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Dot discussed on Guarding Your Nest Egg



Dot com you know the financial networks are always trying to tell us what's going to be happening next with the economy but no one predicted the virus pandemic that's led us to where we are today and at the recent shareholder meeting for Berkshire Hathaway someone asked Warren Buffett for advice good gotta ask on how to prepare ourselves for an usual times like this we don't prepare ourselves as for a single problem we prepare ourselves for problems that sometimes create their own momentum I'm in two thousand eight and nine he didn't say all the problems the first day there are things that trip other things on and we take a very much a worst case scenario and a mind that probably is a considerably worse case than than most people do the Mike you kind of have something in common one of Warren Buffett here not the treatment Donald's all the time but that you can pretty much do the same thing for folks when you stress test their portfolio absolutely he just mention a couple things one of them these situations create their own momentum I think that's a big figure when it comes to and I'm so sick of talking about current affairs and it is affecting markets that's what we talk about so we're afraid of the moment and what's the moment and what is the worst case scenario with markets and I think markets have we're seeing those numbers we can see the light at the end of the tunnel we already know unemployment's going to be awful but I personally believe that's going to be temporary the going back to his you know the assumptions that you make me do financial planning we do make assumptions for lack of a better word these are or what if scenarios and so a big component of financial planning is to say something like well what if moving forward there's a huge catastrophe or what if the worst case scenario happens what if markets are always worse moving forward than they ever have been historically how would your current portfolio behave under that situation it's a good thing to know christen markets can't always be worse than have been historically right I would wanna know a worst case scenario is the opposite of that is on one of my best case scenario is what markets are always better what if corona virus and all the stuff that's going on turns out to be just be nothing in the economy goes back to normal tomorrow we what if that happens not gonna happen ever but what if it did because once you understand your best case scenario in a worst case scenario and you realize that although neither one of those can happen something in between well that's why in component of financial planning building portfolios that are responsible for your current situation and meet your goals regardless of whether things are always better always worse which we know isn't going to happen the that's one component and it starts with understanding your portfolio so if you wonder what your worst case scenario is in your current portfolio give us a call and we can find that for you take advantage by just getting out your cell phone and dialling pound to fifty when they ask for a key word say nest egg and you will be immediately connected to Mike or another team member at talon wealth management pound to fifty on your cell phone key word nest egg and set.

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