GRAND BLANC (WJRT) - (8/15/19) - It's been more than a decade since our last recession.
But lately, concerns are growing another may be looming off in the distance.
Steve Bliss, owner of Acorn Wealth Advisors said, "Until the end of last year really, we hadn't seen any substantive decline in the markets. So, now that we're having more normal volatility, that's creating angst among everybody."
The stock market has seen a remarkable run from it's January 2009 lows below 8000, to more than 26,000 at it's high recently.
Headwinds are growing that suggest rocky times are coming.
However, that doesn't necessarily mean you should hide your money in a mattress.
"You shouldn't have a portfolio that's built in such a way that caused you to lose sleep at night, whether there's a 300 point drop or 800 point drop or 600 point rise, it shouldn't cause you to make any actions that are irrational to your overall plan," Bliss added.
However, for those that have captured big gains and want to preserve them going forward, there are some strategies that can help weather any financial storm.
" What people should really do again is kind of look at what is their overall risk tolerance, then have their advisor help them, or use their tools that are available within their company 401k's, to try and match up a diversified portfolio."
That plan might include moving to more conservative investments.
Whether a recession is on the horizon or not, there is one key piece of advice we all should consider.
"What I would just encourage people to do, and I know it's tough to do. It's easier to say than to do, but save more."
Despite the ongoing trade and tariff issues with China, consumer spending remains strong and unemployment is very low which may help limit any economic downturn in the near future.