(WTNH) – The Russian-Ukrainian conflict has raised a lot of fears for security and the global economy. We’re stretching your dollar with what financial advisers say can impact us here at home.
It’s been a year of financial uncertainty, from inflation to supply chain issues around the holidays, now the conflict in Ukraine is causing more global financial turmoil.
“The challenge with Russia is that it is the second largest natural gas supplier and the third largest oil producer,” said Derek Mazzarella.
Financial planner Derek Mazzarella told News 8 that Russia is a major supplier to Europe, but only supplies a small amount of oil used in the United States and he does not expect an impact. major on us at home.
“The good thing is that we are somewhat isolated here in the United States from the rest of the world in terms of how we deal with Russia. We probably won’t have too much inflation at because of Russia, we may have some, but it looks at what sanctions are imposed and to what extent Putin is going to retaliate with these sanctions,” Mazzarella said.
It is also important to remember that the stock market and the economy are very different. The stock market reacts to world events while the economy generally remains stable.
“For the majority, [the economy] is strong enough. One of the real risks we have is that we have supply chain risk, and we have inflation risk, but when you look at the jobs, the numbers, they’re pretty good. When we look at the profitability of companies, they are quite good. Most S&P companies are actually outperforming their benchmarks, so that’s a good sign to see,” Mazzarella said.
As for your wallet, he said, now is not the time to worry. If the war continues months from now, it might be time to take a look at your finances. This is a conversation you will need to have with your finance professional.