JACKSONVILLE, Fla. — Many Americans are concerned about their investments following the stock market‘s deep dip Thursday morning.
“You may think it doesn’t have an impact on you but it already has,” Don Wiggins said. “There are two big drivers in the stock market, that is risk and future growth expectations. Ukrainian invasion by Russia affected both, but primarily risk.”
Wiggins is the CEO of Heritage Capital Group. He’s been working with the company for 20 years. Previously, he taught finance for 25 years at Clemson University and the University of North Florida.
“The short answer is yeah you should be concerned,” Wiggins said. “If I were going to retire in the next year, I would pay a lot more attention to where my money is, than if I’m gonna retire in 15 years.”
Wiggins said there’s no need to make major moves when it comes to your money just yet. However, he urges people to pay close attention.
The conflict between Russia and Ukraine is already hurting the wallets of most Americans. You may have noticed it in your 401k and investments, gas prices or at the grocery store.
“There’s no question interest rates are gonna go up,” Wiggins said. “Money is going to cost more to borrow. Investors are gonna make more on the interest they earn, but if you’re gonna buy a house and get a mortgage, there’s no question, at least in my mind, that interest rates are gonna go up.”
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