BRENTWOOD, Tenn. (WTVF) — With everything becoming more expensive, more people are turning to professional help.
Financial planners are in business to help people have money when they need it. Andrew Winnett of Legacy Builders Wealth Management in Brentwood said his phone is ringing off the hook.
"We're drowning. I'm hiring as many people as I can," said Winnett.
With many people concerned the United States is about to enter a recession, Winnett is advising both retirees and people in the labor force on how to prepare for one.
Winnett said two places you can safely invest your money right now are in real estate and insurance products.
"Insurance products are going to outperform any bank, and you get to participate in market upside without any downside," Winnett said. "Similarly, real estate is going to do well if you have liquid cash. You're going to be able to pick up fire-sale deals in the next year as interest rates go up and housing prices go down."
You may not know, certain insurance products like life insurance can be turned into supplemental monthly income down the road.
If you find yourself needing to spend all the money you make, Winnett says to take a good look at your expenses. Ask yourself where you can trim fat. Can you cut out Netflix? Find a more affordable gym membership? Maybe it's even time for a garage sale.
Legacy Builders Wealth Management expects the second half of 2022 to be just as tough on budgets, savings accounts and portfolios. He recommends that even people outside retirement age start managing their money like a retiree.
"Sometimes in retirement, it's not so much about how much do you earn, but how much did you not lose. When you're retired you can't be super risky with your investments, you need to make sure you have a safe foundation that's going to last the rest of your life," he said.
Additionally, you should keep three to six months' worth of expenses in an emergency fund.
