LAS VEGAS (KTNV) — You may have been one of those selling off stocks on Tuesday as stock market jitters continue.
Local money expert Andrew Leavitt told me with prices still rising, we all need to prepare for the future now.
"So, we've got a combination of markets getting worse and you have inflation still increasing, which is the worst possible combination," Leavitt told me. "It's the perfect storm."
I wanted to know what that might look like for the average person — and Leavitt had some advice, especially when it comes to retirement savings.
He says you need to be aware of monthly reports expected to come out on Wednesday that will gauge the pulse of our economy. These are the reports the Federal Reserve looks at to see what they will do with interest rates, for example.
And if they come out negative, Leavitt says, "it's going to really impact the market, more than what we saw on Monday."
The best thing anyone can do right now, Leavitt tells me, is call whoever manages your money and get a plan in place.
"The biggest mistake that you can do right now is just assuming everything is fine," Leavitt told me. "People that lost their retirement in 2008, it took them up until 2021 just to break even. So in the event we're going through another cycle, the last thing you want to do is just put blinders on and let it coast."
If you want to hear more insight on the state of the market and more of Leavitt's advice, you can watch our Q&A here:
