Oct. 3, 2023
With an uncertain economic future ahead, how can you protect your finances and prepare for the worst? Financial advisor Joseph Lombardi joins The Brian Nichols Show to share crucial advice your family needs to hear.Brian Nichols welcomes Joseph Lombardi, founder of IronHawk Financial, to discuss how families can financially prepare for economic uncertainty. Lombardi explains the 4 major economic risks we face: interest rates, inflation, taxes, and projected market returns. He advises viewers to budget, pay down debt, and invest in alternative assets outside the stock market.Lombardi points to the car repossession rate skyrocketing 1600% as an indicator of people overextending themselves financially. Full car lots also signal an impending downturn. Historically the car market falls, then housing, then stocks. Without savings and non-market assets, many will be caught unprepared when their home and retirement accounts lose value.To prepare, Lombardi says budget every dollar, pay d…