Today’s Prep:
How much should you pay attention to some of these recent financial news headlines? Eric shares what he thinks and what matters when it comes to your financial situation.
(Click the featured times below to jump forward in the episode)
Equipping Points:
When you read the news, some headlines may grab your attention and make you worried about your finances. Eric breaks these different topics down and clarifies what you should be focusing on.
Wall Street titans warn Americans of the “economic hurricane.” With 4th of July around the corner, we are in patriotic mode, but not all Americans are in the same economic situation. The situation retirees face are different than what a younger couple may be facing. An unfavorable market can be more difficult for some people than for others. It depends on your situation and how it impacts your savings.
Mortgage rates in for a bumpy ride. This will be hurtful for those trying to buy a home right now, but if you aren’t buying or selling a home, will this really matter? What about the “twilight of social insurance”? Politicians will have to do something to address the issue of Social Security, but it’s not something many of them want to jeopardize their reelection over.
Another headline is about unemployment rates being higher than you think. Is that really true? Lots of employers need employees ready to work and do a good job. Not all jobs will be highly paid and work-from-home, but other jobs are still available.
Finally, is gold the asset we’ve all been missing? Gold doesn’t make anything. Maybe you want to have a little bit, but don’t put all of your money into gold. It’s perhaps a better gift for a loved one in the form of jewelry, but not a great investment plan.
Listen to the entire episode or skip ahead using the timestamps below.
1:18 – Are we preparing for an economic hurricane?
3:22 – Mortgage rates are in for a bumpy ride.
4:23 – Looming twilight of social insurance?
6:53 – America’s unemployment rate might be higher than you think.
8:42 – Should you buy gold?
Today’s Takeaway:
Everyone’s in a different economic cycle.
-Eric Peterson
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