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.