Pain At The Pump And Elsewhere

Gas prices have a strong and multifaceted effect on the economy

. High gas prices can raise the price of travel by air, sea, and land. It can also raise the price of products which are transported by trucks or on planes. Less people travel so tourism can decline. All these things can weigh down on the nation's economy. This in turn can affect your fiscal planning. In these uneasy times financial advisors can help you prepare for the unexpected and unpredictable.

Tension in Iran over the closing of the Strait of Hormuz and the Iranian nuclear program has already led to an increase in gas prices. With talk of more sanctions against Iran or possible military action the price of gas may continue to increase. An attack on Iran by Israel or the U.S. is sure to lead to an increase in gas prices which will weigh down the economic recovery. Even if it does not affect you directly in can sour the economic climate for all Americans.

Drilling has been suggested to help wean American off foreign oil. This is not practical however because the United States uses 20% of the world's oil but has only 2% of the world's oil reserves. It may, however, be a good short term solution until more sustainable reserves of energy are built up. It is a complex issue that require careful debate and deliberation.

These are only some of the economic hiccups that can have a profound effect on your retirement or other savings. A wealth manager can help you set up long term plans that are immune to the precarious economic situation. Too many people saw their dreams of higher education, home ownership, and early retirement tank when the economy tanked.

People with an eye on retirement are not the only ones who will need to employ a wealth manager. People saving for college are equally at the mercy of the prevailing economic wind of the day. Wealth managers will help you set up a college fund. When you have a professional helping you, you don't need to worry about the economic situation coming between your family and higher education. Keep in mind that the cost of college is rising and shows no sign of stopping. This is happening simultaneously with a debate in Washington about cutting funding for higher education grants; so if you were counting on government financing I would re-think that plan.

You can discuss a number of savings options with wealth management consultants from starting a Roth IRA to 401(k)s.

by: Mark Etinger

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