Financial markets have soured quickly due to the increasing confirmed cases of Coronavirus worldwide. Now that we are currently hugging another bear market and reading headlines that are getting crazier by the minute, what should you be focusing on when it comes to your finances?In today’s episode, Bob and I discuss how to respond to the market amid the Coronavirus meltdown. Find out the common financial mistakes you should be dodging at all costs. And while most of us rely on the news to keep ourselves updated during this crisis, it’s time to spot the ill-advised ones on today’s financial propaganda.For our spotlight segment, we have my brother & Bob’s son Chris Payne, also a financial advisor at Payne Capital Management. Hear how he was able to talk a lady out of bond funds and helped her get on the path to financial freedom.We’ve got a great show ahead, so don’t miss out. Tune in to the No Payne, No Gain podcast now! Do’s and Don’ts of a Market CrashFear and panic are two of the emotions brought to us by this pandemic. Financial markets are even churning for weeks now. What will be the impact of this threat to our economy and how should you respond to it?[03:36] – If you’re thinking about getting out of the market right now, it’s not the right time to do it. It’s hard to get back in once you’ve gotten out.[04:39] – You never get good pricing from good news, you only get it with bad news. Don’t get reactionary when it comes to your investment strategy because of the pandemic. News gets worse, but the market will surely recover.[05:01] – You should be proactive and not reactive during this time.[05:17] – Bob assures that having a portfolio right now is beneficial because even if the market is down, your portfolio is making money every day. Bonds accrue, dividends get paid.[06:13] – It’s vital to have an income plan if you are planning to retire. More than ever now is the perfect time to re-allocate and get a better plan in place.[06:24] – Take advantage of your tax losses while the market is down. You can do a tax swap – invest in something completely similar so you don’t lose your position in the market.  Be Proactive, Not ReactiveIn these tumultuous times, we are tempted to make irrational financial decisions that we would surely regret in the long run. It’s time to avoid making those reactionary types of investments, rather it’s best to be proactive and take advantage of the market today.[12:31] – We blindly consider bonds to be a safe investment when it’s not. Bonds don’t go up when the market is going down, it goes along with it.[13:14] – Bob says to always be careful about who you loan your money to. Lend it to the highest quality institution instead so you’re sure to get your money back.[15:23] – If you’re close to retirement or already retired, never ride the market up or down. [16:21] – The only way to have a true hedge is to own actual bonds that have an actual maturity date, and an actual fixed rate of return. If not, get rid of that investment.  [17:14] – Never lock everything into an annuity because it’s not a good strategy. It will not adjust to inflation and illiquidity can be a problem down the line. Financial Propaganda of the WeekBob and I scour daily financial news to bring you this week’s financial propaganda. We’re here to help you make sound decisions and protect yourself from the biggest offenders, those who offer obscene financial guidance especially in this time of adversity.[23:19] – Most headlines shout out about the financial world being a mess right now, where unemployment will rise dramatically in March and April and business activity will falter.[24:18] – Warren Buffett made more money than anybody else during the financial crisis before because he was out buying when everyone else was running for the hills.[24:32] – In the short run, pessimism reigns. In the long run, optimism gets all the returns.[25:03] – The market will recover most likely before the news is going to get better. The markets