Chaos Creates Opportunity!

It is not without reason that the 1% is the 1% and the 99% is the 99%.  Hindsight is 20/20.  A few weeks ago I saw a Facebook post where a friend's status was something like, "I think the overall stock market is going to drop.  What do people think are good investments?"  There was a lively discussion among some very smart people, people who would probably be considered by many "rich".  I don't know many of them personally, but from the little I can see, they appear to be mostly self-made entrepreneurs willing to take calculated risks.  The discussion went into predicting that the U.S. would essentially be shut down soon, overall markets would plummet, but companies who facilitated people being able to work from home, get food delivered, stream movies, etc. would do very well.  Some of them discussed specific companies they were investing in.  They were way ahead of those that lost in the market drops because they were paying attention to information that was available to everyone who was looking.

Chaos creates opportunity.  But opportunity is worthless without action.  I have been digging into the chaos of the CARES Act looking for opportunities.  It's over 800 pages, but if you also want to read it and find opportunities, you can see it here.
[Edit:  I forgot to include a music link like I usually do. Looking at CARES, it’s good to remember, “life ain’t forever, and lunch isn’t free”.  And no legislation will ever change that.]

This is far from a complete list, but here are some I found related to my profession, both from this document and outside of it:

• Extended time to make contributions to IRA and/or Roth IRA
• Because the tax filing and paying deadline has been moved from April to July, anyone who has not maxed their 2019 contributions has an extra 3 months to contribute.
• Combining 2019 and 2020 contributions may result in eligibility for a higher interest rate because of a larger deposit.
• $1200 stimulus check is enough to start an account if you don't have immediate need to spend it.  And buying a contract pays the agent (hopefully me!) which does help stimulate the economy.
• Some accounts have guaranteed rates that can be locked in for extended periods, which is an advantage if interest rates drop.  
• Roth IRA in particular has advantage of interest and withdrawals not being subject to income tax.  This is particularly advantageous if for you personally and/or the country as a whole has higher taxation in the future, whether due to increased deficit or any other reason.
• Require Minimum Distribution (RMD’s) won’t be required for 2020 for inherited IRA’s and others who are normally required to take distributions due to age.
• Insurance companies have dramatically relaxed requirements regarding face to face meetings, electronic signatures, etc.  Companies who in the past would only accept original paper documents are now accepting electronic signatures, allow documents to be sent electronically, and are even sometimes allowing a person to sign by texting a picture of the signed document.
• Because insurance companies move slowly, I have not seen a big change in underwriting requirements regarding COVID-19.  Because insurance companies and underwriters hate uncertainty and risks for which they don't have large amounts of data to study, I will be shocked if they don't take steps to screen out people who have had or are at risk in ways they never have done before.  However, if you buy a policy now before those changes are filed with the state and approved, you will have legal protections that would normally prevent them from being able to change your policy when they do eventually change procedures.  You would essentially be "grandfathered"
• For many this will be a motivator to put things in order, and now many of us have the time to do so.  It worked for me.  I have said for a few years I needed to implement this platform that allows people to figure out how much life insurance they might need and purchase it without even talking to me, if that is their preference.  It's not as personalized as I want it yet, but it works. So if you are one of those people who have been putting it off, here's your chance!
• Health insurance coverage for virtual visits has gotten much better!  A month ago a few companies were sort of dabbling in it, but now they have pretty much all dived in.
• Speaking of health insurance, if you have a high-deductible plan that allows you to have an HSA, the delay in tax deadlines means you also have more time to max your contributions in an existing account or start a new one for the 2019 tax year. 

Many of us, including myself, have gotten much better at online conversations with audio and video.  Part of me posting this is to commit myself to sharing through Facebook Live on Friday.  You can join me here at 4:30 p.m.