Wait For The Economy To Improve Before I Invest?

[Music] brought to you by the every dollar app start budgeting for free today so my question is that um I have a little bit of money for my inheritance and I'm wondering if right now is the right time to invest or if I should wait a little bit for the economy to do its thing what does that mean what what does do its thing mean it's been doing its thing it's low and it's it's right now it's starting to pick up so what economy do you live in brother we're at record highs every day are you waiting for it to crash and then get in well you know I don't know what's going to happen with the whole election and i' we've seened with it with this happening but it I'm I'm I'm worried that it I've already invested some money for my kids okay from my inheritance in the trust fund so they're taking care of as far as them um but I'm I'm concerned about my me and my wife's retirement how much money did you get in an inheritance uh I got about $100,000 who passed away um and I put about I took I I I used 40,000 to pay off all my debt that was the first thing I did I paid off all my debt in wonderful good for you um so and then I had um of course I took 20,000 for my kids and I put a $10,000 into um Diversified portfolios um with a stock broker uh and and and then tied a trust to it so that that's their inheritance when if something were to happen to me and my wife um specifically because I have a three-year-old son who's um um special needs do do you have life insurance so I wanted to make sure that he was taken care of he Jason happen Jason yes do you have life insurance I do how much I have life insurance on myself my wife and both my kids okay why do you need life insurance on your kids uh just in case I mean something happens to them I mean it's never it's never a bad idea that my mother had life insurance on me uh because I my both my both of my brothers passed away um one when he was six and one when he was 25 okay and it hit my family hard financially so my mother took life insurance out on me in case something were to happen to me that way the fun could be paid for you've had a lot you've had a lot hit you in your lifetime a lot of trauma um I'm the last of my family so my father my my mother my mother died October 1st and that's how I got my inheritance I'm sorry brother here's the deal you've been making a lot of decisions out of fear I can tell there's a lot of anxiousness about but what if it's not enough and what I need to take care of and I want you to just breathe exhale slow down you're going to be okay you are so far beyond what most people couldn't even spell the word trust and you've got it set up for your kids already so let me just give you some facts to slow let you breathe when it comes to the economy under President Trump's last presidency the stock market was up 53% 3 and 1/2 years into his presidency it was up 53% under Joe Biden's presidency 3 and 1/2 years in it was up 50% so basic math says over 7-year period the stock market went up 103% it doubled correct right and I'm not a guru I don't have a crystal ball my guess is we're going to see the same thing happen over the next seven years we're going to see about 100% return and I think it's gonna go half I think it's going to be worse than that and you know what what's fun about this is you still win it doesn't matter like me sitting here trying to predict it George like we don't time the market that's what you're trying to do right now is go well I want to wait till the right time I want to wait for a crash to invest this I wouldn't wait I would invest now and what you'll see is over time the sooner you invest the more money you're going to have later the more time compound growth has to work its magic and so I would I don't know what headline you're looking at what stock you're looking at but I'm looking at the S&P 500 the largest 500 companies that L represent the overall US economy and that's you know when you invest in a mutual fund that's largely what you're investing in as well the top companies can I give you some a different perspective Jason well I mean what I was what I was worried about was it is rather than putting it in the stock market should I go into CDs that are a little bit more secure but with less interest if you want to lose money sure yeah you'll you'll lose money against inflation let me let me can I throw something else at you Jason something totally different mhm you you got $100,000 and you paid 40 Grand of your debt off which left you a 60 you took $20,000 and created a trust for your kids especially a Special Needs Trust for your three-year-old right M so that leaves you with 40 Grand do you and your wife have a house um our house was a gift from my father-in-law it's paid off okay so you have a paid off home yes you have emergency fund is this you have an emergency fund where you are now your own bank I don't no I I um we only make about 30 $37,000 a year because I'm I'm a stat home Dad I'm a caregiver for my son well listen to me so I don't really work you now have $440,000 I want you to put it in a high yield savings account and now you have six months if anything ever happens you've got six months of of taxes bills groceries in an account that you never have to borrow money again and I want you to look at what you're actually solving for what you trying to solve for is you're trying to look at a crystal ball and see what's going to happen in 35 years because you're still in the Backdraft of the pain of losing your mom of losing your brothers losing your dad the one thing you have never had in your home is peace and instead of trying to solve for the next Calamity coming which by the way they're going to keep coming that's just life and it sucks it is is I want you to solve for peace so that when those things come you don't have a care in the world you can just focus on being sad on grieving because right now you have you are in a financial position that very very few Americans are in and that is you don't owe anybody anything you have a paid for house you now have 6 to8 months of cash in the bank that's just yours period nobody can take your house away nobody can take food off your table you see you see what kind of position you're in right that is peace homie I would solve for peace and your your main bread winner in your house makes 37,000 bucks that's not going to be enough money over the long term you're going to have to figure that out but right now y'all are safe okay do you get what I'm you get what I'm getting at yeah I would not invest any of this extra money that's just is my my my my the main bread we isn't making enough um and I I run my own small business selling stuff at farmers markets to try to make extra money um but in three and a half years I'm only at I only make about $110,000 a year okay so let's quit that job anything that's literally just dumping it into re reenter the company I don't even pay myself yeah so it's been a hobby and we're gonna stop that now you're tired I can hear it on you you're exhausted you're playing whack-a-mole with the next anxious thing that pops up let's just stop let's just put the let's stop putting quarters in the machine and quit playing does that sound you hear my voice does that sound good mean yeah I I mean I'm just I'm I'm it's it's it's I do a lot I know I mean I haven't be honest with you I haven't grieved for my mother because I have too much to do I have too much to do I know but here's the thing your body's grieving whether you stop and do it or not so I'm just I'm never I've never stop I never stop man I'm going nonstop I know and as my friend in simpkin says if busyness is your drug rest will feel like stress and right now you're medicating with whack-a-mole you're medicating with Bizzy stop tonight it's the weekend I want you to you're about to come up on Thanksgiving for the first time without your mom I want you to write Mom a letter tonight and I want you to tell your mom how much you miss her and I want you to tell your mom in that letter what kind of dad you're going to be what kind of Provider you're going to be and how you're going to give peace to her grandkids that that she'll never get to meet okay you're burning your hole through your home right now with your anxiousness I want you to relax you're safe right now D you got a paid for house you got 40 Grand in the bank you have a small account set up for your kids future man you got life insurance on everybody you're so far ahead of the game my man now you got to turn and sit and just exhale in the sadness and that's part of the part of the deal we got to make Jason well again and then this whole thing will take care of itself and then we got to we have to deal with the money we'll have to deal with you know how are we going to like we don't make enough money to eat and what job am I going to do am I going to go back to school we figure all that out but right now we're going to Exhale we're safe we're going to grieve mom then when the New Year rolls around we're going to figure out what comes next for our family thanks for the call Brother create your free every dollar budget today the simplest way to budget for your life