Wealth Beyond Riches: Building Prosperity With Purpose, Values, and Impact

The 4 Steps to Surviving Market Volatility (Ep. 30)

• Abbey Henderson, CFP®

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What's your strategy for staying calm when the market takes a roller-coaster ride?

Panic and sell? Or sit back and relax until it recovers? 

Join Abbey Henderson, CFP®, CEO, Wealth Advisor & Coach, as she offers her professional guidance on navigating market volatility with composure and clarity. She offers practical steps and personal anecdotes to help you weather financial storms while aligning with your core values. 

Abbey also highlights how time horizons and diversified portfolios play a crucial role in financial planning during uncertain times. Tune in and learn about diverse strategies, such as tax loss harvesting and Roth conversions, that can turn lemons into lemonade for your investment strategies!

Key discussion points include:

  • Calming techniques for market anxiety [05:18]
  • Inspired actions that align with your values [12:06]
  • Rethinking your financial time horizon and diversification [17:12]
  • Taking advantage of market lows: Tips and strategies [23:55]
  • Leveraging tax strategies like Roth conversions [28:22]
  • And more!

Connect with Abbey Henderson: 

Voiceover [00:00:01]:

Welcome to Wealth Beyond Riches with Abbey Henderson, CEO, wealth advisor, and coach at Abaris Financial Group. In this podcast, we help generous, fun, and passionate professionals overcome their biggest financial concerns while leveling up their lifestyles based on their values. We do this by exploring the five levers, which represent the diverse resources each person possesses throughout their lifetime. These levers encompass finances, health, mindset, relationships, and time, offering a holistic approach to personal development and growth. Join us on this transformative journey as Abbey and her guests draw from years of experience to guide you in achieving your life goals while staying true to your values.


But that's not all. This podcast will equip you not just to build personal wealth, but also to understand how your prosperity can contribute to the betterment of the world around you. By exploring strategies for giving back and making a positive impact, we'll empower you to create a life of significance and leave a lasting legacy of positive change.


Wendy McConnell [00:01:08]:

Hello and welcome to the Wealth Beyond Riches podcast with your host, Abbey Henderson, where we talk about enriching your life in every way. I'm Wendy McConnell.


Hey, Abbey. How are you?


Abbey Henderson [00:01:20]:

I am good, but it has been a long couple weeks.


Wendy McConnell [00:01:24]:

Oh, okay. Is it business or is it pleasure?


Abbey Henderson [00:01:32]:

I would say business.


Wendy McConnell [00:01:34]:

Okay.


Abbey Henderson [00:01:35]:

Yeah.


Wendy McConnell [00:01:37]:

So we are recording this April 11th. It's kind of been a little bit of a crazy couple of weeks when it comes to the markets, and I imagine, as a financial advisor, your phone may be ringing off the hook.


Abbey Henderson [00:01:48]:

It's. It's been. It's been unusually busy, unusually high call volume.


Wendy McConnell [00:01:58]:

So is this when you have to be like, it's okay, I'm gonna hold your hand. We're gonna get through this?


Are we gonna get through this?


Abbey Henderson [00:02:06]:

Yes, yes, yes, and yes. However many questions you just asked.


Wendy McConnell [00:02:09]:

Okay. All right.


Abbey Henderson [00:02:11]:

I mean, so I. I've been doing this for what feels like forever. So I started Abaris, more or less, on September 10, 2001.


Wendy McConnell [00:02:21]:

Wow. You are used to, you know, not controversy.


What's the word I'm looking for? Craziness.


Abbey Henderson [00:02:30]:

Interesting. Disruptions to the market.


Wendy McConnell [00:02:33]:

Disruptions.


That's a bit. That's exactly what I was looking for.


Abbey Henderson [00:02:37]:

So I have had a fair amount of experience helping clients through really stressful times. And there are some things that seem more relevant to this time, because this time we have market volatility, and people are very upset about what the administration is doing, and so it's really hard. And, you know, this is sort of true of the pandemic.


It was true of 9, 11. These are moments when it's really hard to Separate your feelings about what's going on in the world from your feelings about the decisions you're making financially. So. So I've actually gotten pretty good. I, I think you'd have to ask my clients, but sort of trying to get in front of these issues.


So I've been reaching out to clients sort of all along. So I, I've been really lucky in that I think for the most part, you know, I think clients are. My clients are hanging in there.


Wendy McConnell [00:03:39]:

Okay.


Abbey Henderson [00:03:39]:

But you know, just, just a plug.


Your financial advisors, if you have them, should be reaching out.


Wendy McConnell [00:03:46]:

Okay. So you shouldn't have to be calling them. They should be reaching out to you.


Abbey Henderson [00:03:50]:

It doesn't mean you shouldn't call them.


Wendy McConnell [00:03:51]:

Okay.


Abbey Henderson [00:03:52]:

But it shouldn't be the first point of contact you're having in a time in the market like this.


Wendy McConnell [00:03:58]:

Okay. You know, I've always Contributed to my 401k. My husband contributes to our 401k.


And you know, that's. We're just hands off with that. You know what I mean? We're like, they put what it. I really probably should pay better attention to it, but, you know, I'm just kind of like they put it where they put it and it's just gonna continue to grow hopefully.


But we're putting money into it all the time, so I know it's got to grow a little bit, right? Yeah. But for the first time ever, I actually have like an. I don't even know the language. I have an account and there's stocks in it.


A portfolio.


Abbey Henderson [00:04:32]:

Yeah, you were fine. I have an account with stocks that's totally cool too.


Wendy McConnell [00:04:36]:

And they are, you know, so I've never really even had the opportunity to look before. So this being my first foray into the whole, you know, experience has not been a good one.


Abbey Henderson [00:04:50]:

Yeah.


Wendy McConnell [00:04:52]:

So I will, I will let you tell me what I need to worry about, what I don't need to worry about, and then I'll tell you if you've calmed me down a little bit. How's that sound?


Abbey Henderson [00:05:02]:

Yeah.


Wendy McConnell [00:05:03]:

Okay.


Abbey Henderson [00:05:03]:

Because that sounds good.


Wendy McConnell [00:05:06]:

Because today we're going to be talking about the four steps to surviving market volatility.


Abbey Henderson [00:05:12]:

Yes. Some are easier than others. I'll just start with that.


Wendy McConnell [00:05:17]:

Yeah.


Abbey Henderson [00:05:18]:

Well, so step one is, and this is going to get a little touchy feely, but step one is calming down your nervous system. So we are, to varying degrees, we are all sort of ramped up. And this is kind of going back to what I said about like, this isn't just a recession. This Is like, has all the emotional stuff attached to it as well.


Wendy McConnell [00:05:41]:

Right.


Abbey Henderson [00:05:41]:

And so the first thing is what can you do to sort of lower, calm down, chill out your nervous system. And these are all things I have to remind myself and I have to force myself to do so. The probably the biggest thing is be careful about the type and quantity of information you're taking in. So this, and again, this sort of goes, this happened in the pandemic.


This happened. 9, 11. It's happening now. It's really easy to just keep hitting refresh on your Internet browser and seeing what crazy thing happened next. It's really easy to turn on a news channel that tells you the world's ending.


Wendy McConnell [00:06:26]:

They love to do that, by the way.


Abbey Henderson [00:06:28]:

Well, and also, you know, this is just a reminder everything's going to be okay. Is not a popular headline.


Wendy McConnell [00:06:37]:

No, they don't make money off of that headline. They make money off of scaring the bejesus out of you.


Abbey Henderson [00:06:43]:

Yes. Well, one of two things. They either make money of scaring the bejesus out of you or in some cases they will give you some crazy way to save yourself. Go buy, I don't know, Swedish coins. Like, those are the things that get the clicks.


And then that's also all the algorithms are just going to serve you up more of that.


Wendy McConnell [00:07:07]:

Oh, yes. Oh, yes.


Abbey Henderson [00:07:08]:

So every time you click on the world's ending, you're going to get five more. The world is ending.


Wendy McConnell [00:07:12]:

Yeah.


Abbey Henderson [00:07:13]:

So just be careful because all of that just stirs you up and just sucks the energy out of you. And that's not helping anybody think rationally. I mean, just from a neuroscience standpoint, it's got your fight or flight turned on. It doesn't have your, you know, executive brain, executive thinking.


Wendy McConnell [00:07:33]:

Well, and I, I, you know, this is a tough one because, you know, I, I don't feel confident in what I'm hearing on the media outlets that I typically have followed. So I go to other forms of getting informed. And yet those are typically things that I will stay on for hours, maybe set a time limit.


Abbey Henderson [00:07:58]:

So I would say you can set a time limit. You can choose only certain, maybe more middle ground kind of news sources.


Set a time limit for different things. Like I'm only going to watch television news a certain amount. I'm only going to, you know, scroll or, you know, be on social media. Doom scrolling. Doom scrolling.


Yeah, yeah. So I like to say curate the energy. Curate the energy around you. And that counts as people do. Like if you've got certain people in your life that all they want to do is get you riled up, maybe set a time limit on them.


I'm sorry, I have to go.


Wendy McConnell [00:08:44]:

The timer went off.


Abbey Henderson [00:08:46]:

Yeah, gotta go.


Wendy McConnell [00:08:49]:

All right, all right. So take care of ourselves and then.


Abbey Henderson [00:08:53]:

You know, this is a super overused word, but self care. Try to find something that gives you joy every day. And that can be as simple as go and take 10 minute walk outside. Go and make time to, in my case, sit with the puppy for an hour. There's just nothing better than puppy cuddles.


Wendy McConnell [00:09:14]:

Yes.


Abbey Henderson [00:09:15]:

You know, let yourself have that cookie. You know, and all in moderation. I'm not, you know, advocating going, she.


Wendy McConnell [00:09:23]:

Said that cookie, not eight.


Abbey Henderson [00:09:26]:

Right. Not the box of cookies.


Wendy McConnell [00:09:28]:

You know what I do, and I know people will laugh, but I put on some of my favorite music and I sing very, very loudly. No, I love it.


Abbey Henderson [00:09:36]:

Turn up your dance music and dance around the kitchen or.


And the other thing that's super hard to do and I acknowledge this, but, but try to prioritize sleep. I know it's hard.


Wendy McConnell [00:09:47]:

It's the first thing to go when you're stressed and anxiety ridden. But yes, you are right.


Abbey Henderson [00:09:52]:

Yeah, it's not the time to be, you know, staying out late at night or, you know, maybe give yourself some grace where you can and maybe sleep in an extra 15 minutes if you can.


And you know, I will always put in a plug for meditation. We just did a podcast episode on that and I think you and I actually chatted about Yoga Nidra, which can be a specific type of yoga practice that you can use to get rest. And it can be either to help fall asleep or it actually, if you, if you try one of the recordings, like you can Google Yoga Nidra and it's nidra is N I D R A. You can put, you can Google it, you can put into YouTube and get all sorts of guided meditations. And they actually even work when you don't fall asleep.


If you can find like 15, 20 minutes in the middle of the day and sit your butt in a chair and put the headphones on and, and do one of those, you actually can feel a little bit restored.


Wendy McConnell [00:10:53]:

So.


Abbey Henderson [00:10:54]:

So chill down your nervous system as. As much as you can is step one. All right, Step two, we all feel better when we're doing something because, you know, part of what we all want is control.


And one way to feel like we have a little bit of control is to say what one or two things can we do? What can we actually affect either in our family, our community, I've had clients that have joined organizations that advocate for immigrants. I've had clients that. That just feel like they want to go and do something good in the world and have gone to a food pantry to volunteer. Just pick something that is very much aligned with your values.


Extra points. If you can do something that's aligned with the values that you think are not being honored in the world, and just do something. And it doesn't have to be big, it doesn't have to be a ton of time, but just doing something that makes you feel like you're impacting the.


Wendy McConnell [00:12:06]:

World and the world way that you want to substack is like bringing blogging back. And it's really a great way to just vent.


Really, even, you know, if you have followers or don't have followers, it doesn't really matter. Just. It's a way of just getting out what you're feeling and trying to take some action. Just by venting.


Abbey Henderson [00:12:28]:

Yeah.


Wendy McConnell [00:12:29]:

Yep.


Abbey Henderson [00:12:29]:

Yeah. And, you know, it's certainly not good to keep everything bottled up. So having some resource, whether it's substack, whether it's, you know, friends or family, journaling is another great way to sort of get all that stuff out. Sometimes that actually helps fall back asleep.


If we're talk going back to the sleep idea, like, if your head's spinning, sometimes it helps to just get up, get it all out on paper.


Wendy McConnell [00:12:57]:

I have a question. Yeah, Life coach. Yes, I know the benefits of journaling. I know how much I get out of it.


Why is it still so hard for me to sit down and do it? Like, I know that I have. I've figured out problems, I've come up with ideas. I've made realizations. Like, I know that it's so beneficial.


So why do I still look at my notebook and go, maybe later?


Abbey Henderson [00:13:26]:

Well, if it makes you feel any better, I fall into the exact same thing.


Wendy McConnell [00:13:29]:

Okay.


Abbey Henderson [00:13:31]:

So I think part of it is the issue that your brain is telling you something else is more important.


Wendy McConnell [00:13:39]:

Okay.


Abbey Henderson [00:13:40]:

So you aren't probably 100% bought in to that. It's really gonna make things better.


Wendy McConnell [00:13:49]:

Or I'm just lazy.


Abbey Henderson [00:13:52]:

Well, I mean, we all gravitate towards the thing that feels best in the moment, and often that is the path of least resistance.


Wendy McConnell [00:14:01]:

Yeah.


Abbey Henderson [00:14:02]:

But I bet if you, like, 100%, like, I will feel better. I know I will feel better after I sit down and do this. If you truly in your heart, believe that you might be more inclined.


Wendy McConnell [00:14:17]:

Okay, got it.


Abbey Henderson [00:14:18]:

Because I know, and I am speaking also partially, partially from My own experience, like I know it, but do I really believe there'll be an immediate impact?


I don't know if I 100% like my brain. My brain does well, and I, I.


Wendy McConnell [00:14:37]:

Actually do think it's immediate. I. I think maybe, yeah, I do.


I. I think that, you know, but it. I think it's just the process of going through, you know, the process. It's. It's work in my mind.


It can bring up things that I don't necessarily want to face or, Or. Or admit to. And, you know, so I think it's more of that with me. It's like where I'm okay, well, okay, well, maybe that was my fault. But we don't want to.


We don't want to talk about that right now.


Abbey Henderson [00:15:04]:

Yeah, well, so that's. Yeah, I get that too. I mean, that's a lot of why people don't know, necessarily want to continue with coaching or therapy, because it gets to a point you. You can touch on things that you're maybe not ready to fully deal with.


Wendy McConnell [00:15:20]:

Yeah.


Okay. All right.


Abbey Henderson [00:15:22]:

That's just a matter of, you know, giving yourself grace and waiting for the right moment that you are ready. So.


Wendy McConnell [00:15:28]:

All right.


I think the point is that journaling is very, very productive and beneficial.


Abbey Henderson [00:15:35]:

It is. And, you know, one last tip on. And we've talked about this, but any habit you want to develop, whether it's, you know, I want to start meditating for 10 minutes a day, I want to start writing in my journal, try to tie it to something else you're doing that you know, you'll do. So, like, the way I got my meditation practice restarted in January was I tied it to feeding the dog.


So because it takes. I mean, she's a lab, it doesn't take her long to eat her breakfast, but I would feed her, sit down for 10 minutes, and then after the 10 minutes, I get up and take her out. So if you can tie it to something that you're already doing that's already a habit, then that can make building a new one easier. It's called habit stacking.


Wendy McConnell [00:16:15]:

Okay, so what else.


What else can we do to calm ourselves down?


Abbey Henderson [00:16:19]:

Okay, so you've. You've calmed down a little bit. Your nervous system, you've done some. You've actually taken action to make yourself feel a little bit better.


Now on the financial side, now you want to step back and sort of try to take a look at the. At the bigger picture, take a bigger perspective. So the first thing is time horizon. And I hear this a lot from the people who are, you know, within three to five years of retiring, they're like, I don't, my time horizon's really short. And my answer is always, so, yes, your time horizon is short to when you hope to retire, but I'm planning on you sticking around for another 25, 30 years.


So in terms of your actual portfolio and how long your portfolio has to last, you've got like a 30 year time horizon.


Wendy McConnell [00:17:12]:

All right.


Abbey Henderson [00:17:12]:

It's not the five that it feels like in the moment. So, you know, that's, that's the first thing to think about. Time horizon is typically much lower.


And this does go back to the know, general advice that if, you know you're going to need money for a car, a house, you know, whatever it is, you probably want to have that in something less volatile than the stock market. So that, you know, that's the first thing to think of. The second thing, which nobody really wants to hear, but recessions happen on average every six years. We've kind of forgotten that because we haven't really had, you know, we've had corrections and we've had very short term, you know, economic issues, but we haven't really had a recession in quite a while. And so the other thing I tell people that, especially people that are about to retire is I know this sucks.


And if we're counting on a 25 year time horizon for your retirement, we need to build a portfolio that's going to go through four more recessions.


Wendy McConnell [00:18:21]:

Well, I don't like that.


Abbey Henderson [00:18:24]:

It's, it's, you know, it's, and, and that's where, you know, having a well diversified portfolio helps.


Wendy McConnell [00:18:32]:

Okay.


Abbey Henderson [00:18:32]:

As I'm having conversation with clients, I keep hearing, well, but this time is different.


And I keep thinking of the quote, the foremost dangerous words in investing are the this time it's different because we always think that that quotes from Sir John Templeton. So it always feels different. The pandemic sure felt different.


Wendy McConnell [00:18:53]:

It, yeah, for sure. And it was different.


Abbey Henderson [00:18:56]:

It was, it was different. And we still, you know, we still bounce back.


Wendy McConnell [00:19:00]:

Yeah, we're still here.


Abbey Henderson [00:19:03]:

We're still here. It's a good moment to take a step back and look at your portfolio and think about, you know, is it still aligned with what my goals are?


So for those of us who have relatively higher risk tolerance or a longer time horizon, you know, potentially having a little bit more in growth stocks is a reasonable thing. Perhaps if you're 80, growth stocks are not necessarily where you want to be. People for a while were saying you know, I don't understand why I have bonds. Well, we're learning or being, we're being reminded of why you have bonds or, you know, why you have a lot of things. So this is a moment where you're seeing, at least up until recently, you're seeing value stocks.


So stocks that tend to be in, in steadier sectors tend to be dividend paying. Those stocks are doing better, which hasn't happened in quite a while. International stocks were doing better, which hasn't happened in, in quite a while. So, you know, this is, this has been a good reminder that diversification actually can be your friend, that you don't need to be in just, you know, the magnificent seven tech stocks. So I think it's also a moment to leverage a financial plan if one was done so particularly for people getting closer, close to or in retirement.


You know, hopefully you have cash flow projections that are done and it's, you know, it's. I'm spending a lot of time going back to clients saying, I reran your projections with the current values after this downturn and you're still fine.


Wendy McConnell [00:20:50]:

Okay.


Abbey Henderson [00:20:51]:

So, you know, I think this is where having done some work on the financial planning side can really shine and, and be of tremendous value in giving you reassurance that we will get through this.


Wendy McConnell [00:21:04]:

Okay.


And diversifying is for your own protection.


Abbey Henderson [00:21:07]:

It is.


Wendy McConnell [00:21:08]:

Okay.


Abbey Henderson [00:21:09]:

Yep. Yep.


Wendy McConnell [00:21:10]:

All right. What else? I'm not. Still not feeling, you know, not feeling much better. I'm feeling better, but not, not, you know, I'm not me yet.


Abbey Henderson [00:21:19]:

Yeah. Yeah. Well, you know, so the other, the other thing I would maybe throw out is I know it feels like we can market time, but we can't. Right.


Wendy McConnell [00:21:31]:

Yes.


Abbey Henderson [00:21:32]:

You know, I sometimes be like, well, I've seen, like, as soon as Trump was elected, I knew this was going to go badly. You know, there's some crazy statistics that if you are, if you are not in the market on the 10 best days in the last 25 years, you lose half of your return.


Wendy McConnell [00:21:54]:

You have missed out on a lot.


Abbey Henderson [00:21:56]:

You've missed out on a lot. And so, you know, that says to me, diversify your portfolio and stick to it.


And it's always, you know, where's the fine line between what's the right mix and what lets you sleep at night? Because the one thing I really want to avoid for clients is putting them in a portfolio that then gets to the point where they call me and say, I, I really can't handle this anymore. And they sell out close to the bottom. Oh, that's that is the biggest thing that I want to avoid.


Wendy McConnell [00:22:28]:

Yeah.


Abbey Henderson [00:22:29]:

So. All right, step four, since we are running out of time, whenever you can make lemons into lemonade. And this, this sort of ties into the, the inspired action thing on the bigger sort of community perspective. This is more micro on your, on your finances. Is there anything that you can potentially do to take advantage of what's happening now?


So there's, there's a couple places to look for that. One is to take a peek. If you're drawing money from your portfolio, take a look at where it's coming from. You might want to consider drawing down on cash reserves or potentially your bonds and give a little time for your stock portion of your portfolio to come back. So that's number one.


Number two, are there any options for you where you might be able to sort of quote, unquote, buy low? So one place for a lot of people is their 401k contributions, which we sort of chatted about at the beginning. So if you can stomach it, this might be a moment to not necessarily adjust the current balances, but you likely have the opportunity to change the investments that are being used for your future payroll contributions.


Wendy McConnell [00:23:55]:

Okay.


Abbey Henderson [00:23:56]:

So this might be a moment to, you know, you might have had those buying into a balanced fund or you might have had a mix of fund options.


Maybe this is the moment to change that to all stocks. So buying in low into the stock market and you can do that really simply. Most 401ks have like an S&P 500 index fund. You could just switch 100% of your future contributions to something like that. And then you're buying low dollar cost averaging into what we hope is, is maybe somewhere close to the bottom of the market.


So that's one idea. Another idea is your IRA contributions. If you're someone that's making IRA contributions every year, you could front load it into the beginning of 2025 so that you can invest sooner rather than later. Maybe catch something close to the bottom. We don't have a crystal ball, so we don't know if it'll be the bottom.


You probably won't catch the literal bottom, but you will likely, especially in a retirement account that you're going to hold for a long time. You are likely to be buying low if you invest your cash probably sooner rather than, you know, potentially the end of the year.


Wendy McConnell [00:25:11]:

Okay.


Abbey Henderson [00:25:11]:

Extra cash. If you've got, you know that.


Well, you know, this actually can happen in four. One case, people get into a 401k and never look at the investments you. You'd be surprised how many times I see a 401k invested in the money market fund.


Wendy McConnell [00:25:26]:

Hmm.


Abbey Henderson [00:25:27]:

So, you know, if there's any cash, extra cash floating around anywhere, now might be a moment to consider dripping it into the market.


Same idea as with the 401k contributions, tax loss harvesting. So if you have losses in your taxable accounts, you could consider doing tax loss harvesting. So a couple of things on that. You. The way it works is you.


Let's say I'm just going to. This is not a recommendation. Well, so let's say you invest in. You have FY abc XYZ Growth fund from whatever company, and you have a loss in that. All right, you can sell that and buy HIJ KL Growth Co.


Fund. They probably have similar types of investments in them. So now your portfolio is sort of similar in terms of how it's actually composed, but you've been able to take that tax loss, which you can then apply on your tax return for 20, 25. So your portfolio is sort of the same, but you've captured a tax loss which will reduce your income on your tax return.


Wendy McConnell [00:26:44]:

So the amount that you can put towards your taxes, like, is that like a credit or is that like the amount you can put toward taxes that you've paid and have been counted?


Abbey Henderson [00:26:55]:

So the way it works is you can use, it's called capital losses to offset any capital gains which you may or may not have for the year. And then if you have more losses than gains, you can then deduct another up to $3,000 against your, like, wages. So it reduces your income. It is not like a credit against your actual tax.


Wendy McConnell [00:27:23]:

Okay, so I'm not going to get like a $3,000 check refund?


Abbey Henderson [00:27:29]:

I wish, but no, I knew that.


Wendy McConnell [00:27:31]:

Was too good to be true.


Abbey Henderson [00:27:33]:

Yeah, yeah, I got you. So that's something you can do. The other thing that I'm talking to clients about selectively is potentially Roth conversions.


So if you believe that we're somewhere near a market low and that the market will come back, if you're going to make, say, a $10,000, do a $10,000 Roth conversion. If you think about it at depressed prices, your $10,000 gets you a lot more shares of something. So your $10,000 Roth conversion then potentially goes a lot further. If you've moved it into a Roth and then the market rebounds, all of that appreciation is now going to be tax free.


Wendy McConnell [00:28:21]:

Yeah.


Abbey Henderson [00:28:22]:

So the downside, of course, is that when you do a Roth conversion, you have to pay the taxes this year.


Wendy McConnell [00:28:28]:

Right.


Abbey Henderson [00:28:28]:

And you ideally don't want to do it out of money from the conversion. You want to do it from like a cash.


Wendy McConnell [00:28:35]:

Outside money.


Abbey Henderson [00:28:36]:

Yeah, outside money. But if that's. You're in a situation where that makes sense, like if you might be in a lower tax bracket this year for some reason, it can be a really nice opportunity to protect some of that. That upside.


Wendy McConnell [00:28:49]:

Okay, all right, that sounds good.


But when I do contribute to like just cash money to my Roth ira, there's no tax I have to pay on that money, Right?


Abbey Henderson [00:28:59]:

Correct.


Wendy McConnell [00:29:00]:

Okay. All right.


Abbey Henderson [00:29:01]:

That's an after tax contribution.


Wendy McConnell [00:29:03]:

All right. Well, I'm a little disappointed about the not getting the three thousand dollar refund check, but other than that, you know, I do feel a little better.


Abbey Henderson [00:29:12]:

We, the bottom line is this too shall pass.


Wendy McConnell [00:29:15]:

Okay.


Abbey Henderson [00:29:16]:

We will come out the other side and the best thing you can do is take care of yourself and look for opportunities to take advantage of what's.


Wendy McConnell [00:29:26]:

Happening to make that lemonade.


Abbey Henderson [00:29:28]:

Make some lemonade.


Wendy McConnell [00:29:29]:

All right. And I do enjoy lemonade. Abbey, how do people get in touch with you if they have more questions?


Abbey Henderson [00:29:36]:

Email is probably best. I love to hear from people.


It's abarisfinancialgroup.com we also have a new website coming out soon, probably in the next month or two. So the website's a great place. And then you can also find me on all the places. LinkedIn, Facebook, Instagram, not so much Twitter. But I am still there.


If you tweet me, I will see it. So I would love to hear from people.


Wendy McConnell [00:30:00]:

All right, well, thank you so much and thank you for listening today. Please like, follow and share this podcast with your friends. Until next time, I'm Wendy McConnell.


Voiceover [00:30:12]:

Thank you for listening to the Wealth Beyond Riches podcast. Be sure to visit our website at www.abarisfinancialgroup.com and don't forget to click the follow button to be notified when new episodes become available. The opinions voiced in Wealth Beyond Riches with Abbey Henderson are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Guests on Wealth Beyond Riches are not affiliated with CWM llc.


Investment Advisory Service is offered through CWM llc, an SEC registered investment advisor.