Guests: Dr. Ted Klontz and Brad Klontz
The Income Generation With David J. Scranton
They prepare you for the news; that it’s going to drop 500 points, 700 points. It should not have come as news to me as the client and that we have a plan for that. If I do my job as financial planner, I am not going to get those calls the market drops 700, 800, 1500. I will understand that there are, it’s the sea sometimes there is the dip of the wave, you’re at the bottom sometimes you are at the top and your job is to hang on keep steady as we go. And I guess having a plan in advance is a big part of it that removes the emotions. I had a story and that’s kind of a sad story. Right about 2007 where I felt like the market was really high, I saw the financial crisis right kind of on the horizon and I had someone who came into my office, whose brother happened to be his broker and I over begged him to reduce the stock market exposure as he was approaching retirement. I gave him words of wisdom to go back to his brother and to tell his brother look get me out and put me here. Of course he went to his brother and as u you imagine his brother talked him out of it. I bumped into this fellow a couple years ago and sadly, they weren’t even talking anymore because his brother had talked him out of that and you know what happened 2008 with the markets. So Brad, where is the happy medium, where is the happy medium between somebody over reacts but may be the other person is so calm, they don’t react at all, go write it down 58% that we say back in away.
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The Income Generation With David J. Scranton ***Disclaimer: Sound Income Strategies, LLC is a 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. Investments involve risk and, unless otherwise stated, are not guaranteed. Past performance is not an indication of future results. Be sure to first consult with a qualified financial advisor or tax professional about your specific financial situation before implementing any strategy discussed herein.
