It has been more than ten years since we last spoke. America was going through a recession then an economic downturn. Once again were in some financial crisis. Its so good to have you here. Thank you, my friend. Lets start getting into the questions. We have so many coming to us on facebook. Travis is asking is it better to invest in the market now or maybe hold on to the stocks for the long hall . This is a guy who isnt planning on retiring until 2050. Theres a lot of time. Is there money to be made trading in the current economic climate . Let me say this, you better know what youre doing if youre trading options. Trading options is the most speculative thing especially buying. That you can possibly do. If i were you, keep your life simple. If you have stocks currently, please hold onto them. You have more than five years until you need the money. For all of you listening right now if you have five years or longer. This is the time to dollar cost averaging into the market. Take money every month and buy something. Look how great the markets have done. They are up from their lows. They will be okay. Years years from now. Buying certain stocks. Do you have recommendations . I do have recommendations but heres the problem. All the stocks i want you to buy i have already bought. It will push it up. Heres what i would tell you. There are fabulous stocks out there now. If you dont have enough money to buy at least 24 stocks, because you needy verseification. Get an do bio tech funds. Keep in the market. If you need the money within the next year or so now that the markets are up. I would be coming out. Well see up back, up back, so you need time for this to work itself out. And i dont know mental fortitude. So you dont feel like you need to jump off a cliff. Before our next question something i dont know if viewers knew, i didnt know. You are a hometown girl from right here in the bay area. You bet. I started my career i was laughing at travis. I used to be until age 30 which was many years ago now, almost 39 years ago. Believe it or not. I was a waitress at the butter cup bakery in berkeley, california. And then i lived in San Francisco and forever i was a california rez dentd and i love it there so much. I lost just to make a quick story, the people i have been waiting on gave me money to open up my own restaurant and the Financial Adviser lost all of it trading option. Just saying, travis. Wow. Can you imagine if that was how your future shaped up. How crazy is that . Thats why im a Financial Adviser today. I can be a broker. They make you broker. No big deal. Shes joining us from her home in the bahamas. Clearly her expertise comes into play. Danny asks this question. Should i take some money out from my retirement investment due to coronavirus . I think this is something people are going through right now. It depends how old you are. If you have five years or longer until you need the money. Assuming youre invested nd good quality stocks or funds. No. Keep investing every month and leave the money there. If your money is invested in bond funds however, that i would be careful of. At this point in time. Okay. From our next viewer. Something tla i think you want to touch upon. Something with the irs has happened in recent days. That pertains to this question. What is it best way to use your stimulus money. Fe forget about that. First of all how do you get it . The thing you have to know. They have started sending out stimulus checks. And it will be done on a first come first serve basis. If you have filed your 2018 and 2019 and you have direct deposit and tax return. You probably already got it. Then comes Social Security. Then for those of you who do not have direct deposit listed with the irs, you might not get it for another five months depending on income. All of yu need to go to irs. Gov and youll find right there this is new as of yesterday. A little segment called get my payment. It will tell you when youll get it, was it mailed, was it not. Whatever. If you want to put in direct bepositive sit information, do it. So you can get it right away. If you need to change an address or something. Thats where you do it. Thats irs. Gov. Great advice there. I want to remind everybody that we are also streaming live on facebook and if you are on facebook let us know where youre coming from. I know the questions are coming in fast and furious. Before break, this coming in from it sounds general. But is it a good time to buy a house . I have a number of real estate friends who say its always a good time to buy in the bay area. Whats your take . Especially since you have familiar with our area. Yeah. I im sorry Real Estate Agents i personally wouldnt be buying a house. At this point in time. Because many people are going to have to claim bankruptcy. Many people will be losing their homes. Theyre not going to be getting jobs back. Many people will be in default on mortgages. All of that could cause much of the real estate to go down. Not in a hurry. Real estate is not going anywhere. I would not be making a major purchase at this poipt in time. Does that also apply to buying a new vehicle . You bet it does. The Automobile Industry theyre down 25 in sales this month alone. So theyre going to have a lot of inventory. And many people that will be defaulting on car loans. So very shortly here youll be able to pick up a new car for you but one thats used. Because the truth of the matter is you should never been buying a brand new car anyway. Such a waste of money. Buy a car thats new for you. Thats two or three years old but never finance a car for more than three years. Otherwise you are just wasting money. I remember you gave that advice back in the day. Nothing has changed on that end. What about all of the incentives . So many car commercials where they pay a Monthly Payment for six months or lose your job theyll take care of you. Even so, you say do not buy a new car . No. Six months can come and go. If you buy a new car and take advantage of that, and here we are six months into this. And then maybe the virus comes back next year. Maybe you lose your job then. Maybe you get sick. Or in a car accident. Maybe you dont have a lot of money in savings. If youre flushed right thousand and more than money you dont care if you go back to work or get sick. You have years of emergency fund. Money in retirement and stocks and everything and you dont have any Credit Card Debt and want to buy a new car. Okay buy a car and take advantage. Thats not what the situation is for most people. We are taking a break on air. Remember the show is not stopping on our live stream. We want to welcome you to Facebook Live or you tube live. Or abc 7 news. Com. Dont forget to let us know where you are tuning in thank you for staying with us everybody. Were back with americas most recognized personal finance expert. Shes the author of her best selling book the ultimate retirement guide for 50 plus. Just now in the commercial break we have been taking questions coming to us on facebook lets get to this next question. Saying that the irs has changed some of the laws regarding inherited ira. Maybe you can touch on that. Yeah, they did. This doesnt have anything to do with covid19. December 20 of 2019 the irs passed something called the secure act. It changed inherited iras not for a spouse. But for anybody elsewhere the maximum you have to withdraw the money from an inherited ira is ten years. It used to be you can do a stretch account based on age. Now you have a max ten years for which you can withdraw. We touched upon real estate a bit in our first block. Heres another question coming in from social media. Looking to invest in commercial real estate should i wait and for how long . I presume this is similar to investing in a home or residential. Listen, it all depends on your circumstance. And the deal that you can make. Do you have the working capitol behind you because one lesson that all landlords are learning whether its residential or commercial, your tenants dont have money to pay rent. If you need somebodys rent in order to pay your mortgage you better think twas about anything when it comes to real estate at this point in time. You maybe okay with your situation financially. Who knows about your tenants. Thats a different story. Our next comment from facebook. She wants to ask do you think you should delay Social Security until you are 70 . Will the administration use funds as way of paying other expenses . Yeah, listen, youll get your Social Security. I would absolutely tell you by all means if you can delay Social Security until 70. Do you know that the difference between taking Social Security at 62 and 70 its a 76 increase. It is a lot of money everybody. And actually speaking youll live if youre healthy into jr. 90s. Possibly 100. Its worth the wait. At minimum only take Social Security at your full Social Security age. Never, ever take it at 62. Okay. This coming in right now. That i want to share as well. Wanting to know about spa paycheck protection selection. Seems like a lot of folks Small Businesses not getting funded as you very well know San Francisco full of Small Businesses. As is the bay area. This question comes up a lot. This is very sad. The 349 billion that was allocated really was swept up. And many of the companies that got the money actually didnt need the money. They decided why not take it. Anyway. And they were already in business. They were able to qualify for it believe it or not. A lot of little businesses really got closed out. Hopefully congress will go back and reallocate more funds. Be careful with these loans, everybody. Because remember they are made to carry you for two months. If it cant carry you and be okay for more than that, lets say you have a business and youre not going to be back in business in two months. You can be sad you took out the loan to begin with. Then youll owe it and pay it back plus interest. Double a problem. Were hurting already. Writing in to say if a person has three, 401 ks should they roll into one or leave them where they are. You can leave them. If you have three its probably three previous employers. Why leave them there . They only offer you mutual funds and possibly company stock. Why not do an ira roll over into one account at a discount firm. Open up one ira roll over that allows you to buy individual stocks for no commission. Anything you want. For diversification. We have about a minute left br break. Lots of questions coming in about 401 ks. Tammy is asking my employer doesnt match im furloughed now. When i return should i still invest . No. What you should be doing depending on income is opening up an individual rock ira. A roth. Any money that you originally put in you can take out any time you want without tax or penalty. Are you kidding me . Regardless of age and how long the money has been in there. And then time goes on, later on in life you can take it out. Tax free. Unless your employer is offering rth and matching i wouldnt be there. I would do my own individual account. Before we head to break we are live for the half hour with personal finance expert. We are also streaming live on facebook. And if you are joining us there, be sure to get questions in. Also let us know where you are tuning in from. Lets get one last question in before break. Are we supposed to get the stimulus check or the just the people that filed taxes . We continue to get the questions. If you didnt file 2018 or 2019 taxes, chances are youre not going to get this stimulus check. Unless youre on Social Security or ssi. So you want to think about this. Theyre going to look at that and there are people who make under 12,000 a year. You didnt file a tax return. Thats when you go onto irs. Gov and check my payment and put in information. So they can send you a check. If you have qualify. Good to hammer home the web site. All right. Were taking a break on air. Join us any time with our we are back now with personal finance expert. She also has a pod cast women and money. She is back with us once again answering your questions. Before we get to those, we talked in the break about something i think will help a lot of folks and has to do with your book. Give everybody an idea of what youre doing for them. The book came out february 25. And its called the ultimate retirement guide Winning Strategies to make money last a lifetime. The information could really help you if youre 50, 60, 70 or older. I dont want you going out right now and spending money especially if you dont have money. Because im from San Francisco, california, from my heart to yours. If you go onto audio. Got that everybody . Down load the audio version of the book. 12 hours and 30 minutes. I tell stories. Dont tell anybody. Its actually better than the book. I go off script. And its a lot of fun. Between now and me go there. Youll have 30 days and you can stream it. And listen to it. Sound like a great resource to have. Great. Well post that at the facebook page. And our web site. Im sure a lot of entertainment there as well. We have a graphic that we have put on the bottom of the screen. You can check it out. And head to that web site. Back to the questions we have a couple minutes. Sarah asking is it a good time to refinance. We bought one year ago. Lots of people wanting to know about this . Heres the rules for refinancing. If you have at least 1 under what your original mortgage was. Fine. I dont have a problem as long as you decrease the length of the current amount of time remaining on your mortgage. The biggest mistake youll make is you have a mortgage for 30 years, you have been in more than one year. Maybe four years or five. And refinance back to 30 years. Even if you were in it one year. What a mistake to go back to 30 years. Why . Thats a waste of money. If you owe lets say for the next 28 years. Do a 25 year mortgage. Or 15 year mortgage. And also make sure youll stay in the house long enough with the savings to recoop whatever closing cost you will have to spend to refinance that mortgage. Sound advice. Im getting these same questions on facebook as we speak. We have one minute left. I know you sent a laundry list of things you feel are important for the audience to know. Touch upon those. Just a few. It concerns me that a lot of you who lost jobs have also lost health insurance. This is no time to be without health insurance. So for those of you who dont have health insurance, please go to healthcare. Gov. Or healthcare. Org. You can find healthcare. Gov. And you can apply for obamacare. And obamacare is open to you right now if you have lost your job. Its not open for anybody else. So take advantage of it. Maybe if you dont have a will the of money you qualify for a subsidy. Its something you really should all be looking into. All right. More sound advice. You can find her at her pod cast women and money. Well have that information at the bottom of the screen and squeeze a few more minutes from the live stream. On facebook. And when were back on tv an im alex trebek here to tell you about the Colonial Penn program. If youre age 5085 and looking to buy Life Insurance on a fixed budget, remember the three ps. The three what . The three ps . What are the three ps . The three ps of Life Insurance on a fixed budget are price, price, and price. 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So call now for free information. And youll also get this free beneficiary planner, and its yours just for calling. So call now. We are back for our last segment. Of our special 3 00 p. M. Newscast. We want to bring you more content on this platform at 3 00. As we do every day. And that means we get more from our special correspondent. Heres part of the Coronavirus Team of experts and every day hes going to talk directly to you in a segment were calling doctors note. Contact tracing sounds like a phrase you hear in a spy movie. Actually its a really important Public Health tool. Its about identifying and isolating new infections in order to prevent the spread. Im going to explain it on doctors note. Contact tracing is done in three parts. Part one is identification. Lets say somebody tests positive for covid19. Public Health Officials reach out to this person and try to make a list of everyone they may have exposed. Including family members, friends. People they work with. Or came in contact in the public. Such an airport or doctors office. Part two is reaching out. Everybody on this contact list is told they may have been exposed. They are given important medical guidance. Information about how to monitor symptoms and selfisolation. Part three is reaching back out to everyone to try to identify any new cases. If we can trace all positive coronavirus cases and exposure. Well know who needs to selfisolate and contain the spread. This is critically important talking about reopening society. Natch rily widespread Contact Tracing is labor intensive and we need thousands of people to investigate cases and make out reef. Theres hope software can help us. Sending texts to people on a contact list. In the end it will be the people working as contact tracers who make the difference. Its not semplly reaching out and giving medical information. Its about building trust, and reminding everyone infected and exposed were in this together. Cant say that enough. Were in this together. Finally this afternoon, earlier this week we talked to police officer. He talked live on this show. In uniform from his squad car. He fully recovered from covid19 and was going to donate plasma as part of the potential new treatment for patients battling the disease. Now we received an update from officer. Here he is giving blood. He wants to thank everyone for their overwhelming support and if anyone has recovered from the virus, he says please donate your plasma at the Stanford Blood Center or the american red cross. He goes onto add we are all in this together. And you can make a difference in someones life. Who is suffering from this virus. Such wonderful words to hear during the unprecedented times. With that, we thank you so much for joining us on this new interactive show. Getting answers. Were here every day at 3 00. On air and Live Streaming your questions on Facebook Live. Join in on you tube live. Abc 7 news. Com and our app. We have been taking questions today. And i have to stay im really impressed with the quality of questions. She was very pleased to be here and answer as many as she could. Dont forget all the resources on our web site. Tonight, america recording its deadliest 24 hours yet, as governors across the country must new decide how and when to reopen their states. Do they have the testing they need right now to make sure people are not sick, are not putting others as risk . As they now plan for a phasein reopening. President trump speaking moments ago on this. And 24 hour after saying he has a Good Relationship with governors, democrats and republicans, the president now encouraging protesters in several states who want their states to reopen now. Groups gathering, authorities concerned. Many without sks. The president singling out key election states, michigan, minnesota, virginia. Michigans governor, her message to protesters tonight
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