What's Really Going On with the Economy with Clint Chedester

On this episode, we sit down with principal financial advisor and co-founder of Credentialed Wealth Advisors Clint Chedester to discuss the realities of today's economy and its impact on independent eye care professionals. Clint's Disclosure:“We represent Credentialed Wealth Advisors, an SEC registered investment adviser.  The opinions expressed are solely our opinions and are not necessarily those of the podcast host or any advertisers or of Credentialed Wealth Advisors, LLC.  Our appearance does not constitute an offer to buy or sell securities and no investment process is free of risk.  No investment process we may discuss can be guaranteed to be profitable.  The investment opportunities discussed may not be suitable for all investors.  All data and references we cite are believed to be reliable.  Any opinions, news, research, analysis or prices discussed are general commentary and do not constitute investment advice.  Our comments cannot be construed as tax or legal advice.  Listeners are urged to contact their tax or legal advisor for any related questions.”Key Takeaways:One key economic metric to understand the health of the US consumer is the S&P Experian Consumer Credit Default Composite Index - the percentage of consumers behind or in default of consumer credit. Today it is 0.63% compared to over 5% at the height of the Great Recession in 2009.Interest rates continue to rise to increase the cost of borrowing money, ultimately leading to lowered inflation. As small business owners, high interest rates indicate a much deeper need to be especially strategic about how new purchases will be used to drive growth in revenue. If cash flow is high, retaining cash in the business is valuable.The US economy has been in decline for much of 2022 and a number of leading economic indicators show this. A few of these: the number of manufacturing hours worked, ISM Index of new orders, and consumer expectations. All are down and interestingly, the consumer expectation index as lower last year than at the worst part of the Great Recession. Consumer expectation is improving.The US Labor Force Participation Rate indicator shows that we still have not replaced the jobs lost during the pandemic. Consumer demand is higher than it was prior to the pandemic with less workers in the labor force.What Clint is reading:The 7 Habits of Highly Effective People by Stephen CoveyWant to recession proof your practice? Join PECAA at www.pecaamax.com!