A piggy bank.

2024 WalletHub Economic Index

An ASU finance expert discusses the banking crisis and economic uncertainty.

In this article published May 29, 2024, on WalletHub:

I am a big believer that there are always economic uncertainties. The best strategy is to take care of basic financial preparations. Have an adequate emergency fund. Stick to a budget and make sure that your cash flow can cover any new debts or spending you take on before making the decision to buy. Manage the risk in your portfolio by reviewing your asset allocation and rebalancing if necessary — this could be key because as the stock market is near record levels, many people may be overallocated in stocks relative to their targets. Be properly insured. Managing financial risk should be an ongoing process, and for those who do that, the short-term movements of the economy are not as daunting.

Ives Machiz, clinical assistant professor of finance

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