Talking To Your Spouse About Market Crash Fears

This episode is all about the emotional side of investing during market turmoil, especially the conversations (or arguments) happening at kitchen tables right now.

 

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Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.

 

 

Speaker 1:

This episode is all about the emotional side of investing during market turmoil, especially the conversations that might be happening around kitchen tables all across America right now. Let's get into it this week here on Retirement Planning Redefined.

 

Welcome into the podcast, where we're going to talk about talking to your spouse or loved one about market crashes and fears. If you're sitting around the dinner table and stressing out about the stuff we've been seeing over the past few weeks, it's been a volatile March and April. It's maybe worthwhile to have a chat about how do you go about that, because obviously when it comes to dealing with money and talking about money, that's sometimes where families and relationships struggle. This week, the guys are going to help us break it down from things they say from their clients, maybe their own personal perspective and mine as well, as we have this conversation.

 

What's going on, John? How are you doing, buddy?

 

John:

Doing good. Just found an electric fireplace.

 

Speaker 1:

Oh, nice, nice.

 

John:

For my remodel. I can't wait to have it installed.

 

Speaker 1:

There you go. Yeah, we got one of those as well when we did ours. Nice, very good. Works well. My wife's always got that thing on. I'm like, "Really?"

 

John:

Yeah.

 

Speaker 1:

Even when it's warm. I'm like, "You're killing me." Well, hey, there you go. Couples and spouses already over the fireplace, we haven't even got to the money yet.

 

What about you, Nick? How are you doing, buddy?

 

Nick:

Good, good. Staying busy.

 

Speaker 1:

Yeah. Well, let's dive into this since you're about to have this situation start to prop up because you've got some nuptials coming soon. Again, congratulations on that.

 

I got a few questions I just want to run through. Feel free to drop in some real life scenarios that you've seen from your own life, or clients, or whatever you guys want to share when it comes to this. It's an important question, because I so many advisors like yourselves say, "Hey, when you're building a retirement plan and a strategy, make sure both people are involved so that you understand what you've got and what you're into." Even if it's not your thing, that way everybody just feels like they're on solid ground when it comes to knowing what's happening.

 

How do you deal with that? As a married couple or in a relationship, how do you deal with market downturns? Because when you start seeing your accounts go down, you start to freak ou