A big economic concern for everyone right now is the financial markets, which have been at their worst levels in 40-50 years. Regardless of where your money has been invested, you have almost certainly suffered some incredible losses. This is all due to the fact that we are entering a recession. The definition of a recession is two consecutive quarters of negative Gross Domestic Product (GDP), which is the monetary value of all finished goods and services made within a country during a specific time period. Analysts do not want to admit that we are in a recession until we are months into one, but most economists will tell you that we are already there.
Now that you know we are in a recession by the definition of the term, you are likely wondering what your best course of action would be to navigate this economic downfall. Host Lou Scatigna, CFP® provides insight on that in this segment from The Financial Physician.
Your financial advisor is like your doctor. You better have the right one, or you are going to be in trouble.