Dan is a Co-Founder of Peak Financial Freedom Group and serves as the President. He is a Certified Financial Planner®, Accredited Tax Advisor, a former Enrolled Agent with the IRS from 1987-2016, Member of the National Association of Accountants, a Registered Member of the National Ethics Association, an Investment Advisor Representative of his own Registered Investment Advisory firm, and is licensed with the California State Department of Insurance. Dan is a “Fellow of the Institute” of the Estate & Wealth Strategies Institute at Michigan State University, successfully completing a three (3) year post-doctorate study program. He has provided financial guidance and served people in his community for 37 years.
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Last week saw the worst week on Wall Street since 2008, as the Dow fell into correction likely due to the outbreak and spread of COVID-19, commonly called novel coronavirus. A market correction is a nerve-wracking event for investors, but the current uneasiness in the markets is no cause for panic.
While the spread of COVID-19 is atypical, a market correction is not. In fact, it’s an entirely normal process, and not altogether unexpected after experiencing the longest-running bull market on record. There have been 22 market corrections since 1974, and they are aptly named because the market usually “corrects” itself and returns prices to their longer-term trends. While the coronavirus is likely to cause economic impact into at least the second quarter of 2020, historically, Wall Street’s reaction to these types of epidemics has been short-lived, including in the recent past.
When you spend most of your year toiling away at work, it’s natural to want to make the most of your vacation time. For many Americans, this means dreaming of the opportunity to own a vacation home where they can relax and recharge, while possibly earning rental income, too.
Before you pull the trigger on your own vacation home, however, you may want to think twice. While it certainly offers the opportunity for enjoyment and making meaningful memories, vacation homes also come with a few drawbacks.