People (and that includes us!) tend to react emotionally to big change. For us, that’s running out of pizza rolls, but when it comes to money, that often means investors can make a bad situation worse by thinking with their heart instead of their head. Today we’re going over the coronavirus financial checklist: steps you should be taking not only to make sure your financial bases are covered, but your mental health as well. Pete the Planner from Hey Money! joins Paula Pant and OG on today’s show to tackle the best ways to weather any financial storm.
Halfway through the show we’ll take a break from our financial checkup and turn our attention to our Friday Fintech segment. While our age-old advice of being diversified isn’t going anywhere, we understand that people will experiment with individual stocks. Today Joe rings up Michael Patak from BLUECHXP, to discuss how you can learn to invest without pouring all your sandbox money down the drain.
During our Magnify Money call-in Jimmy calls in with an interesting take on how to handle economy downturns and hypothetical job loss. While he understands having an emergency fund, Jimmy suggests it’s better to use lines of credit and other people’s money before diving into his own funds. Why shouldn’t his emergency fund and various financial accounts be his last line of defense?
As always, we’ll save some time for Doug’s trivia. Enjoy the fun! We did!
<4:35> Our Topic
- A Coronavirus Checklist: Tips for Your Mental and Financial Health (Kiplinger)
Peter The Planner
You can follow Peter on Twitter: @PeteThePlanner
You can check out Pete’s sites here:
Check Out Paula’s site and amazing podcast: AffordAnything.com
Follow Paula on Twitter: @AffordAnything
<20:57> Friday Fintech
Michael Patak Founder and CEO OF BLUECHXP
A big thanks to Michael for taking the time to chat with us today! You can start honing your stock market skills by visiting the site here: BlueChxp.com
Use invite code stackingbenjamins for some nice perks.
<34:55> Doug’s Trivia
- What year was the Pillsbury doughboy introduced?
<43:38> Magnify Money Question
- Jimmy calls in with an interesting take on how to handle downturns in the economy and hypothetical job loss. While he understands having an emergency fund, wouldn’t it be better to use lines of credit and other people’s money before diving into his own funds?
Want the guys to answer your question? You can call in and get your question answered on-air HERE.
Join us Monday!
We are taking a break and giving you a rewind episode on How to Stop Fighting about Monday with Elle Martinez.