EPISODE SUMMARY

In this episode of Chan with a Plan, Max Speaks with Mark Willis, CFP with Lake Growth Financial Services, working with individuals, couples, and business owners who want to grow their wealth in a safe and predictable manner, and create tax-free income for life. In this conversation Mark discusses how to navigate a recession and prepare for retirement with your finances.

QUOTES

“But I want more control. I want more agency. I want more capacity to be able to influence my environment rather than being impacted by it. And so that's been my great honor, is to work with clients to do exactly that.” – Mark Willis
“That's an interesting word. Do you remember that movie, The Princess Bride, where the guy says, ‘You keep using that word. I do not think it means what you think it means’, and he's so right when it comes to diversification, we keep using that word, but I don't think it means what we think it means.” – Mark Willis
“Some point math just takes over and we're all going to see taxes rise over our lifetimes. So I knew I wanted to pay my taxes now and have a tax-free future that was going to yield the best return for me.” – Mark Willis

TIMESTAMPS

[01:22] Mark’s journey
[02:54] Recession opinions
[04:50] How to make it through a recession
[06:50] Investing during a recession
[10:17] Key tools to use for investing
[15:40] Investing in life insurance?
[17:12] Combating the cost of living and inflation with your job
[21:31] Self-control with credit cards
[23:35] Preparing for a recession
[28:24] Diversify your portfolio
[30:19] Strike it rich with new investments?
[34:10] Is cash trash?
[36:49] Difference between the Recession vs the Pandemic
[39:15] Episode main takeaways
[41:32] Mark’s big financial challenge

RESOURCES & RELEVANT LINKS

Don’t Panic: How to Thrive in a Recession through Smart Investing 43:45 Share

Chan with a Plan

Shownotes Transcript

Don’t Panic: How to Thrive in a Recession through Smart Investing