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Published Mar 13, 2020

The Coronavirus, Market Volatility, and Your Money #174

    Explore the financial repercussions of COVID-19 as Matt Altmix and Joel Larsgaard provide strategic insights on managing finances amidst market volatility, offer practical advice on making investment decisions, and highlight the importance of balancing debt management with building an emergency fund during these challenging times.
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    • Financial Impact

      The financial impact of COVID-19 has been profound, affecting economies worldwide and creating uncertainty in personal finances. Matt Altmix and Joel Larsgaard emphasize the importance of addressing financial concerns during this pandemic, noting that the World Health Organization's declaration of a pandemic has heightened fears 1. They aim to provide listeners with context on managing their finances amidst the volatility.

      We felt that it was important to specifically address the financial concerns that our listeners are likely having right now.

      --- Matt Altmix

      The hosts discuss the rapid developments and uncertainties, highlighting the need for timely financial advice 1.

         

      Gas & Travel

      COVID-19 has also led to significant changes in gas prices and travel habits. Joel Larsgaard notes that oil prices have plummeted due to disputes among major producers, resulting in lower gas prices for consumers 2. This decrease in fuel costs offers a silver lining, though it reflects broader economic tensions.

      If you drive a gas car, you might be spending 40 or $0.50 less per gallon to fill up your car in the next couple of months.

      --- Joel Larsgaard

      Travel has become more affordable, yet demand remains low due to health concerns, prompting travelers to consider flexible booking options and trip insurance 2.

         

      Refinance Options

      The pandemic has created opportunities in the mortgage market, with historically low rates prompting many to consider refinancing. Matt Altmix suggests that homeowners could save significantly by refinancing, either reducing monthly payments or shortening loan terms 3. However, he advises careful consideration and obtaining multiple quotes due to high demand and varying lender fees.

      Mortgage rates have fallen off a cliff. If you own a home, now is a great time to strongly consider a refi.

      --- Matt Altmix

      The hosts caution that while rates are low, the overwhelming demand means patience is necessary when dealing with lenders 3.

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