think
Speaker 1: has ticked up a tiny bit as far as the
Speaker 1: number of people that are actually looking for work, which
Speaker 1: is a good sign. So there's labor shortages in places
Speaker 1: in the economy, particularly in places where a lot of
Speaker 1: people got laid off when the pandemic hit, you know.
Speaker 1: But at the same time, I think you're seeing a
Speaker 1: lot of white collar jobs go away. When you think
Speaker 1: about Wall Street's been pretty hard hit. I mean, the
Speaker 1: credit sweeting has affected thousands of people. The banks are
Speaker 1: taking a look at cost the big tech companies where
Speaker 1: you talk to people whose kids are graduating college. Right now,
Speaker 1: it is rough out there as far as where people
Speaker 1: are going to find good white collar jobs. So to me,
Speaker 1: the job market is complicated and it's a bit of
Speaker 1: a mixed picture. I would just think about it, like
Speaker 1: Claire saying, think about it a little bit before you
Speaker 1: take that leap. When we come back, is now a
Speaker 1: good time to tell your boss you want to raise
Speaker 1: Claire for a while? There is a lot of talk
Speaker 1: about how working from home in jobs can do. That
Speaker 1: would be the new normal, But any employers are now
Speaker 1: demanding people come back at least two or three days
Speaker 1: a week, So is that kind of a thing in
Speaker 1: the past now? A lot of people during the pandemic
Speaker 1: had jobs and cities maybe, and then they moved out
Speaker 1: to Boise or Cleveland and now they're working remotely, which
Speaker 1: is all well and good. But say you want to
Speaker 1: quit your job then and you're still living in Boise
Speaker 1: or Cleveland. A lot of employers now aren't is keen
Speaker 1: on remote work, So maybe you'll have more trouble finding
Speaker 1: a remote work job than you did in the past,
Speaker 1: or you have to find a job in the new
Speaker 1: place that you're living, so it gets a little more complicated,
Speaker 1: especially if you have moved. Is now a good time
Speaker 1: to ask for a raise? Always a tricky question. I
Speaker 1: think this was another pandemic trend, another thing where the
Speaker 1: great resignation. People felt free to leave their jobs. And
Speaker 1: I think part of the reaction with inflation running as
Speaker 1: hot as it was was that companies were saying, I'm
Speaker 1: going to pay up to keep talent, so there was leverage.
Speaker 1: People were getting big raises to jump to new jobs.
Speaker 1: That's a big reason why it was happening. And then
Speaker 1: you saw the reaction of Okay, I don't want to
Speaker 1: lose this person, so I will give them a raise.
Speaker 1: I mean, the answer to this question is tricky, but
Speaker 1: I think the bottom line is you have to take
Speaker 1: a look at what's going on out there with white
Speaker 1: collar work and how many people are getting laid off.
Speaker 1: I mean, I think the reception to the raised request
Speaker 1: right now is going to be a little cooler, tepid,
Speaker 1: however you want to think about it than it was
Speaker 1: a year ago, two years ago. Yeah, Well, in the
Speaker 1: counterpoint to that, I would say is that some people
Speaker 1: may be thinking it's going to get worse from here
Speaker 1: in terms of the job market and the economy. So
Speaker 1: do you put the ask in now or do you
Speaker 1: wait six months when we could be in a recession.
Speaker 1: I think that's also on people's minds. And you know,
Speaker 1: that's not to say everyone should go ask for a raise,
Speaker 1: but if you think you deserve one and you're going
Speaker 1: to ask at some point, you know, I think it
Speaker 1: is worth keeping an eye on these trends in the economy.
Speaker 1: If you're at a company that has had a round
Speaker 1: of layoffs and people are gone, you're probably doing more work.
Speaker 1: You know. The bottom line is that if you're left standing,
Speaker 1: if you survived, maybe you're doing a job that two
Speaker 1: people used to do. And also, by the way, if
Speaker 1: you survived, that means that you made the cut. So
Speaker 1: I think again, if you're doing the job of two people,
Speaker 1: that's something you always have to watch out for and
Speaker 1: talk to your boss about. It's just that the vibes
Speaker 1: have definitely changed here the last six months, and it
Speaker 1: is a tricky time, Claire. How much should people have
Speaker 1: sort of saved if they can to prepare if they
Speaker 1: lose their job. Yeah, so most of the experts that
Speaker 1: I talked to say it should be a bit more
Speaker 1: than maybe you had in the past. The standard advice
Speaker 1: is three to six months worth of living expenses. That's
Speaker 1: sort of the gold standard to always have as a
Speaker 1: cushion in case you lose your job, in case something
Speaker 1: bad happens. That being said, we know from some of
Speaker 1: the studies out there that a lot of Americans just
Speaker 1: don't have the ability to do that. So anything is
Speaker 1: better than nothing, I think, is the takeaway. Some people
Speaker 1: just don't have the ability to put extra money away
Speaker 1: like that. But if you can having a bit more
Speaker 1: in your savings or a bit more in some kind
Speaker 1: of cash like instrument, this is where how yould savings
Speaker 1: accounts can come into play. Extending that to nine months
Speaker 1: worth if you're living expenses, even a year can be
Speaker 1: super smart just in case you know, you do happen
Speaker 1: to lose your job. Sometimes, you know, younger people might
Speaker 1: not need to have as much. They have more flexibility,
Speaker 1: less dependence and things like that. But in general, I
Speaker 1: think now is the time to look at your savings
Speaker 1: and your emergency fund and maybe boost that if at
Speaker 1: all possible. Someone said to me that a way to
Speaker 1: reduce your expenses is go through your credit card statement
Speaker 1: and look at all of the things that you're subscribed
Speaker 1: to figure out which ones you can do away with.
Speaker 1: Maybe that's only, you know, ten bucks a month, but
Speaker 1: that really can add up. And I know I'm subscribed
Speaker 1: to lots of things that I've wholly forgotten about. Craig
Speaker 1: going from work to a little closer to home. A
Speaker 1: lot of people now are trying to figure out renting
Speaker 1: versus buying. It's a tough calculation to make. How should
Speaker 1: people be thinking about that? Yeah, it is very tricky.
Speaker 1: That's another one of these classic personal finance questions, rent
Speaker 1: versus buy. You know, there's the old idea that if
Speaker 1: you're renting, you're flushing the money down the toilet, you're
Speaker 1: not building any equity. The bottom line is that it
Speaker 1: is very very hard to buy a house right now,
Speaker 1: you know, with what's happened with mortgage rates. I mean,
Speaker 1: mortgage rates were down around three percent for the better
Speaker 1: part of two years, you know, and you had a
Speaker 1: whole host of people across the US refinance to two
Speaker 1: point seven five. And so the problem with that is
Speaker 1: those people don't want to move. So people that refined
Speaker 1: in the pandemic, you know, they might not love their house.
Speaker 1: Everyone finds things to hate about their house. But to
Speaker 1: take out a new mortgage now at six and a half,
Speaker 1: that just doesn't make any sense. So the fallout from
Speaker 1: that is that it's very, very hard to find affordable
Speaker 1: homes to buy. There's a tremendous pent up demand from
Speaker 1: a millennial generation that was a little slow to get
Speaker 1: into the housing market. But as you have a very
Speaker 1: big down payment, it's just a tricky time. There's not
Speaker 1: a ton to buy. You know, the markets in the
Speaker 1: suburbs of New York and Boston have stayed extremely hot,
Speaker 1: you know, places where the job markets are doing well.
Speaker 1: So it's a very tricky time to buy for all
Speaker 1: but a very few people. Rent is high too, but
Speaker 1: I just think that there's a lot of people that
Speaker 1: you just have to find rent that hopefully you can
Speaker 1: still save money while renting. That is really the move. Well,
Speaker 1: and then you have people like of my generation, I'm
Speaker 1: twenty six, and you know, they're looking at what they're
Speaker 1: paying in rent, which is in New York at least extraordinary,
Speaker 1: and the dream is to buy a house. But you know,
Speaker 1: we just talked about savings and how hard it is
Speaker 1: for people to save. You know, you're trying to come
Speaker 1: up with a down payment for a house, even if
Speaker 1: you can swing maybe the monthly payment, and it just
Speaker 1: feels impossible to save up that much money for that
Speaker 1: after the break. Is sinking your money into a house
Speaker 1: still a good investment? So for people who are fortunate
Speaker 1: enough to actually have the money to buy a house.
Speaker 1: Traditionally houses have been a very good long term investment.
Speaker 1: Is that still true? Like can you still get your
Speaker 1: money back and then with a house? That's another reason
Speaker 1: why nobody wants to sell right now, or why people
Speaker 1: don't want to buy right now, is because, I mean,
Speaker 1: our home price is going to fall another twenty percent.
Speaker 1: I mean we're still in this bit of a limbo
Speaker 1: phase where the economy by some measures, is on solid ground.
Speaker 1: There's certainly some distress signals out there, some warning signs,
Speaker 1: but there's a feeling that this could get really bad.
Speaker 1: I mean, I think the message you get from experts
Speaker 1: about this is, look, if you're going to buy a house,
Speaker 1: you better be willing to live there for a while.
Speaker 1: The days of a quick flip where it's just going
Speaker 1: to go up by one hundred thousand dollars in two
Speaker 1: years and you can move on. That seems like it's
Speaker 1: on pause at the very least, that a house is
Speaker 1: still going to be a good investment. If you're looking
Speaker 1: for a place to raise your family and you're willing
Speaker 1: to live there for fifteen years, it's probably still going
Speaker 1: to pencil out despite the elevated rates. But things have
Speaker 1: changed and you do have to be careful about making
Speaker 1: that decision. I mean, other big thing is that we
Speaker 1: have a massive generational housing shortage in this country. There
Speaker 1: is simply a shortage of places to live. There's not
Speaker 1: enough apartments, we don't build enough. Zoning is a problem,
Speaker 1: There's not enough houses. So I think that's an argument
Speaker 1: for on the longer scale, home prices going up because
Speaker 1: people need a place to live and we just don't
Speaker 1: have enough in this country. Yeah, I've definitely heard talking
Speaker 1: to personal finance advisors that if you're buying a house
Speaker 1: and you're thinking is your forever home, You're going to
Speaker 1: be there until you retire, then of course it makes
Speaker 1: sense to not be paying money in rent if you're
Speaker 1: going to do that, but especially if you may have
Speaker 1: to move for work. That's where the calculus gets kind
Speaker 1: of hard. Claire Craig. We've covered a lot of ground
Speaker 1: here here. To give somebody one piece of advice to
Speaker 1: kind of put in their pocket and take with them,
Speaker 1: what would it be. We always joke a little bit
Speaker 1: on the Personal Finance team when we call up advisors.
Speaker 1: The first thing they all say is don't panic. Easier
Speaker 1: said than done in times like these when you're seeing
Speaker 1: headlines about bank collapses. But you know, I think the
Speaker 1: thing that you take away from talking to advisors and
Speaker 1: reporting on these stories, it's just that this is a
Speaker 1: long term thing. You know. It's not really about some
Speaker 1: quick way to make money in crypto or there's there's
Speaker 1: really no way to game the system, right. It's a
Speaker 1: sort of a steady as you go strategy. So that's
Speaker 1: what I take away from sort of the don't panic advice,
Speaker 1: which is that it should be a long term game
Speaker 1: and it's very difficult to time the market, and you
Speaker 1: just have to be rational about this and save as
Speaker 1: much as you can and put that money in places
Speaker 1: that is safe and can get you some yield. Yeah,
Speaker 1: and I would say it's good to just take a
Speaker 1: look at what all you're doing. The set it and
Speaker 1: forget it method is really good in a lot of ways,
Speaker 1: and it prevents you from, you know, maybe making mistakes
Speaker 1: because you're panicking. But also just be aware of these things.
Speaker 1: Be aware of what's in your four oh one K
Speaker 1: and what kind of yield you're getting on your savings accounts,
Speaker 1: where all of your money is in these different accounts,
Speaker 1: and how much you are planning to save for the future.
Speaker 1: Claire Valentine, Craig Jamona, thanks for coming on the show.
Speaker 1: Thank you, thanks for having us, Thanks for listening to
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