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Financial Symmetry: Balancing Today with Retirement

When considering retirement, do you wonder what financial opportunities you may be missing? Busy lives take over and years pass without taking advantage. In this retirement podcast, Chad Smith and Mike Eklund unveil financial opportunities, to help you balance enjoying today so you are ready to retire later. By day, they are fiduciary fee-only financial advisors who answer questions about tax savings, investment decisions, and how to save more. If you’ve been putting off your financial to-do list or are just not sure what you’ve been missing, subscribe to the show and learn more at www.financialsymmetry.com. Financial Symmetry is a Raleigh Financial Advisor. Proudly serving clients in the Triangle of North Carolina for over 20 years.
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Now displaying: Page 1
Apr 20, 2020

Today we explore some of the most common questions that people ask during a market decline. We discuss what a financial advisor does and doesn't do for their clients in bear markets, whether you should refinance, and the benefits of tax-loss harvesting. Listen in to hear what you could be doing to stay proactive during this market decline. 

Youtube recap here: https://youtu.be/QUCpQcf2vu8

What are the benefits of working with a Financial Advisor during a Stock Market Decline?

Financial advisors can be a great resource during a stock market decline. The fear you feel in these situations can be paralyzing. If you don’t have a financial advisor to help you act in your best interests, you may end up not taking any action at all. So what are some things a financial advisor can do for their clients during these challenging times? 

  • Creating a financial plan and an investment plan. You need to know what your strategy is and why you are investing. Not having a plan is putting yourself at too much risk. Listen to the wise words of Warren Buffett, “risk is not knowing what you are doing.”
  • Rebalancing. When the market takes a dive, it could be an excellent time to rebalance your portfolio.
  • Tax-loss harvesting. Nobody likes to pay taxes and tax loss harvesting is a great way to minimize your current and future taxes. 
  • Help avoid making irrational decisions. It’s hard not to sell when the market drops 10% in a day or 30% in a month. A financial advisor can help talk you down off of that cliff and show you the light

Should I Refinance my Home?

One way to give yourself a bit of control during times when life is feeling out of control is to consider refinancing your home. Since mortgage rates have declined in recent months now may be the right time for you to refinance. You’ll want to analyze what your break-even point is to see if it is worth it. There are many different ways you can go about refinancing. You could use a mortgage broker, you could go through your own bank, or you could use an online mortgage lender. Listen in to hear the differences between those 3 options. 

What is Tax-Loss Harvesting and why is it important during a market decline?

We all feel the urge to do something right now. But instead of doing something that could be detrimental to your wealth, tax-loss harvesting can give you the opportunity to do increase your wealth over time. The biggest question we hear surrounding tax-loss harvesting is why would I want to lock in losses? The answer is don’t think of it as a loss, but an exchange. You are taking that loss to reinvest in something similar. Look at tax-loss harvesting as a one way to help you rebalance. Find out if tax-loss harvesting is right for you by listening to Allison Berger’s excellent analysis. 

Outline of This Episode

  • [0:27] Should I use a financial advisor during a market decline
  • [4:50] Should I refinance my home?
  • [8:36] What is tax-loss harvesting?

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