Christopher Drew, the founder of Drew Capital Group, was recently quoted in an article discussing the pandemic’s effect on personal finances.
Among events like the pandemic, the Russian invasion of Ukraine and other world-shaking crises, the American economy has seen dramatic shifts over the past few years. It has many questioning how financial principles have been affected by the new state of reality.
Reporters turn to financial professionals like Chris Drew to answer questions about the state of the economy, personal finance and what you should do now. First and foremost, Drew believes it’s more important than ever to follow timeless money management principles, and to be cautious about spending at the moment. “Be more cautious about your spending habits due to the increase in inflation,” Drew said. Now may be the time to save for long-term goals and reassess priorities.
Other financial professionals and journalists agree, pointing out the importance of saving for the future rather than indulging in goods that only provide instant gratification.
The article also highlighted a change in life philosophy, with more Americans prioritizing family and experiences over possessions. That adjustment appears to have consumers managing their finances with more sentimental goals, focusing on making memories rather than the acquisition of material goods.
Drew outlined the importance of your relationship with your financial advisor. While advisors should always be reaching out and keeping clients in the loop like he does, it’s never a bad idea for clients to pick up the phone and inquire themselves, especially when markets are volatile.
“Because of economic factors affecting the market in today’s environment–such as interest rate hikes, the war between Russia and Ukraine, and a massive spike in inflation–we have had to make adjustments to portfolios along with asset allocation changes to help reduce the [impact of] overall volatility of the markets,” Drew said.
If you have any questions about ways you can protect your finances from the impact of stock market volatility, please give us a call. You can reach Drew Capital Management in Tampa, Florida at (813) 820-0069.
This material is provided as a courtesy and for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation. Advisory services offered through Drew Capital Management, a Member of Advisory Services Network, LLC. Insurance products and services offered through Drew Capital Group. Advisory Services Network, LLC and Drew Capital Group are not affiliated.