7 things you should do now that we are in a recession

06/18/20 • 32 min

We are officially in a recession. Today, Rick Bloom takes a look at the historical context of recessions. Then, we run through seven things you should do in our current climate.

Cash flow and net worth statements
Reducing household expenditures
Evaluate your Life insurance
Reducing debt
Having an emergency fund
Have an estate plan
Look at your portfolio

As always, Rick answers listeners emails. Today, we talk about emergency funds in short term bonds and using banks as trustees.

If you have a question for Rick Bloom, you can email him at [email protected]

Resources:

Bloom Asset Management website: http://www.bloomassetmanagement.com/

We are officially in a recession. Today, Rick Bloom takes a look at the historical context of recessions. Then, we run through seven things you should do in our current climate.

Cash flow and net worth statements
Reducing household expenditures
Evaluate your Life insurance
Reducing debt
Having an emergency fund
Have an estate plan
Look at your portfolio

As always, Rick answers listeners emails. Today, we talk about emergency funds in short term bonds and using banks as trustees.

If you have a question for Rick Bloom, you can email him at [email protected]

Resources:

Bloom Asset Management website: http://www.bloomassetmanagement.com/

Previous Episode

8 Things To Know Before Hiring a Financial Advisor

Rick Bloom thinks money looks better in your pocket than it does anywhere else. With that in mind, today we discuss the 8 things to know before you hire a financial advisor.

How is the advisor paid?
Is the advisor a fiduciary?
Does the advisor use an independent custodian?
Who regulates the advisor?
Which investment vehicles are the advisor using?
Who is the advisor's typical client?
Don't be fooled by firm names.
Don't get caught up in alphabet soup of initials.

Additionally, make sure your advisor is someone you can communicate with.

As always, Rick answers email questions from listeners regarding:

Paying off mortgages,
401k values
Rollovers and Required Minimum Distributions
Roth Conversions

Got a question for rick? Email him at [email protected]

Resources:

Bloom Asset Management website: http://www.bloomassetmanagement.com/

Next Episode

The Problems with Suze Orman and Dave Ramsey

Today, Rick Bloom takes a deep dive into the financial strategies presented by "Celebrity Financial Advisors," most notably Suze Orman and Dave Ramsey.

Shaming - sometimes they "shame" viewers - no financial professional should make you feel that way
Debt - save for today, live for tomorrow, but will skipping Starbucks reallynet you a million dollars?
Dave Ramsey's idea of paying off all debt before saving for retirement - and the flaw in that logic
The idea that nobody should have a charge card - why they can be useful tools.
Investing - the problem with Suze's generic math equation
Dave's idea that you should only invest in 4 areas, as well as Class A mutual funds vs "no load" mutual funds
The idea of a 12% return - why that's just not realistic
The idea of retiring at a certain, one-size-fits-all age

Additionally, Rick answers listener emails regarding Roth vs Traditional 401K plans, long term care and life insurance, and the differences between UGMA, UTMA, and 529 savings plans.

If you have a question for Rick Bloom, you can email him at [email protected]

Resources:

Bloom Asset Management website: http://www.bloomassetmanagement.com/