Our Expert Panel Talks About Uncertainty Caused By COVID-19 Part 2

We continue our discussion about things you need to know during these uncertain times during the COVID-19 Pandemic. Randy Tate the CEO of iFlip is here and continues talking about how the economy is taking a hit and why he thinks it should be a short term hit. Then our credit card specialist talks about how important it is to know your balance sheet and other important information. She talks about taking a solid picture of your credit world and making it work for your family. 

We also answer your questions. We share education about commodities like gold, silver, and oil. The difference between trading algorithms and AI. Then we answer people's questions about what is happening in the real estate market. This is our platform where we share information and education about what is happening in the world today. 

You can find our panel here:

Ask Loral

Show Notes:

[01:18] According to Randy, the economy was humming along really well before this happened. The recovery shouldn't take as long as it did in 2007 and 2008. [01:51] People with an online presence won't be hit as much. Amazon seems to be going up. [02:06] People who are prepared aren't going to have as difficult of a transition. [05:45] It's a really good idea to know your numbers and your balance sheet. [06:25] Understand what it is you are actually paying for your credit card. Statistics say that 46% of Americans pay off their credit card in full. [06:55] Once you have your spreadsheet with all of your information call the credit card company, because they want to work with you. [07:52] You can ask about increasing your limit, deferring a payment, or lowering interest rates. [10:46] Robotic traders are just mathematical algorithms. AI is more accurate in predicting big downturns. [16:46] Tim and Eric are here to talk about the real estate market.  [17:39] The Boise market still has high demand. Real estate is about being in the right area. People are still going to need homes and places to live. [22:48] The Florida market is coming off of a hot market and should be able to recover. Properties seem to be holding value. Stop and have some discipline.  [25:00] Interest rates are incredible right now. [26:03] There are creative ideas for real estate like people forming a group or taking over someone's loan. You can create any kind of deal you can imagine. [27:43] Our panel talks about being prudent with rental decisions.  [30:17] We discuss factors that determine your credit score when it is time to refinance. We also touch on using other people's money and being creative. [33:27] It's important to test your information against a lot of different things. [34:22] It's also a good idea to be very aware of scammers. [37:02] Have a strategy don't jump from tactic tactic. [37:48] The panel discusses creative income ideas.

Links and Resources:

Ask Loral App
Millionaires in Training Facebook Group
iFlip