Often, the Planners’ Corner is used to provide straight forward, actionable guidance from our planners and advisors. In these extraordinary times, it’s a piece of behavioral psychology that will beset the following text. We are working hard to provide insights into the changing world around us using a plethora of mediums – conference calls, blog posts, emails, phone calls, video chats, TV appearances, social media posts, etc. Yet we can’t discount that the world has seemingly tempered to a halt. As a community, we do our best to make do, but sometimes fear and anxiety permeate our best efforts at normalcy.
The Yellow Ribbon Network is an online platform for veterans, active military and their families in need of counseling and resources to help with finances, housing, employment or education. The Yellow Ribbon Network has partnered with AFCPE® (Association for Financial Counseling & Planning Education®), whose mission is to ensure the highest level of knowledge, skill and integrity of the personal finance profession. AFCPE® aims to empower people to achieve lasting financial well-being through financial counseling, coaching, and education.
On Monday March 23 both the S&P 500 and the Dow Jones Industrial Average hit their current lows for the year. In a month, investors saw the market fall by approximately 35% – the quickest drop of this magnitude since the Great Depression. On top of the market correction, it became clear that each of us would be directly impacted by what days earlier seemed like a distant possibility – a global pandemic and subsequent hard stop of most of the world’s economies. If you found those early days to be scary, you were not alone. All but the most optimistic amongst us felt some degree of fear contemplating what this new reality would mean not just for our investments but also for our own personal health and for those whom we love. Full candor – it was scary for me as well.
Many of you may hear someone extolling the benefits of a Roth Conversion. While there are situations where a Roth Conversion makes sense there is also broad misunderstanding of what it is and what to look for to see if it might be right for you.