In this timely episode, recorded during the coronavirus pandemic of 2020, we’re talking about the psychology behind how we think about money, the mistakes we make, and why we’re so prone to irrational behavior in both good times and bad.
It’s hard not to get emotional when it comes to money. The stock market took a sharp negative turn recently and the short-term future of the economy is uncertain to say the least. Many Americans are either out of work or find themselves having to pivot to earn money. It would be 100% normal to be panicking now, however, it doesn’t have to be that way.
In this interview, Jeff and I talk about how, if you’re attempting to “react” to what’s happened, you’re not likely to be making decisions that are doing you any good.
For example, people are asking me questions like, “Should we sell out of the market at least partially?” or “How can I make sure to get in at the bottom?” or “Don’t you think hotel stocks are poised for a great return?”
Despite what the media would have you believe, nobody knows the short-term future so these questions cannot be answered. More importantly, investing is about size and consistency, not timing, and it’s important to take a look at it from a big-picture perspective.
As we navigate the coronavirus crisis, our minds are more vulnerable than ever to tricks, traps, and temptations. If you’re wondering how to invest, what to do with your investments, or just why you’re reacting the way you are to reading the news or checking the market, today’s episode of Profit Boss® is for you.
I’m joined by author, speaker, pundit, comedian, and behavioral science advocate Jeff Kreisler. In addition to writing for TV, politicians, CEOs, and sharing insights on networks like CNN, Fox News, MSNBC, and SiriusXM while he’s not touring the planet, Jeff runs Peoplescience.com. He and past Profit Boss® guest Dan Ariely recently co-wrote Dollars and Sense: How We Misthink Money and How To Spend Smarter, where they hilariously tackle the behavioral science behind our financial decisions.
So, are you ready to stop letting the news cycle leave you wondering if now’s a good time to buy or sell, identify financial traps before you fall prey to them, and discover frameworks that will help you use human nature to your benefit? Then you don’t want to miss this episode. Tune in to Profit Boss® Radio today!
Here’s what you’ll find out in this week’s episode of Profit Boss® Radio:
Show Notes
To get access to the full show notes, including resources mentioned, transcript, and a complete breakdown of the End of Year Wealth Building Checklist, visit HilaryHendershott.com/162.
Follow Hilary on:
Twitter
LinkedIn
Instagram
Facebook
YouTube
Subscribe to The Retirement Years on Profit Boss® Radio
Apple Podcasts
Overcast
Spotify
Stitcher
Google Podcasts
In this episode, I’m answering several listener questions about the coronavirus pandemic, the economy, stock market investing, and personal finance.
I’m hoping my answers to these questions will help you better understand how to think through tough decisions when it comes to money and your family, why you should manage your mindset instead of trying to predict the future, and how moments like now prove the importance of having an investment strategy — to name just a few of the issues we dive into.
We also get into what you can do to make money right now, what types of businesses are thriving in this tumultuous time, what you can do as a business owner to protect yourself and your employees, and what resources may be available to you as individuals via the $2 trillion CARES Act passed by Congress.
Things may feel like they’re constantly changing right now, but by deepening your understanding of what’s going on and how you can best stay physically and fiscally healthy, you can come out of the other side of this empowered, educated, and ahead of the media. Tune in to Profit Boss® Radio today!
Here’s what you’ll find out in this week’s episode of Profit Boss® Radio:
Cara asks: “Should I pay off the loan on the house I inherited from my grandparents, or should I refinance and invest my money, even though the economy feels shaky right now?”
Monica asks: “How long do you think the trickle-down effect of the global reaction to the coronavirus is going to be?”
Carl asks: “How should the fiat currency issue play into my investment strategy, and should I listen to people telling me to buy precious metals or Bitcoin right now?”
Lela asks: “How should someone arrange their stock-bond IRA or Roth IRA if they’re over 65?”
Ana asks: “Why do we need to hang on tight and not sell or panic in a crisis, and what can we do to maximize our investments right now?”
Brandy asks: “Will we all get back the money we lost in our investments once the coronavirus event has ended?”
Show Notes
To get access to the full show notes, including resources mentioned, transcript, and a complete breakdown of the End of Year Wealth Building Checklist, visit HilaryHendershott.com/161.
Follow Hilary on:
Twitter
LinkedIn
Instagram
Facebook
YouTube
Subscribe to The Retirement Years on Profit Boss® Radio
Apple Podcasts
Overcast
Spotify
Stitcher
Google Podcasts
Today's episode is a call for your questions. At this point, we're deep into the coronavirus and there are a lot of people, both individuals and businesses, who are worried about everything related to their finances. If you're looking for answers, I'm here to help!
Please send any financial related questions to media@hilaryhendershott.com this week and I will answer them in an upcoming episode. I look forward to sharing my advice and helping you through this difficult time as best as I can.
Follow Hilary on:
Twitter
LinkedIn
Instagram
Facebook
YouTube
Subscribe to The Retirement Years on Profit Boss® Radio
Apple Podcasts
Overcast
Spotify
Stitcher
Google Podcasts