\n
Comment on this story<\/title><path d=\"M14 14V2H2v9.47h8.18L12.43 13ZM3 10.52V3h10v9.23l-2.5-1.66Z\"\/><\/svg><\/button><\/p>\n<p>Comment<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"teaser-content grid-center\">\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">Just when it looked like the stock market was on the road to recovering from 2022, another looming crisis has rattled investors.<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">The White House and House Republicans are<b> <\/b>locked in a showdown over the <a href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/01\/18\/debt-ceiling-america-economy\/?itid=lk_inline_manual_3\" target=\"_blank\" rel=\"noopener\">nation\u2019s debt ceiling<\/a>, the legal limit on how much<b> <\/b>the federal government can borrow to pay its bills.<\/p>\n<\/div>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">On Thursday, the Biden administration began using<b> <\/b>\u201c<a href=\"https:\/\/www.washingtonpost.com\/business\/2023\/01\/19\/debt-ceiling-default\/?itid=lk_inline_manual_5\" target=\"_blank\" rel=\"noopener\">extraordinary measures<\/a>\u201d to keep the government from breaching its $31.4 trillion debt limit, a scenario that could lead to default and unleash fiscal calamity. Republicans are using the precarious situation to leverage deep spending cuts and may even try to<b> <\/b><a href=\"https:\/\/www.washingtonpost.com\/politics\/2022\/10\/18\/mccarthy-gop-medicare-social-security\/?itid=lk_inline_manual_5\" target=\"_blank\" rel=\"noopener\">slash entitlement programs such as Social Security and Medicare<\/a><b>.<\/b><\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p><span class=\"font--article-body font-copy hide-for-print ma-0 pb-md db italic interstitial\"><a data-qa=\"interstitial-link\" href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/01\/18\/debt-ceiling-america-economy\/?itid=lk_interstitial_manual_6\">What is the debt ceiling, and what happens if the U.S. hits it?<\/a><\/span><\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">This is not great timing for the debt ceiling drama, considering inflation is still too high and the Federal Reserve\u2019s measures to fight it could push the economy into a recession.<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">This all spins back to the stock market, which may be cause for concern as you try to invest for retirement or build enough savings<b> <\/b>to sustain you during tough times.<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">Stocks sank this week amid layoff announcements \u2014 <a href=\"https:\/\/www.washingtonpost.com\/technology\/2023\/01\/18\/microsoft-layoffs-tech-industry\/?itid=lk_inline_manual_11\" target=\"_blank\" rel=\"noopener\">Microsoft is cutting 10,000 jobs<\/a> \u2014 and signs the economy might be slowing.<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">\u201cThe key to successful investing is to know how much risk you can afford to take and make a commitment to keep the assets that you don\u2019t need for a long time invested in the stock market through thick and thin,\u201d said Carolyn McClanahan, a certified financial planner who founded the fee-only Life Planning Partners, based in Jacksonville, Fla.<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">At times like these it makes sense to seek professional advice about your investment strategy \u2014 if you have one. Here are tips that can help in your search for a financial planner:<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\"><b>Ask friends and family. <\/b>Get recommendations from people you know who are working with a planner. But don\u2019t bypass your own fact-checking. A planner who works well with a friend or a relative still might not be right for you.<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\"><b>Look to<\/b> <b>financial planning organizations for referrals. <\/b>The National Association of Personal Financial Advisors (<a href=\"http:\/\/www.napfa.org\/\" target=\"_blank\" rel=\"noopener\"><i>napfa.org<\/i><\/a>) can put you in touch with a fee-only planner. The Financial Planning Association is the membership organization for certified financial planner (CFP) professionals. Search for a CFP online at <a href=\"http:\/\/www.fpanet.org\/plannersearch\" target=\"_blank\" rel=\"noopener\"><i>fpanet.org\/plannersearch<\/i><\/a>. You could also check the National Association of Insurance and Financial Advisors (<a href=\"http:\/\/www.naifa.org\/\" target=\"_blank\" rel=\"noopener\"><i>naifa.org<\/i><\/a>).<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\"><b>Search planner networks. <\/b>Try the Garrett Planning Network (<a href=\"http:\/\/garrettplanningnetwork.com\/\" target=\"_blank\" rel=\"noopener\"><i>garrettplanningnetwork.com<\/i><\/a>) or XY Planning Network (<a href=\"https:\/\/www.xyplanningnetwork.com\/\" target=\"_blank\" rel=\"noopener\"><i>xyplanningnetwork.com<\/i><\/a>), fee-only financial advisers focused on working with Gen X (generally people born from 1965 through 1980) and Gen Y or millennials (anyone born between 1981 and 1996.)<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\"><b>Check credentials. <\/b>Planners with certain designations must meet specific educational and employment requirements and agree to abide by a code of ethics. You probably have seen planners with the CFP designation. Other credentials to look for: chartered financial consultant (ChFC) or certified public accountant (CPA) with a specialty designation as a personal financial specialist (PFS).<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p><span class=\"font--article-body font-copy hide-for-print ma-0 pb-md db italic interstitial\"><a data-qa=\"interstitial-link\" href=\"https:\/\/www.washingtonpost.com\/business\/2022\/12\/30\/us-economy-forecast-2023\/?itid=lk_interstitial_manual_23\">Expert forecasts 2023 as a year of \u2018economic pain\u2019<\/a><\/span><\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">The Financial Industry Regulatory Authority (Finra) has an online list that explains the alphabet soup that financial professionals use. Learn what they mean at <a href=\"https:\/\/www.finra.org\/investors\/professional-designations\" target=\"_blank\" rel=\"noopener\"><i>finra.org\/investors\/professional-designations<\/i><\/a>.<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\"><b>Check for disciplinary issues. <\/b>Before you dine at a new restaurant, you might go online to look at reviews, right? Looking for a new refrigerator? You probably checked how Consumer Reports rates the models you\u2019re interested in purchasing. (If you didn\u2019t, you should.)<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">So why wouldn\u2019t you investigate the person you are considering for financial advice?<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">Go to <a href=\"http:\/\/investor.gov\/\" target=\"_blank\" rel=\"noopener\">Investor.gov<\/a> and search for a firm or an individual investment adviser\u2019s registration status and background, including any disciplinary actions.<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">Also, search Finra\u2019s BrokerCheck database (<a href=\"http:\/\/brokercheck.finra.org\/\" target=\"_blank\" rel=\"noopener\"><i>brokercheck.finra.org<\/i><\/a><i>)<\/i>, which will confirm whether an individual or firm is registered, as required by law, to sell securities (stocks, bonds, mutual funds) or offer investment advice.<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">Don\u2019t forget to check with your state securities regulator to research brokers and investment advisers. The North American Securities Administrators Association can help locate your state regulator (<a href=\"https:\/\/www.nasaa.org\/contact-your-regulator\/\" target=\"_blank\" rel=\"noopener\"><i>nasaa.org\/contact-your-regulator<\/i><\/a>).<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\"><b>Understand the fee structure.<\/b> Don\u2019t be shy about asking how the planner will be compensated. They could be a fee-only planner, be commission-based or charge a fee based on assets under management.<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\"><b>Ask whether the adviser is a \u201cfiduciary.\u201d<\/b> By law, an investment adviser who has a \u201cfiduciary duty\u201d must act in the best interest of clients. But investment professionals who are not fiduciaries don\u2019t have to adhere to this standard. Instead, the law says they<b> <\/b>only need to ensure their advice is \u201csuitable\u201d for the client.<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">This distinction is important, because certain incentives may result in advisers recommending investments that make them more money, but that is not in your best interest.<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\"><b>Ask a lot of questions.<\/b> This is your money, your life. The best planner my husband and I hired listened to our concerns. Most importantly, she pushed us<b> <\/b>out of an investment comfort zone that was too conservative. She never got offended when I challenged her recommendations.<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">For many of you, as it was for me, putting your faith and financial business in the hands of a professional can be scary. In many respects, you won\u2019t know how good the advice is until you implement a recommended plan. That\u2019s why it\u2019s important to do your homework. Don\u2019t settle for the first planner you meet. Interview a few before making your choice. Come to the interview equipped with a long list of questions.<\/p>\n<\/div>\n<div class=\"article-body\" data-qa=\"article-body\">\n<p data-qa=\"drop-cap-letter\" data-el=\"text\" class=\"wpds-c-cYdRxM wpds-c-cYdRxM-iPJLV-css font-copy\">A good financial planner should listen to your goals, assess your financial situation, and then come up with a plan tailored to your needs and objectives. Find an adviser who does that, and you will get your money\u2019s worth.<\/p>\n<\/div>\n<section class=\"dn-ns hide-for-print\" data-testid=\"mostRead\" subscriptions-section=\"content\"\/><\/div>\n\n<br \/><a href=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/CBMiUmh0dHBzOi8vd3d3Lndhc2hpbmd0b25wb3N0LmNvbS9idXNpbmVzcy8yMDIzLzAxLzIwL2RlYnQtY2VpbGluZy1maW5hbmNpYWwtcGxhbm5lci_SAQA?oc=5\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Comment on this story Comment Just when it looked like the stock market was on the road to recovering from 2022, another looming crisis has rattled investors. The White House and House Republicans are locked in a showdown over the nation\u2019s debt ceiling, the legal limit on how much the federal government can borrow to …<\/p>\n","protected":false},"author":1,"featured_media":44601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/44600"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=44600"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/44600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/44601"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=44600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=44600"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=44600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}