Jason Noble discussed the recent American bank failures as well as how consumers can handle increased costs due to inflation on ABC News 4 – Lowcountry Live.
If you heard about the failure of three banks last month you might be concerned about your own bank’s financial strength and whether or not your funds are in jeopardy. But Jason’s opinion is that he is not worried about most banks.
The banks that failed had a number of factors that increased their potential failure. They served a very niche list of customers and were not diversified. They experienced a rapid rate of growth in a very short timeframe. They didn’t have proper risk management in place. And there was a run on these banks before the FDIC (Federal Deposit Insurance Corporation) and federal government stepped in to save them.
In terms of protecting your own funds, Jason recommends that you move away from a returns-focus and shift to a risk management approach. It’s important that your portfolio be truly diversified and contain the proper amount of risk based on your actual risk profile. (NOTE: To find out what your own personal risk number is, take this quiz: https://pciacharleston.com/riskalyze/) It’s important to remain calm and not panic.
Jason went on to discuss inflation. When it comes to inflation, it’s important to look closely at your own personal finances in terms of money in and money out. There is approximately $1.2 trillion dollars in credit card debt in America today, and it’s important that you work to eliminate your high-interest rate debt while building up your liquidity and emergency savings. Jason recently added a service called Portfolio Payday™ to make it easier for people to implement a self-directed financial plan before they are ready to hire a full-service financial advisor. This may make it easier for some people to take control of their spending.
Clients of Jason Noble and the team at Prime Capital Investment Advisors in Charleston, South Carolina say they are different from other advisors because they offer advice and help to entire families through the generations. Each phase of life brings new financial challenges, whether you are just getting married, having your first child, getting ready to retire and every point in between. Each person and each family is unique and requires an individualized approach—there is never one financial strategy that can be utilized for everyone.