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How about those people out there that are considering buying a business. My next call after this podcast bad credit personal loans for 3000 is with a gentleman. The 20-year forecast for the average cruise line has got to be through the roof in terms of what they anticipate demand to be.
And so you say is that a short term, medium term, long term problem. And you might be able to catch a business owner off guard, who due to a health issue or a family issue, or just general fear is willing to sell at a much lower price than they would have even three weeks ago or three months ago.
So there could be an opportunity or a long term installment loans number of opportunities for small business owners to kind of buy a business- Andrew:Two things. Where 10s of thousands of business owners need and want to sell their businesses over the next three to five years. And then the third component, which we talked about earlier, is you have all of those people that might lose their jobs, have a decent amount of 401k and savings. I would love to give you the opportunity to leave us with any final thoughts you have for … as business owners, as prospective business owners what we should be doing, we should be thinking. Thank you for the invitation to give a final comment. And thank you for a 30-second commercial at the end, which I promised will be under 30 seconds. And we got this all pulled together on very short notice, so I hope your listeners enjoy it. Andrew:Number two, I think my final thought goes back to the conversation we had about halfway through this podcast and that is, look, it is a natural feeling that when the economy is booming and unemployment is low and demand is high, to just 5000 personal loan have fun. Imagine small business owners that had a great 2019 that puts some of those retained earnings away into an emergency account, instead of buying his and hers matching Maseratis. How smart do they look right now to weather this storm, and to get through it. I hope every one of your listeners thrives and as great business years, but during those years, putting something away for the emergency is important. All the books and the speeches and the podcasts and everything are readily available. And you were kind enough to mention my books the Amazon author page for Andrew J. What better time to order a couple of books on Amazon and get bad credit personal loans for 3000 yourself up to speed on things. J:Andrew, thank you so much for all of our listeners, go check out bad credit personal loans for 3000 our show notes. All the links that Andrew mentioned will be in the show notes, including links to his books, links to his attorney website, seyfarth. And we can talk about something a little bit more mundane in unsecured personal loans with cosigner the business world and maybe less exciting but still super important to our listeners.
Tresta allows you to add local and toll-free numbers, with tons of call management features that empower you to communicate smarter and more efficiently. Over 100 years of historical stock united payday loans market data say this too shall pass. They also share ways to hedge your bets in rental property investing through fully funded reserves. I mean this could be, you know, today could have marked the beginning of the turnaround where it begins to just go up again. There is nothing to be gained by trying to dance in and out of the market as Warren buffet once said, you know, you, you buy the market and you hold in your investing for the long term and this volatility is to be expected every now and again the market plunges, every now and again there are bear markets.
Mindy:Hello, hello, hello, and welcome to the BiggerPockets Money podcast. My name is Mindy Jensen and with me as always is my steady stay-the-course cohost, Scott Trench. Scott and I are here to make financial independence less scary, less just for somebody else and show you that by following the proven steps, you can put yourself on the road to early financial freedom and get payday loans in dayton ohio money out of the way so you can lead your best life. Mindy:This is episode number 116 featuring Jim Collins from jlcollinsnh.
You may know him better as a previous guest on our show number 20. Jim is here today to talk to us about the stock market, the state of the stock market specifically.
Today, Jim is going to talk about how to navigate this financial crash and his philosophy about longterm investing by staying the course in index fund investing. And then after Jim is done, if you want to stick around and you own real estate, Mindy and I will talk about how to think about your longterm real estate holdings in the context of this market dip, this correction, whatever we want to call it. Mindy:Whether you already have an established rental business or analyzing your first rental deal, then you know that getting the rent right is absolutely crucial to lowering investment risk and optimizing your rental income. Property owners and investors rely on Rentometer because it is the fastest and easiest way to access quality rental data anywhere in the United States.
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Simply tell the app my weekly savings target and everyday Empower studies your income and spending and automatically knows when to move the right amount of money into your savings account where it grows at 1. The app even holds you accountable for all your spending with easy budgeting tools and real time alerts to tell you when you need to reign it in. Mindy:I did, and over 650,000 other people have too. You were here on episode 20, way back a couple of weeks ago.
Jim:Yeah, actually, even that news has reached even me.
Mindy:Volatile is a really great way to describe this payday loans fast small loans for bad credit online market. This was the worst stock crash since October of 1987. Scott was negative three, but you and I were around then.
I was a sophomore in high school and I still remember that unsecured loans no guarantor day because the next day in the economics class, they talked about what a huge thing it was. Jim:Well, people freak out whenever the market does something unexpected and whenever it drops.
If you sold on Monday, your holdings would have dropped. The market opened very poorly on Monday, if you sold on Monday, you would have realized losses at some point from your high, at the very most, or at the very least. And by holding onto them on Friday, you would have recouped a lot of those losses. Most market recoveries are bad credit personal loans for 3000 not that fast, but today we were up quite a bit. And las vegas signature loans nobody, and certainly at least of all me, knows what is going to do on Monday. There is nothing to be gained by trying to dance in and out of the market is as Warren Buffet once said. Every now and again, the market plunges, every now and again, there are bear markets, they are healthy things, actually. Getting all upset and panicked about it is like living in Minnesota and being surprised that you get blizzards. What does that person need to be thinking about here in terms of their longterm investing approach or maybe needing to access that money? Jim:Well, I think the first thing is that those are considerations that that person should have been thinking about before now.
Now, in the middle of a market crash is not the time to try to sort through whether you should have an emergency fund for instance, or how much you should have allocated to stocks.
Jim:And then, if you found yourself in the position you described when things calm down, you probably want to reconsider and reallocate. So for us, I mean, an emergency fund is 20 bucks in my wallet. If you own a house and the furnace might go out, well you have a very different need or you might need a new poor credit loans now roof. Ironically, the less money you have, less wealth you have, the poorer you are, the more you need that emergency fund. I like to think that you, that listener, actually have been preparing for a recession pretty over the past several years. The higher your cash flow, the less you need in emergencies. And the simpler your bad credit personal loans for 3000 life, the less things there are potentially to go wrong. The more things you own, be it houses or cars or whatever, the bigger your emergency fund needs fast cash advance payday loan to be.
You need to have a good diet, you need it exercise, you need sleep right. Scott:But you do all these things, and your risk of getting sick is low, and your risk of having serious health complications is even lower. If you track your spending, spend very little, control your big fixed expenses in particular by not buying the doodads that you just mentioned- Scott:Then your risk of having financial consequences because of a recession are very low and your risk of bankruptcy or anything to draw down meaningfully on your longterm portfolio is even lower. Money Mustache made to me years ago, which it never occurred to me. Most of them resolve themselves within a year, sometimes considerably less. And I looked at that chunk of money as the source of cash for that transaction if and when it happened. And that is a detailed in your article called Taking advantage of Mr. Bear, which we will include a link to in our show notes, which are at biggerpockets.
Two other things you might link to in the show notes is I have a post called Why You Should Not Be in The Stock Market. And I wrote that post two years ago in 2018 when things were calm because not everybody should be in the stock market. And right now, this volatility is a great test of whether you should be in the stock market. The other one is called Time Machine And The Future Of Stocks. And the point of that post is the market does not require perfect conditions so you have the great returns, but you do have to be willing to put up with the volatility.