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hey everyone Kevin here so as much as I'd rather be playing runescape right now caging some lobbies and getting $2.99 fire-making I feel like I owe it to you to share with you what I'm looking at when it comes to the marketplace the economy and my plan going forward because I hate to say it I'm nervous now I might be nervous because when the Federal Reserve comes out of nowhere and slashes rates that can be a little bit of a tell but beyond that when I then look at transcripts for their meetings and I see that they believe the market is in a highly uncertain place then I get even more nervous and it makes me think about okay what are our risk factors and what kind of plan should we have and that's what we're gonna talk about in this video what we're experiencing right now is extremely unconventional usually when the market goes to crap we lose our jobs after the market goes to crap so it's kind of like ah the markets falling we lose our jobs and then we're kind of screwed for a little bit and then things ideally get better well in this scenario the markets fine except now we're going home and not working in entire countries like Italy or in New York City where cities are getting shut down so it's kind of like we're going home to wait for the crash to wait to get laid off that sucks and it really calls for a special response like a special plan but let's first talk about the big thing that I'm nervous about and it starts with the video that I made last week about how much money we would all have to save to basically put the entire US economy into a recession spoiler if we all spent eighty seven dollars less per day or saved eighty seven dollars more per day we would put the United States economy into a recession now I don't mean to add to your anxiety because trust me I know anxiety and I hate anxiety I have problems dealing with anxiety myself all the time so the last thing I want to do is vomit problems on you without being able to provide at least some kind of plan and so even though things feel crappy right now I'm still doing my best to follow my rules I'm a buying real estate below market value that's the only way I would even touch real estate right now is by getting it under market value getting those wedge deals we talked about in the links below I also keep buying stocks when they're read and so for the last three weeks I've been buying stocks on read days but I can't help but have this feeling that I keep taking my money and putting it on a fire pit thinking that well eventually if I put enough money on this fire pit the fire will go out and maybe some beautiful flowers will grow out and my money will grow with it as in the stocks will go up in value yet every time I keep putting money on this fire my money just seems to be burning and going down and that gets frustrating after a while it's really easy to throw around the quotes and the suggestions that hey hey just just do this but in practice it's not that easy to keep buying stocks when things are red and things keep getting more and more red it's a bit like the fire is looking at me going oh Catherine I might be burning your money but don't worry just total so it's a bit frustrating and it's creating some anxiety for me and I'm not a person that deals with anxiety super well I do my best to alleviate anxiety the best thing for me has always been going on a jog but I've been spending so much time reading the paper I haven't been going on jogs as much so it's making me even more frustrated but I have a plan so here's the scoop on the second Wednesday of every month as something comes out known as the Consumer Price Index it measures something called inflation and our central bank in the United States watches this like a hawk because they have something known as a dual mandate which is just the basic fancy way of saying they have two main goals one making sure we've all got jobs and we've got something to do like good worker bees that we are and number two they want to make sure that our money stays valuable that is a bunch of inflation doesn't come and make our money worthless because the price of stuff is going up like crazy well the next release for that statistic is tomorrow and no matter when you're watching this video it's important to know what happens with either an increase in inflation or a decrease in inflation in other words us heading towards a deflation and then let's talk about the CrashPlan so that fancy number comes out the second Wednesday of every month at 8:30 a.m.
Eastern Standard Time well tomorrow is one of such Wednesday's and here's the thing in January the number that comes out was at the highest level it had been in in over 18 months and the January number was way higher than anything we had been seeing over the last eight years on average if that number keeps going up at the same time the coronavirus shuts down manufacturing plants slows down production at Apple cars stop getting produced and people have to stay home because they can't be in public places or they can't work in the travel sector or the restaurant industry well we might enter something called stagflation which would be really really bad the last time this happened was in the 1970s and the issue with that is the government and the Fed decided that fighting inflation was more important than worrying about people's jobs in other words a lot of people lost their jobs stagflation would be really really bad so if the number goes up not happy here we don't want that number being pi we want the number being around 2% and remember it was at 2.5% in January well if the numbers start trending downwards we could end up being exposed to something known as the deflationary spiral where basically let's say this SD card is selling for $40 and then next month it's selling for $35 I may as well wait until it's selling for 35 dollars to buy the SD card because I'd save five dollars this is really bad because remember it only takes all of us spending eighty seven dollars less per day to put the entire country into a recession so if inflation starts reducing and we start heading towards deflation things could go really dark really fast now I have no idea which direction we're going to go my guess is we're gonna balance around of that usual 2% I have no idea and nobody has any idea what effect this outbreak is going to have on inflation and honestly the numbers coming out tomorrow aren't even really going to help us it's going to be the numbers that come out in April that probably mean a lot more to us because April will tell us what happened in March and March just happening right now it's gonna be that first full month of this outbreak happening so what should we do what kind of plan should we have to protect ourselves number one now's the time for us to assess our job stability and I'm not just talking about ok I've employed I'll go to the next one now is also the time to start hunting for a better job or pushing for a raise and understanding how to negotiate and advertise yourself to make yourself the most ideal candidate by brushing up your resume by getting your LinkedIn portfolio squared away whatever it takes to make sure you're employable now is the time to do that because I don't want you to wait until you get laid off to think about your job instead I honestly think now is the kind of time where we should probably all be thinking if my job is at risk of going away I'd rather start looking for a better job now then lose my job wait for the outbreak and then try to get a job during the outbreak being in my area that's gonna be really hard it would be better to start thinking about upgrading your job to something more secure now that is sooner rather than later because so if you've always wanted to be a paramedic but you never signed up for those classes sign up for those classes now especially if you can take them online if you always wanted to work for a certain company now it's probably the time to put the application in especially before companies start freezing hiring because that's something that can happen as well during rough times companies start freezing hiring and sorry if you're outside and you lost your jobs somewhere else the companies they don't even hire anymore that's when things get really bad and dire now the second priority I personally always think of is what are my backup options what other methods of income do I have especially methods of income that I could from home take Final Cut Pro for example they just came out with a new program that lets you integrate into Final Cut Pro sharing your library with other editors so people can like collaborate on a Final Cut Pro project that's really cool and what's also really cool about that is all of us watching this video could become video editors if we needed to whether we advertise ourselves on Craigslist or v or LinkedIn we can have a side hustle make us money especially one that we could do from home of course we can learn how to be a computer program or if we're into that or if we like dealing with people more there are a lot of what are called VA jobs or virtual assistant jobs where you can help for example real estate agents do paperwork or you know a really good one that needs help with paperwork right now lenders lenders are getting buried with the amount of refinance applications they're getting right now because of mortgage interest rates dropping in fact today mortgage interest rates actually went up not because they shouldn't be lower but because there's so much work lenders can't even keep up with it in fact there's another job if you want a back-up plan you can become a licensed mortgage loan originator and do it all from your home and it's in considering this backup strategy that I might consider implementing something that I call chaos theory it's something that I talk about in my course on Finance and money that's still in development but it's pretty far along development and a lot of the lectures are already released including the chaos theory lectures but basically whatever you can do right now to grind and build up your backup options and build up your reserve more it's probably a really good idea in other words you know how they say make hay while the sun's shining well the clouds are coming in and even if the clouds blow away it'd be better to be safe than sorry now we know in times like this it might seem tempting to just kind of stick our heads in the sand and say you know what I'm just I'm just gonna ignore everything I won't look at my stocks I won't look at my real estate you know I'll just I'll just worry about everything later because it's too depressing to see the negative percentage in my investment or my retirement account and I get it but now's the time not to ignore those things now is the time to dive in and educate ourselves even more that is grab some more books on investing get some audio books on making money get some courses on investing it doesn't have to be my course on real estate investing in buying deals below market value it doesn't have to be anything that I offer I just really want you to think you don't hey you know what get a book hey you know what do what I do go sign up for some stuff here entrepreneur I read this one apartment age I love this one this is a good one that's one of Lawrence here do-it-yourself actually do-it-yourself is another thing that you could do while you're at home quarantine see Family Handyman these are things that I buy because look I know the subscriptions are like 20 bucks a year and it's like oh you're wasting your money on magazines no because they teach me things I've learned from these things and hey there's nothing better to do with then learn when you're trying not to get sick you know what I'm saying forget buying a respirator get yourself some educational material not only is there going to make you a better investor but it's going to make you more primed to take advantage of opportunities out and about now number four make sure you've got access to credit that means if you have credit cards pay these things off if you don't have credit cards get a credit card start with the Apple card pay that thing off regularly and build your credit portfolio this way if you have real estate or you don't yet have real estate you can start opening things like home equity lines of credit once you get in and you could use these if the market ever crashes and falls the cool thing about credit lines is you don't pay any interest on them unless you're actually using the money now there's some risks and tricks involved like you know okay what if the banks freeze your credit lines and things like that don't worry there's solutions for all of that stuff but now is the time to be thinking about building our credit scores and making sure that when we're ready to go shopping at the bottom we have access to credit number five do whatever you can to fatten your wedges right now okay that doesn't sound great what I mean is if you're going to go out there and buy a deal in real estate make sure you're not speculating right now now is not the time to speculate on flipping properties it's not the time to speculate on values going up but it is the time to take advantage of buying properties that you know are worth this that is a higher number but they're selling for a chunk under that me what I'm personally doing right now is I'm taking my normal metric and I'm actually making it a little bit fatter not only because I have some renovations currently in progress that I still have to finish and I have to place tenants in so I don't really want more stress in my life right now but also if the economy is uncertain I'm not gonna remove myself from the market instead I'm just gonna fatten the amount of a deal that I need to make sure I'm getting a better deal that way I'm insulated in the event there's any kind of shift in the market place folks remember there's a link down below fo]
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