Ep 85: Planning During High Anxiety Times

Are you feeling a bit anxious about your financial situation every time you read or watch the news? Sean talks through current events and what kind of economic impact they could have.

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Things You’ll Learn Along Today’s Journey

At the time we’re taping this podcast, we are seeing huge prices at the tank and our government is sending billions of dollars in aid to Ukraine. What are the economic effects of all this?

After a few years of a pandemic, many of us are feeling ready to get back to enjoying our lives. But with gas prices high, you might be rethinking that big road trip with the RV. Should you change your spending habits? Sean says it hasn’t changed significantly yet, despite these increased prices and rising inflation.

Between inflation and geopolitical events, some of these times may feel similar to the late 1970s. Are we headed into a recession as interest rates keep going up? Sean says as inflation rises, the markets tend to rise. Rising interest rates aren’t necessarily a bad thing.

The stock market has been going up and down quite a bit the past few weeks. Emotions are playing into the economic situation. When you’re wondering what’s going to happen, people might be tempted to do something out of the norm. The danger comes in when you feel compelled to make a change, even when the situation and your plan doesn’t call for it. Reach out to your financial advisor to make sure you act strategically instead of acting rashly when it comes to your financial decisions.

Listen to the entire episode or skip ahead using the timestamps below.

[0:13] – What is happening at the tank?

[1:48] – What is happening with Ukraine?

[3:43] – How will this volatility impact us?

[6:21] – Are we headed into a recession?

[9:00] – What should we do about market volatility?

 

Looking Back From The Mountaintop

“People are still spending money. Until habits change and money stops getting spent, the economy is going to continue to move forward.”

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MEET YOUR HOST...

For over a decade, Sean Lee has helped families reach and maintain their financial goals. As a trusted advisor, he coaches and assists his clients with their financial goals by focusing on the fundamentals and takes a practical and personal approach when working with them.

As a trusted professional in Utah, Sean has been featured in The Wall Street Journal’s Market Watch, The Deseret News, The Salt Lake Tribune and USA Today. He has also been featured as a local financial advisor on Utah’s NBC station, KSL 5.

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(801) 639-0095

slee@erg-slc.com

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