Today's Hack

How can what’s happening this year shape our financial plans moving forward? We talk through several current events in the economy and what impact it could have on the future.

Other Retirement Facts:

We all talk about how difficult 2020 was, but 2021 has had its own set of challenges and changes. On today’s podcast, we talk about bits and pieces from 2021, and what it means for our financial plan.

The housing market has spiked in the last year. Interest rates are low, but housing prices have been high. It may have peaked in May, but it continues to be a seller’s market. At some point prices will fall, so if you invested now, what will that mean later on? What’s the net effect, including taxes and insurance?

Unemployment numbers have fallen since the pandemic started. That said, there are still a lot of places in search of staff. Some data suggests that there was only a two-month economic downturn, but it doesn’t feel that way to everybody. Inflation, unemployment, and quick falls and rises in the market as the world shut down caused a lot of uncertainty.

Many industries are still trying to recover. Things like new cars are low in inventory, meaning used cars are up in price. Just because the stock market is up, doesn’t mean we have felt the true net effect of what has happened. Be cautious with what you’re doing financially and be sure you have a plan in place in case you face a what-if scenario.

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

[1:35] – 2021 is still a challenge.

[2:06] – The housing market may have peaked.

[7:06] – Unemployment numbers have fallen.

[8:56] – What kind of recession was caused by the pandemic?

[12:43] – Industries are still not back.

A Quotable Moment:

“Be very cautious in what you’re doing. Make sure you have a plan and understand risks.”

-Phil Putney

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