Episode 75

Is Investing Still a Smart Choice During this Recession? I’m Feeling Discouraged. | E75 Jesse Cramer

If you’re paying attention to your portfolio right now, you know the stock market has been on a nosedive, and if you’re anything like me, this market drop has you feeling discouraged.

I continue doing all the right things. I maxed out my IRA, I’m dollar cost averaging through my 401K, and even investing my net earnings in my brokerage account.

All of this yet I’m still seeing my networth go backwards. I’m beginning to question if investing my money is still the right thing to do.

Well luckily my friend Jesse Cramer is here to talk me off the ledge. It could be investing for your future or changing your career path to align with your passion. Jesse reminded me that the right choice doesn't always create short-term success but over the long-run, it will.

Aside from being my personal therapist, Jesse has had a ton of success in creating his personal finance blog, The Best Interest. His writing has also been featured in CNBC, MSN, the Motley Fool, Yahoo Finance, and more.

Jesse started The Best Interest blog in 2018 when he was working as an engineer but over the last year, realizing how much passion he had for personal finance, he made a career pivot and now works for a wealth management firm.

If you are considering changing careers to align more with your passion, this will be a great episode to listen to. Jesse shares his thought process behind his decision even though it meant taking a pay cut (for now).

We get into a lot of money conversation as well including the financial order of operations, investing in the market vs investing in yourself, and a useful thought process called the success to stress ratio. From my “lost and confused” to my senior investors, this episode has something for everyone.

Key Takeaways:

- How Jesse went from being lost with finances to a personal finance blogger

- Why Jesse took a pay cut to switch careers

- Why making the right choice now will lead to success in the long-run even if in the short-term it doesn’t pay off

- Using the financial order of operation to get started investing

- Should I invest or pay off debt first? What about investing in a business?

- How to get started budgeting

- Success to stress ratio

- What Dave Ramsey got right about credit cards (absolute rules)

- Merging money with your significant other

Mentions:

Joel O’Leary on TSIR (Apple Podcasts or Spotify)