Financial Residency Financial Vitals: How will the Russian and Ukraine War Affect your Planning
How was the U.S. economy before the war between Russia and Ukraine started? How have things changed and what will they look like in the future? Expect a ripple effect!
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how the Russian and Ukraine War will affect financial planning and economic adjustments in the United States and other countries.
Topics Discussed:
• 9% Inflation Rate: Changes associated with war do not play a role, yet
• Work: Inflation should not be too big of a deal for those with a job/income
• 8% Unemployment Rate: Extremely low—people are working, plenty of jobs
• Interest Rates: Will continue to be increased to keep inflation under control
• Vanguard Total Stock Market: Index fund gauge indicates modest downturn
• Supply and Demand: War sanctions and restrictions result in prices increasing
• Economic Seasons: Difficult to predict what's going to happen in the future
• Reverse Globalization: Economic impact due to isolated sections and countries
• Actions to Consider: Diversify portfolio, stay the course, take protective measures
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