We’re in an extremely volatile time, but the world doesn’t end very often, last time we checked. Just because you are in quarantine doesn’t mean you can’t take action and make some smart decisions about your money that will have a long lasting positive impact. There is no better time than now, to start preparing for when things get better. So time to start cleaning up your financial picture.Today, Bob and I are going to guide you on how to position your portfolio for the inevitable economic rebound. We’re also going to break down how to put your financial life in order. For our spotlight segment, we have our colleague, Certified Financial Planner™, Courtney Dominguez. Find out what being diversified really means as she shares how she increased the yearly income of a couple that was taking in too much risk. We’ve got a great show here, so tune in to the No Payne, No Gain podcast now! Financial Propaganda of the Week A lot has been going on this week. The market made a huge rally from the bottom. The news is coming in worse than ever. It’s crazy out there! Here are the things you need to know about:[04:01] – Media is a danger to your financial health. The news is a lagging indicator, not a leading indicator. When it comes to investing, always look forward. The media only focuses on looking for an event to explain the market move.[05:18] – The most dangerous thing is when there are a lot of people telling you what’s going to happen. The truth is nobody predicted that the Coronavirus pandemic was going to happen. Anyone can predict what happened with hindsight.[06:53] – When uncertainty is the greatest, that’s the best time to buy. The market will accelerate even if the news is bad. [07:14] – If you’re going to rely on the news to make your financial decisions, you’re going to be behind. Once it’s in the news, the market is already priced in. You’re not getting insider information.[07:59] - Never go with your emotions. Investing is a discipline based on your goals.[09:01] - Cash yields zero returns. Zero net of 2% inflation means that you’re getting negative returns. Preparing for the Economic ReboundWe’re basically in a recession at this point. Forgive yourself for not seeing it coming and focus on looking forward. Let’s think about what would be the likeliest outcomes that are going to happen from here.[13:37] – When things are down, that’s the best time to make some proactive decisions even if you don’t want to look at your financial statement.[14:11] – Diversification works. Having an all weather portfolio puts you in a good position. First things first, make sure the safe side of your portfolio is truly safe.[15:11] – Bond funds are not safe. There’s a lot of low quality credits. Make sure you have an investment-grade portfolio because those bonds did well.[15:52] – Don’t give up on stocks. You need dividends and dividend yields in equities are great right now.[17:18] – The pandemic is temporary. Your goals aren’t. Don’t wait for things to settle down. Don’t be afraid to go back in to buy some equities while they’re on sale. Decluttering Your Financial LifeSince you’re trapped in your house and have a lot of time, you’ve probably been organizing and cleaning out your closets. Well, you should also do the same thing for your financial portfolio. Let’s go through some of the principles used in house cleaning and apply them to your financial life.[22:15] – Most of us know very little about our own financial assets. You forget the stuff you have, so now’s a good time to start tallying up your assets.[24:16] – Ninety percent of investors take more risks than they should because they never sat down and looked at the complete picture of their net worth.[25:33] – Take a look at your budget line and check what are the things you’re spending money on. There’s probably a lot of things that you don’t have to spend money on now. [26:47] – Interest rates are low right now. Maybe it’s time to refinance your mortgage. The MailbagGot any ques