What Counts as an Emergency?
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
16 min
4 speakers
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the episode about and who are the hosts introducing?
Hey, this is Allie, and thanks for listening to the show. Give us a five-star review where you listen, and share this episode with someone who might need to hear it. Now, enjoy the show.
Welcome back. Ladies and gentlemen, you're listening to another edition of DIY Money. DIY Money. Logan! Hello. Hello. Hello. Hello. Hello. I have a question for you. I am waiting for your question. We are now three months away from my... Severed employment. Yeah, that's right. My exit.
How are you faring? Doing pretty good. I will say it's awesome that the markets are now struggling as you're exiting. That's really fun. No, I'm just kidding. It is going well. It is going well. I think clients have been taking it in stride and doing really well. I would say there's... I'm very busy right now. But it's been a really fun journey. And the clients are just phenomenal. And I think they are accepting it. They understand. Everybody's kind of bittersweet. Similar situation to our staff is just like... It's great. We're so excited for you for what your next stage of life looks like. But at the same time, it's sad, too, to see you step away.
For sure, and I feel the same way. It will be interesting, though, as you know, and we've talked about this a lot, and I want to give this as a testament to the listeners out there in small business or sales or maybe even in our industry, is that over 25 years, traditionally, we have built the business through through difficult times. And I remember you and I had a conversation just recently that after, I mean, you know, the law of averages tell us that after a very, very strong run for not just the last three years, but goodness, more than a decade, we're probably due for some real pain. But if you can weather that with a calm head and a steady hand, as I know you will and have learned to do, your time will shine.
I always was amazed that when the times got difficult, I would be, I mean, there were times I'd be at the office for 12 hours and just making calls, touching base, answering calls. I'm always sending emails, you know, giving podcast interviews or radio interviews and never shied away. Whereas many people in the industry hid, like hid. Yep. And I don't know why because it's a difficult environment at times, but such is life. Yep. Absolutely. And it happens. And that's how you grow. That's right. So I think it'll be fascinating whether that difficult market environment has already begun. Mm-hmm. which I think we have some opinions on or is going to be in the future. Or maybe this is the first of many. And, you know, as you will feel in your career, it'll be fun to watch you navigate that and lead the team in that.
Well, and regardless of. whether it's, you know, growth or whatever happens in a lot of the time, our business, like you said, has grown during those time periods. Like these are the times you have a financial advisor. And it's why you have a financial advisor is for difficult times. Like it's really easy to like buy the S and P 500 and have five years of good markets. Like that's not too difficult. It can be challenging at times, obviously, but it's, you could throw a dart and make money at certain times in the market. But at the same time, when these difficult times happen, I think that's when we provide a lot of value to our clients as well.
Well, and it's safe to say one of the reasons we feel the way we do about the markets right now, which is very cautious. If you are obviously a podcast listener, but if you follow any of our content elsewhere, you'll know that for the last year, we've become very, very cautious of the market. A lot of it has to do with the way investors are behaving.
How are Quint and Logan framing current market volatility and its risks?
For sure. As if it is easy. To throw a dart and make money. To throw a dart and make money and buy this stock and, you know, trade this. And, oh, let's just set it and forget it. And, you know, and now that's fine. And these are things that we sometimes subscribe to. But there are seasons that will test your fortitude. Even the most passive investors who do buy the index funds, allocate, set it and forget it.
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