MyMoney Online, The Personal Finance series with Warren Ingram

How to keep your wealth from waning during a recession

South Africa is in a recession.

What does it mean for you as an investor; should you even care?

The Money Show’s Bruce Whitfield interviewed Galileo Capital Personal Financial Advisor Warren Ingram.

Ingram reminded listeners that the news about the recession reflects the reality of months ago.

We knew – even before the news broke – that the economy was weak.

Knowing the exact numbers doesn’t change anything.

Concerns about another downgrade are realistic, but there isn’t anything you can do about it.

You need to look forward, said Ingram.

Economists can get excited about our history.

You should be more concerned about the rand and petrol price as this will impact inflation which will make us poorer, not only through rising costs but also by way of, possibly, rising interest rates.

Wild swings in the rand are worrying, but they tend to overreact and then correct again.

For more detail; listen to the interview in the audio below (and scroll down for quotes from it).

It happened! It’s over! It’s now ancient history… This fascination with GDP… from an investment perspective… We can already tell we’re feeling poorer. Worrying about what happened in June, it’s irrelevant…

Warren Ingram, Galileo Capital

You’ve got many better things to worry about [than the recession]. One is the rand, and the other is the fuel price…

Warren Ingram, Galileo Capital

We’ve been in recession for quite some time… We’ve been there since 2015 [in terms of per capita income]…

Warren Ingram, Galileo Capital

Are we in the darkest time now, before the dawn?

Warren Ingram, Galileo Capital

A lot of what our market is made up of is international shares of companies that operate all around the world.

Warren Ingram, Galileo Capital

You’re making a huge mistake by sitting on the side-lines as an investor… Don’t waste a good crisis!

Warren Ingram, Galileo Capital

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This article first appeared on 702 : How to keep your wealth from waning during a recession


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