Surviving the Economy - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Surviving the Economy

Surviving the Economy
By: Wes Wallace

With a dipping stock market, unsettled housing market, and worries about the economy, most financial experts tell you not to panic.

"I don't tell my clients anything different now than before," said Chip Cox, a financial planner in Paducah. "I don't see much anything drastically wrong with the economy."

Everything is cyclical, and the market has it's ups and downs.

However, your age should determine how you focus on your finances.

"People in their 20's and 30's generally want to buy a house, start a family, and pay off college debt.  They can afford to be more aggressive with their investment," said Cox. "If you're in your 30's and 40's, then you have more disposable income and there's still plenty of time to work hard financially for retirement.  When you're in your 50's and close to retiring, then you really want to be more conservative with your investment plan."

Other things to keep in mind at any age...don't abuse credit cards, make sure you live within your means, and it could be disaster if you fail to plan ahead and save.

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