The NewsWorthy Special Edition: Wall Street Chaos - How to Protect Your Money Right Now
Apr 12, 2025
Mark Zandi, Chief Economist at Moody's, discusses the volatile impact of trade tensions on the economy, warning of potential recession risks. Hillary Hendershot, a Certified Financial Planner, offers practical tips for navigating personal finances during these turbulent times. They explore the significance of saving, mindful spending, and maintaining cash reserves. Additionally, they emphasize the importance of increasing 401k contributions and adopting long-term investment strategies despite market fluctuations.
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Market Volatility Due to Trade Wars
- Global trade war uncertainty, with fluctuating tariffs, significantly impacts the economy.
- This uncertainty affects businesses, profitability, and subsequently, stock prices.
Recession Risk from Tariffs
- Continuing tariffs could lead to job losses and a recession.
- These tariffs act as a substantial tax increase on consumers and businesses through higher prices.
Financial Advice During Uncertainty
- Maintain savings, keep a rainy day fund, and focus on financial goals.
- Control spending and consider subscription cancellation services like Rocket Money.