Ep 13: Where Financial Crisis and Opportunity Meet

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If you’re facing a financial crisis, there may be some opportunities you can explore. We’ll explain what they are.

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Show Notes

On today’s episode, we’re talking about the intersection of crisis and opportunity, two words you probably don’t think of together. But sometimes a financial crisis can create opportunities for people.

Empty nest

For some parents, the empty nest stage of life is a joyous time, but for most families it comes with a lot of sadness for mom and dad. But the empty nest stage is usually good news from a financial standpoint.

You no longer have college bills to pay, no more young adults eating you out of house and home, and you see expenses like cell phone bills and car insurance start to drop. It can be a great time to reevaluate your financial plan and save more aggressively than you ever have.

Market crash

It’s all based on where you’re at in your life, whether it’s pre-retirement, post-retirement, or early on in your career. Markets do present opportunities. If a market dropped 20% or 30%, that could help people who are 20 or more years away from retirement.

If the market drops and you have some extra cash lying around, you can invest it while the market is low before the rebound.

Long-term care insurance

Long-term care and healthcare rates continue to increase every single year, and those hikes can be really frustrating. But if you have newer insurance, you can get a price locked in that won’t change each year.

Listen to the full podcast or use the timestamps below to jump to a specific section.

[7:44] – Empty nest

[10:26] – Market crash

[13:53] – Life insurance

[16:21]  – Laid off

[19:53] – Should I take money from 401k?

[23:38] – Can I leave 401k to children?

Thanks for checking out this episode. We’ll talk to you again soon.

 

“Are you on track for retirement, or do you need to save a little bit more towards that?”

-Scott Sierens

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