Indianapolis News

Savings Tips for Looming Recession

Indianapolis – A financial consultant is advising individuals to avoid acting rashly when it comes to their investments or savings as a potential recession looms.

It’s never too late to start investing, even if you have very little money.

Does it cost a specific sum of money to work with an expert or to invest a certain amount of money? According to Jonathan Owens,  J.P. Morgan Wealth Management, “Something is better than nothing.”

While he advises everyone to keep some cash on hand in case of an emergency, he also advises them to speak with a financial consultant to define their investing goals.

Josiah Marx of Noblesville stated, “Fortunately, I am fairly fortunate to be able to accomplish what I do and to provide my family. As I mentioned, I take special interest in ensuring we are making preparations for the future.”

Even though the markets will eventually recover, taking money out of the stock market now may not be the best idea.

As Owens put it, “God forbid you’re down 20% and you take some money out, you just booked in your losses, and you’re never likely to get that back.”

Others, however, do not favor the stock market. The majority of  some folks’ funds are held in Roth IRAs or 401ks.  Still others prefer real estate or investing in their own businesses.  Stay invested, but try and conserve funds, is the mantra prescribed by financial advisors.

Living below your means is really what it comes down to.