What a crazy time to be dating! Unemployment is rising, the market is dropping, and the media is polarized. Despite all of this, now is the time to keep a clear head about your financial concerns and investments. To discuss strategies on how to reduce your fear and make decisions from a healthy, calm place Marni speaks with Bobby Mascia, the Founder, and CEO of Greenridge Wealth Planning, an Independent Financial Planning Firm that specializes in financial planning, investment management for businesses, and individuals throughout the US.
Key takeaways from this episode:
How to acknowledge your feelings about finances 3 ways to look at diversification Tips for small business owners and entrepreneurs during the pandemic Should you refinance your house now? How to find financial support from someone you can trust
Changes in the Market & Economy During the Corona Pandemic [2:53]
The Coronavirus has caused mass unemployment, closed businesses, and is causing anxiety as the worldwide health crisis continues to spread. Financial markets are reacting to the numbers but some people aren’t concerning themselves with the recession they are focusing on the good deals they can now invest in. Bobby says that times like these are why we devise a holistic plan and a financial strategy to make you whole from now through retirement.
Ask yourself:
How long do I think the Coronavirus will last? How long do I think the current recession will last? What is my time frame? Or, when do I want my money?
Based on his sources, Bobby thinks it could be 6-weeks to 6-months before we see real progress on a vaccination. And, for the markets to start shifting. He recommends having 6-months of cash assets set aside for emergencies like the current pandemic.
Questions to Vet a Financial Advisor [9:52]
Bobby says when looking for any advisor there are two important characteristics they should embody:
They need to be transparent. You need access to communication with them.
The right financial advisor is a fiduciary advisor. This means that the advisor must have your best interest in mind. A word of warning is that commission-based advisors may have a conflict of interest. Make sure your advisor is transparent about their processes.
Bobby, Greenridge Group uses a well-planned Life Map system to ensure clients get what they want from their financial future.
Consider what your resources are and what your advisor can do to help you attain your life goals.
Your Financial Advisor should lay out a life-long investment plan for you and always have your best interest in mind.
What if Financial Inequality or Income Disparity Exists in a Relationship? [22:18]
Money is one of the largest causes of arguments in relationships. If a relationship is not financially secure the stress will be felt in other areas of your life. Bobby says it is important to discuss how money was handled in your partner’s childhood home. Marni says it is important to understand your partner’s financial philosophy by the third or fourth date.
You have to decide if money is a determining factor in whether or not you can be happy with the other person? There are things you can put in place to mitigate problems but it comes down to how much the person with the debt or bad spending habits is willing to change.
Shared accounts can cause issues. Each person should have their own bank account.
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