This is the Lightning Round, a weekly segment of the show where we answer questions from texts, meetings with people wanting to reach their dreams and listeners who have called or emailed into the show.
Lee Ann asks about the current economic status compared to that of her grandfathers experience?
Listen at 1:42 to directly hear the answer.
Get A Full Summary of The Podcast Comparing Today's Economy to Past Economies
Lee Ann I'm always bothered when financial planners play off of fear to get people to take an action. I sincerely hope that when you heard me talk about uncertainty last week, as you mentioned, you don't feel scared but recognize a unique opportunity.
How is 2016 worse than the years of WWII and Vietnam? Well, it's not worse. Certainly not.
However, we are in a unique place when you look at the market.
Your parents and grand parents (most likely) had pensions. That means they had guaranteed lifetime income.
Today, if you want to be okay in retirement it's about the decisions you make now. Totally opposite for generations past financial planning.
There is a lot of anxiety today. We see it and it can be convenient to assume it is "harder" today than in generations past, but that's not fully comparing apples to apples. We don't know all about your parent's and grandparent's circumstances. Absolutely your parents and grandparents experienced anxiety. But without question, today is unique.
Be sure you are making actions today in a plan that is built specifically for you. (It's something your grandparents didn't necessarily have to do.)