Urgent advice from a financial adviser for the average person as Ireland may face recession

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Irish financial expert Eddie Hobbs recently suggested that Ireland could face a recession as early as this fall.

In an interview with the Irish Mirror, Hobbs said: “We will probably be in recession early in the autumn, but certainly in the winter.

“All the signs are there. Right now we’re in a vortex, heading into recession.

“We’re seeing a shrinking economy, job losses, business closings. It’s a fucking firestorm.”

The impending threat of a recession has left many people worried and wondering what exactly this means for them.

Read more:Ben Dunne goes further than Eddie Hobbs and predicts ‘economic depression’ with Ireland ‘headed for disaster’

We spoke to Andriu Mac Lochlainn, director of Murray and Spelman Financial Services, to find out what advice he would give families.

First of all, Andriu thinks the word recession arouses fear and it is important to understand what it really means.

“The word recession is two negative quarters in a row,” he says.

“And when it comes to GDP, you know, the advice you give someone when there’s a so-called recession versus a so-called boom, it’s actually going to be very similar, if not the same. “

He says people tend to worry about making dramatic changes, but that’s not necessarily necessary.

“People worry about what I should do, do something different but effective. If they get good advice and have a good financial plan, things won’t change drastically.

“If they have a clear financial plan in terms of what they want to do, their goals, obviously they’re going to be very important, budgeting is going to be very important.

“So are you spending too much money on discretionary things? And that’s going to vary from person to person.”



Euro banknotes in a wallet

Andriu also advises trying to pay off any debt you may have to try and build a safety net.

“It’s always good advice to pay down or pay off debt, especially higher interest rates if you’re able.

“And it’s extremely important to have a safety net, people can refer to it as rainy day funds, for six months, your take home pay, or if it’s two people, their salaries. combined, so that they have a clear objective.”

Still, it’s important to understand that this may be easier said than done for some people.

He says, “It might be very easy for some people, but for others it might be very difficult,” he says, “but whatever people can do will always be beneficial and have that safety net or that small buffer can reassure people when they come into financial trouble.

It indicates that with a recession comes new opportunities for people, such as investment or career goals and skills.

He says new remote jobs are now more available to people as a way to try to increase their savings, although he says it’s not ideal for everyone.

Andriu adds that while it sounds scary, recessions have a window and will eventually pass.

He adds: “It’s kind of about holding on for the rest and hopefully getting out the other side without too much trouble.”

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