Created: October 1, 2021
Modified: September 21, 2022

Podcast Episode 220: Legitimate Financial Concerns or Sensationalism?

What You’ll Learn:
With financial information everywhere you look, it can be tough to discern what is accurate and what is actually just a headline used to generate clicks. Today we’ve pulled some of the things you might have heard recently relating to the economy and investing and we’ll look to Joel to explain what is accurate and what’s been exaggerated.

As we move out of the summer and get ready for the rest of 2021, we’ve been hearing plenty of concerns from people about the economy, taxes, and what the future might hold.

Many of the things we’ve been discussing could be legitimate problems down the road, but we live in a time where the name of the game is generating clicks through sensationalized headlines. Every day it gets more and more difficult to determine what’s accurate and what’s exaggerated.

To help people get a better idea of what we’re paying attention to, we wanted to talk about some of the financial topics that are in the news right now and share our views of what’s happening.

First up is the future of Social Security. Stories and opinions continue to pop up about whether the program will run out of money. Sure, there’s a legitimate financial concern here, but most people expect adjustments to be made in order to keep the program funded. Those changes could come with age or assets but no one knows for sure.

The next concern deals with rising tax rates. Since we continue to enjoy low taxes while debt rises, there’s plenty of reason to believe that taxes will only be going up from here. What does that mean for you? Tax planning becomes more important than ever so be working with a professional to make sure you lessen the impact it’ll have on your retirement.

Speaking of low rates, the same can be said about interest rates. The Fed will probably be raising these as well, which makes many people worried that the economy will grind to a halt as a result. The first part would be very difficult to disagree with because rates will have to go up again at some point, but will the economy grind to a halt? Who knows what that actually means so it seems like it’s an exaggerated concern. But there will be some inflationary aspects if interest rates begin to go up.

And finally, the market seems to be in a delicate position right now and people seemed to be worried about an impending crash. It wouldn’t be a surprise to see a pullback before long, but you should always be in a position where the day-to-day movement of the market isn’t a concern. Another crash will come at some point – it always does – so invest with that in mind.

Along with these financial concerns, Joel will also discuss the end of remote work and answer a couple of mailbag questions on today’s show. You can listen to it by using the audio player above.

0:58 – Getting workers to return to the office  

4:38 – Social Security is going broke

6:06 – Debt is out of control and taxes are going through the roof

6:50 – The economy will grind to a halt when interest rates are raised  

7:57 – There’s going to be a market crash soon  

9:30 – Mailbag question on what to do with a TSP account   

10:48 – Mailbag question on why you need someone to help manage your money

12:43 – How to start the conversation with us

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