On The Agenda:

On today’s episode of How Money Works, we’re sharing advice about how to financially prepare for 2021.

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Episode Show Notes:

The new year is underway, and while it hasn’t exactly been quiet, there’s still a lot of optimism about the road ahead. With change comes opportunity for planning.

On this episode of How Money Works, Craig and Jennifer Moser share some financial tips for 2021.  We’ll discuss two of the ten rules for investing that Bob Farrell developed years ago.

“You may need to reset some things to make sure you’re prepared,” said Craig. “If you work with a CPA, ask them what you should be looking for going forward.”

People often get confused about what may or may not affect them in the coming year. But a good rule of thumb is when all experts and forecasts agree, something else is going to happen.

“When you hear something like, ‘This time it’s different,’ it’s probably not,” said Craig.

When it comes to the stock market, most people are risk averse. They don’t like losing their money. But you need to have a previously defined and set of rules on what you will not accept for a loss.

When you see stocks at nosebleed, all-time highs, which is what we’re at now, ask yourself, “Should I buy this stock, although it’s already high?” It’s the same when a stock or the stock market takes a significant loss.

The public buys the most at the top and the least at the bottom. What you’re seeing is, “I missed out. I need to jump on the bandwagon.” There will be a point in time where that wont be a great idea.

“What you might want to think about doing is getting in touch with your CPA a little earlier this year and calling us if you want some information,” said Craig. “Let’s go through and make sure you have things aligned properly.”

Listen to the full episode or use the timestamps below to jump to a certain section. If you want a copy of all ten rules from Bob Farrell to financially prepare for 2021, please contact us and we’ll be happy to get them to you.  Thanks for listening.

Important Points:

2:10 – The coming year

4:43 – 10 rules of investing

5:19 – When all experts and forecasts agree, something else is going to happen

7:06 – The public buys the most at the top and the least at the bottom

8:56 – New and old laws

11:20 – Secure Act

12:03 – Get in touch with your CPA earlier this year

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