Today’s Hack:
Are you panicking when it comes to what’s happening with your finances after hearing the latest headline? But are these statements to be trusted? What is fake news and what is real when it comes to your financial plan?
Other Retirement Facts:
Hurry, we’re all going down! Buy in a panic! Invest in this, not that! Watch out for the crash! Feeling stressed yet? “Fake News” is a term that can be applied across our culture, so we are going to see how it applies to the financial realm on today’s episode of Phil’s Tax Hacks And Other Retirement Facts.
A lot of times, any headline has a little bit of actuality, but it’s just a matter of how it is framed. When it comes to Social Security, there’s a lot of fear about what might happen in the future. But the math you do to find out when it might run out is dependent on the current strategies and variables. In reality, those things may change.
Another popular yet highly debated investment strategy is gold. Gold is a great hedge against the dollar, but putting everything you own in gold is a pretty volatile investment long-term. Consider this: to buy gold, you have to use dollars!
Fake news may have a bit of truth in it, so it’s important that you take everything into perspective. For instance, we are living longer, but as we live longer our bodies and minds are not always keeping up. Does that mean nursing home costs will bankrupt you later on?
How about a market crash? Is impending doom upon us when the market is due for a crash?
Before you panic, consider what you can do to best prepare as you make difficult financial decisions. Having a plan in place may bring you the peace of mind and the clarity you need to avoid the stress of financial fake news.
2:16 – “Social Security is going broke.”
5:47- “The Crash of the Dollar is Imminent–Buy Gold Now!”
7:21 – “Nursing Home Costs Poised to Bankrupt Millions of Americans.”
10:24 – “Market Crash Coming Soon!”
13:04 – Mailbag: Majority of investment is in company stock, is that okay if I know my company well?