Explore 5 key strategies to survive Trump’s economic whiplash and navigate rapid market shifts. Source: MEGA
The recent global tariff wars have shaken the stock market, causing many Americans to worry about their financial futures. But don’t panic – Global Pulse is here to guide you through the economic storm.
Veteran Wall Street advisor Robert C. Ford advises, “Now is not the time to lose your head.”
He continued, “The key is to stay calm. Even if the stock market drops, it will eventually rise again.”
“In the meantime, there are actions you can take to protect your finances and reduce the risk of ending up in a bad situation.”
Build a Rainy Day Fund
“You need a buffer during tough times, like a medical emergency or job loss,” Ford advised. “If you receive a tax rebate or work bonus, add it to your savings to strengthen your financial cushion.”
Diversify Your Investments
John Anderson, a financial planner at Equitable Advisors, recommended shifting to a lower-risk portfolio during market downturns. Ford added, “As you approach retirement, focus on a more balanced portfolio, with less volatile stocks and more stable investments like bonds, gold, and real estate.”
Reduce Your Existing Debt
Personal finance expert Angela Castillo stresses that getting your finances in order is crucial during tough economic times. Ford advises, “Focus on paying off your highest-interest debt first. Consider consolidating your debt, and most importantly, avoid taking on new debt.”
Protect Your Assets
Ford emphasizes the importance of having the right insurance coverage for your health, home, and vehicles. For business owners, liability insurance is also key. “Without that protection, an emergency can quickly lead to financial ruin,” he warned.
