Financial Expert, Jordan Goodman Talks Money With Ethan & Lou
With the stock market sucking wind, it was time to get our money guy on the Ethan & Lou Show.
Obviously, I'm not privy about the hit you might have taken to your 401K along with your stock portfolio. Without mentioning any specific numbers, I can tell you in all honesty that 11.3% of my portfolio disappeared when the stock market took a big hit.
During these challenging times when thousands upon thousands of jobs have been lost, and company 401K's have taken a nosedive, we called on our trusted financial correspondent from moneyanswers.com, Jordan Goodman.
Right out of the gate, we asked him about being out of money because of a job loss and not being able to make your rent or mortgage payment. He told us that negotiating with your landlord or bank should be your first action but whatever you do, never ignore the situation.
Jordan informed us that In the last six weeks, 30 million people had lost their jobs. He said If you need to, you can now borrow up to $100,000 from your 401K and then begin to pay the loan back once you return to work.
Another source of acquiring cash is to sell your life insurance policy. When it comes to your 401k during a sinking stock market, Jordan recommended leaning more conservative by transferring some of your money into a Guaranteed Investment Contract or GIC. Your return on investment is much more conservative, but your 401K doesn't take as much of a hit.