What should consumers and investors do in a recession-ish?

Everyday Wealth

Jean Chatzky

Investing, Business, Education

2 • 935 Ratings

🗓️ 18 August 2022

⏱️ 2 minutes

🔗️ Recording | iTunes | RSS

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Summary

Whether we’re in a recession-ish now or we will be in the future, it’s important to be prepared. Wiliam Lee, chief economist from the Milken Institute, tells Jean and Soledad what consumers and investors can do to help protect their wealth.

Investing strategies, such as asset allocation, diversification, or rebalancing do not assure or guarantee better performance and cannot eliminate the risk of investment losses. There are no guarantees that a portfolio employing these or any other strategy will outperform a portfolio that does not engage in such strategies. Funds and ETFs are subject to risk, including loss of principal. All investments have inherent risks. There can be no assurance that the investment strategy proposed will obtain its goal. Past performance does not guarantee future results.

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Transcript

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0:00.0	This is Everyday Well, this is Everyday Wealth, with award-winning journalist Soledad O'Brien and
0:09.6	Personal Finance Expert Jean Chatsky. Whether or not we have a full-blown recession now, we will have one eventually.
0:19.0	So how do consumers make sure that they are prepared or at least as prepared as we can be?
0:26.0	The only way to survive a recession is to have financial buffers.
0:30.0	So the trick is to be literate enough about our financial world to know that you not only have to save money, but you know how to put it to work in a way that would best serve you in an emergency or in times that are very difficult, especially
0:46.1	when layoffs start to accumulate.
0:48.7	William Lee, you make a great point, which is information and access to information is absolutely key and there are great resources
0:56.2	right as as you have mentioned Milken Institute itself has lots of resources to help people
1:01.6	who are trying to become more financially
1:04.0	literate and of course Edelman Financial Engines has hundreds of wealth
1:08.1	planners if you just feel like you need someone to walk you through.
1:19.0	Is your retirement withdrawal strategy built for a looming recession? Do you know which accounts to draw from first?
1:22.0	What are the common pitfalls? How can you minimize your
1:25.8	tax bite? Join Edelman Financial Engines on Tuesday, August 16th at 2 p.m. Eastern for a timely virtual event, recession and your
1:36.8	retirement withdrawal strategy. You can register for free at plane.fecom. They'll look for financial pitfalls to avoid and how to help
1:47.0	make sure your financial plan is built to last. Whether it's sequence of
1:52.0	withdrawals, whether to start taking Social Security or
1:55.6	stay diversified, they'll help you understand the specific steps that you can take
2:00.9	to make sure your financial plan is working for you.
2:05.0	Join Edelman Financial Engines for recession and your retirement withdrawal strategy
2:10.0	on Tuesday, August 16th at 2 p.m. or 8 p.m. Eastern.
2:15.0	There's no cost to attend and no obligation.
	...

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