Like the prime rate,interest rates and APY, taxes go up and down depending on economic and political conditions. Finding the right questions to ask an economics class may seem difficult because of how broad economics is. Economic growth: Economic growth was around 3% in 2018. Let's conquer your financial goals togetherfaster. Tags help the right people find and answer your question. However, unlike President Trump, Biden and Harris have thus far declined to take questions from the media in an open joint press conference where no questions or topics are off-limits. AI, automation, and inexpensive labor are all interesting items to bring up. I am going to ask those questions. We ask questions that assume a certain answer. On a more macro level, consumers are concerned about rising taxes in the future, says Texas-based financial plannerBrandon Renfro. Economists now expect another rate cut in March, as markets continue to sink lower. Most financial advisors have access to projections from their company's chief economists and portfolio managers who live and breathe the markets every day and watch where they are going. The economy -- which was forecast to slow down in 2020 even before the novel coronavirus pandemic -- could slow even further depending on the impact of COVID-19 response on consumer spending. The wild swings we've seen in the last few weeks have left investors wondering where they should put their money. Now is the time to start asking questions of leadership. 7 Questions and Answers About the Economy. Renfro's advice:Taxes fluctuate over time, but you can prepare now if you're worried. The Federal Reserve made an emergency rate cut on March 2 after one significant coronavirus-fueled market sell-off, reducing the rate 50 basis points to 1.25%. Rather than talk about a book or some topic, the official theme is: questions you would love to ask an economist but you were afraid to ask. This questions tests a candidate's critical thinking skills. So No right or wrong answers here, but certainly an opportunity to demonstrate some foresight. it's likely economic growth will only average 1.6 to 1.8 percent, even in relatively good times. What clients are asking:What do I do to pay off credit card debt and student loans at the same time? Yet, if you can bring it down, you'll have more resources to allocate toward paying off loans and credit cards, plus have fun. February marked the 128thstraight month of economic expansion, dating back to June 2009. They may fluctuate (up or down) as the Fed rate changes. In these times, it all starts with asking the right questions. Patience is important. So, here are a few tips regardless of what questions you choose. While there's never any true certainty when it comes to managing money, it does help to have a plan. Im invested in the stock market, but I dont presume to have the expertise to know which stocks are hot right now. Michigan Economic Development Corporation BrandVoice 5 Questions You Should Ask Now As You Prepare Your Post-Crisis Marketing Plan. A higher degree of risk tolerance means you are willing to withstand big market swings to capture the long-term returns that growth investments provide. The answers to these questions handle the matters of how to deal with scarcity and how to efficiently allocate resources. Avoid impulse decisions. They should list anything from the fields of politics, energy or technology and demonstrate the causal link between global trends and economic impact. This isnt just about keeping business travelers safe or deciding whether to attend an international business conference or convention. 3 Reasons to Invest in ETFs, and 1 Reason Not To, Copyright, Trademark and Patent Information. Access answers to thousands of economics questions explained in a way that's very easy for you to understand. Editor's Note: APYs listed in this article are up-to-date as of the time of publication. That, in turn, could lead to changes in interest rates, which may impact your investments. "I think that's a valid concern," Renfro says. No matter what you answer here, do some research ahead of time and be sure you can back up your answer. "I answer that by starting with their specific financial goals and objectives.". What's left is your starting point. That's why working with a financial planneris a smart move, even for those just starting out. Economics. "A huge discussion point is health care, Eweka explains. Michigan Economic Development Corporation with Forbes Insights 3 Questions To Ask Your Financial Advisor Right Now. Market data powered by FactSet and Web Financial Group. To start saving, look for an account that charges no monthly fees and has no minimum balance requirements.Synchrony Bank High Yield Savingsaccount fits this description and helps you earn more interest with a fairly strong0.65% APY. Reyes' advice:Calculate your debt-to-income ratio, then make a payoff plan. "We can't always predict when it will happen, which is why we make portfolios that withstand it.". Across the country, here are just some of the questions CFPs are hearing right now and, most importantly their advice. Questions to Ask in an Interview for the Interviewee (Thats You!) But, the advice is so general that the questions are often not applicable to entry level college positions. While it has a technical-sounding name, it's simply a way to look at how much you make versus how much you spend. Even if your job is currently in good standing, look into what you would need if you were to retire right now. The best bet is to talk to your financial advisor and be sure to ask them three key questions during that discussion. This run smashed the previous record for economic growth that occurred between 1991 and 2001.During this time frame, the S&P 500 has grown about 13.5% per year, which is higher than long-term averages.. That means debt with high interest rates. Economists also see a recession as more likely this year, raising the chances for one from 23% last month to 30% in March,according to a Reuters poll. Get help with your economics homework! It's all very concerning, but it's important to remember that time is on your side. 5 Questions Every Business Leader Must Ask in the Face of the Coronavirus Pandemic Now I consider myself a fairly calm and rational person and still I felt it. Returns as of 12/10/2020. The request may come with a severance package or other incentives like covering a portion of your health insurance costs. 21 Questions to ask when moderating your next panel discussion. Then write down all of your expenses. Just as markets change, so does your risk tolerance,or thevariance in returns that you are willing to tolerate. See you at the top! ), "Always check out asset allocation to make sure it's appropriate. Economist Interview Questions: 1. If you're concerned about job security, "really crunch the numbers," advises Shelly-Ann Eweka, director of central advice at TIAA. In a command economy, the matter of what goods to produce is handled by a central economic authority. If you earn $4,000 per month before taxes and the payments on your debt cost $500 per month, then your debt-to-income ratio is $500 / $4,000 x 100 = 12.5%. Spend 50% on your needs (housing, food, utilities), 30% on your wants (travel, entertainment and fun), and put 20% toward saving and/or chipping way at debt. How much of your portfolio do you have invested in stocks? During this time frame, the S&P 500 has grown about 13.5% per year, which is higher than long-term averages. CNBC will update as changes are made public. CNBC Select may receive an affiliate commission when you click on the links for products from our partners. Ask your advisor about your best options.. Your risk tolerance should be based on a number of factors your advisor can explore with you, but if you are closer to retirement, or need money for major expenses, like college, you may want a more conservative risk tolerance than perhaps younger investors might. If you have a lower risk tolerance and expect a slow down in equity markets, you may want to increase the percentage of holdings in more stable investments. "As much as those are getting hit right now, these are the companies that allow people to work from home," he adds. What is your current asset allocation? Yet, as consumers across America grow more anxious due to the recession and ongoing coronavirus pandemic, keeping steady is arguably more important now than it was just nine months ago. In times of great uncertainty, financial planners can help you stay focused on goals, recommending as-needed adjustments along the way. What is the airline's cancellation and refund policy? 250+ Economic Development Interview Questions and Answers, Question1: Does the city have any property for sale (including tax-acquired property)? Check for restrictions on placing orders during news or economic events; for many traders, this is a key time to trade. Meanwhile, millions fear getting laid off without any kind of incentive or support. I've given this question a lot of thought and there are many websites that provide advice. After adding these costs into your calculation, you may be surprised to see how much of your income can easily be eaten up every month. The best advice right now on what to do Question3: I am interesting in starting a new business in Auburn, or I am thinking about re-locating my business to Auburn. A financial planner weighs in. Once your toxic debt is under control, prioritize your expenses according to the popular 50/30/20 rule, advises Reyes. Similar to a cash flow analysis, Albert CFP Mark Reyes encourages the app's users to calculate their debt-to-income ratio. While creating questions specifically for your panel is the very best way to make your discussion unique and engaging, sometimes it can be If you expect to be in a higher tax bracket when you retire than you are today, a Roth account is "the best planning strategy we have," says Renfro. Double-check your asset allocation, or how much you own in stocks versus bonds. CNBC Select reached out to financial planners to learn what questions their clients are asking right now, between a pandemic, an election and the possibility of a second stimulus check. Start by making a list of all of your income every month. "Anything above 30% is kind of alarming," he tells CNBC Select.. But people who have a traditional retirement account (either an IRA or 401(k)), may want to consider spreading out their retirement funds to prepare for the possibility of higher taxes in the future. This includes salary, wages, tips, side hustle money, investment earnings/distributions, and/or government benefits. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. The lower your debt-to-income ratio, says Reyes, the healthier your financial situation will be. 10 Personal Finance Questions You Should Ask Yourself Trent Hamm Founder of The Simple Dollar Last Updated: April 9, 2020 My experience with money going from mountains of debt to debt freedom over the last decade has taught me one sure financial principle that simply repeats itself over and over in my life. List of economics interview questions What are the correlations among these four asset classes: gold, oil, U.S. 10-year treasuries, and the S&P? Tammy Flanagan I'll write on each of these questions over the next couple of weeks. QUESTIONS FOR JOE BIDEN: 1. While there are an unlimited number of economics questions you could be asked, these questions will give you a sense of the types of questions you could get. What we do know, argues Renfro, is that capital gain tax rates are currently at a historic low. A higher degree of risk tolerance means you are willing to withstand big market swings to capture the lo Renfro recommends opening a Roth IRA or Roth 401(k) in addition to a traditional retirement fund. The first step is to see just how much room your debt takes up in yourbudget. These discussions, along with an assessment of your risk tolerance, will help inform your asset allocation decisions. Could the 50/30/20 Rule Be the Trick You Need for Retirement Savings? And when things are good, financial planners help you make sure you're taking full advantage of soaring markets, ample job opportunities and (hopefully) growing savings. "When people come to me, the question they are really trying to ask is: 'How do I start making a financial plan?'" Keep in mind you won't have to pay direct taxes on the stimulus check, but government spending does come from taxes. Question2: What is a Foreign Trade Zone, and what does this mean for Auburn? 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