Rothwell discussed on Home Sweet Home Chicago

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To a Rothwell another interesting week the stock market interesting that's a good word for it it's interesting I I've heard people refer to it is it feels like a sci fi movie out yeah I've heard you know it's crazy but what what turns out to be on I'm pace being that one of the worst weeks in the stock market since two thousand eight yeah but the good news is Jan can I be someone that it kind of brings good news yes please do my god right so use it right now things are so weird and wonky I think we need to be reminded there is good news there is good news I mean in the end the media I get it they have to read a report their job and into what they do but at the same token in reality look there are some positives in here's a positive we have clients in people that are contacting us still in our our team the featured visors is meeting with people virtually you know via a zoom meeting go to meeting you know Citrix of good old fashioned phone conversation right I would say in this day and age there's so many ways to connect you don't have to see somebody face to face face to face is nice but right now yeah we can we can chat from a distance because social distance and still chat absolutely in in their different things that we can do well doing that did you actually use this as our advantage right absolutely and we've talked about this in the past about the difference chan between tax planning in in tax preparing and just picture this okay so just a month ago I'm just use rough numbers because the things bounce around on a daily basis like like a pinball machines hello what what I'm saying today could be totally different by Monday yeah so but but neither here nor there the point is that the markets don't call it whatever thirty percent thirty five percent from where it was just thirty days ago yeah roughly right so this could be a very good time to do some Roth conversions for instance yes right because if the market was you know thirty thirty five percent higher thirty days ago why not you know look at paying taxes on your account yeah by the way when you do a conversion you don't have to just get out your checkbook and write that right so you could do a conversion from the existing account balance as it is war maybe did a conversion if you have some extra cash on the side you know what that that stuff not even do the taxes it's not even going to be due for another thirteen months anyway exactly so that's something that you can look at you know down the road however that you just picture this if the market fell that quick in and once good news comes about and things you know stand at this start to come back on the horizon once some of the good news comes back and if we see a bungee cord snapped back so to speak that all the sudden the market kind of visas back up you know in a short time horizon as that market starts going back up the games are going up tax free in a Roth exactly right so so just think about if if if if you want to get some of the taxes out of the way women would be a good time to get the taxes out of the way I'm thinking like right now yeah this this could be a very good time to get taxes out of the way and kinda put him off to the side pay the taxes and then catch it backwards or because right now you're talking about the markets being my gosh three the last deal three years of gains vaporized inside of a month yeah right three years gone in thirty days but but I am optimistic that again get some attacks so the way in and we could see that come back in a very short period of time Bob but all tax free in other words pay the taxes while slow and then reboot the games when they go back up to the high being being tax free exactly and and I would also say sends a lot of people are you know hunker down and sheltering at home and just not going out well you got time on your hands so why not take care of this stuff you literally have got some time on your hands so you know get if you want to watch cute videos that's great but why not take care of you from the state yes yes this is true they there's only so much Netflix you can watch yes at some point you're gonna watch everything on Netflix and then where will you be yeah exactly so every season the Seinfeld and whatever the heck you go back and through but at some point that's it but by the way I just want to throw this out there with everything that's going on to our listeners we have a great report that's well worth the time reading it's it's called you know what to do in a down market okay what what to do in a down market you can get this free report all you have to go to now what Chicago dot com so now what Chicago dot com and you can download this free report it's sitting there waiting for you yeah right thing there Reid I think it's chock full of some good information it's Tieline that's for sure timely can help settle your mind also kind of talk through you know the the the landscape a little bit with this you know what to do well I think this also helps because there are so many things that make us feel right now across the board like work like they're out of our control and this is a way of nothing else for you to feel like okay I may not have control over a lot of things but I can control this yes and that could be well okay a good mental health thing actually if you have a sense of a little bit of power a little bit of control and it's going to help you in the long run hundred percent I mean genuine the amount and with everything going on you'd be blown away the amount of people that we are helping take advantage use this situation yes to your advantage right yeah there there are people out there when the market's going down there they're shorting the market they're making money in there profiting on the volatility well well there's other things you can do you can profit on the taxation right yeah because as the taxes in it again if if taxes are inevitable on our IRA's for one case that kind of stuff down the road why not take advantage of it when you see something drop that fast that much yeah my gosh get the taxes of the week is here's the other thing I get it I understand the federal government they're trying to do everything in their power to kinda prop this up you know economy up and keep everything intact they get it but generally if you question if if if they're gonna sign off on you know of a trillion dollars of a dollar you know additional money in and I understand it they're talking about getting a thousand dollars per adults back into you know that the country it said Richard young trillion dollars in more to come but the chance that money has to come from somewhere yeah yeah if this isn't a freebie they're just firing up the printing press at all yeah here we go read more yeah no magically appearing out of thin air it's coming somewhere yes if that's the case fire up you know fifty trillion and make it more money for everybody right yeah so the the point is that money and I understand why I totally get it but that money's going to come from somewhere you know it's coming from yeah yeah that's right again yeah person that is a taxpayer is gonna end up seeing more taxes it's inevitable I get it's that for the greater help everybody understand what if that's the case in taxes rising are inevitable why would we not you know use this as our advantage number one and number two help protect ourselves from the rising taxes that are inevitably coming exactly so and here's the thing the stock market has you know been pummeled over the whole corona virus thing called you know cold at nineteen and although you don't have control over what's next on Wall Street and what next week may look like but you do have control over one thing it could potentially make up for any losses you suffered in the stock market literally minutes your taxes in retirement in while again this market you know is is well below its all time highs now this could be your opportunity right now to get a windfall of savings now we'd like to help you you know learn how to use some preventative tax planning strategies that can help you literally save a small fortune in retirement with our free tax reduction analysis so how does this work we will meet with you our team of fiduciary advisors will meet with you virtually yes from that right so from for your safety from the comfort of your own home all you need Jenny is a computer laptop iPad could be your smartphone yeah in the end you'll meet with us virtually.

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