Financial expert urges consumers to save, expects things to get worse

Financial expert urges consumers to save, expects things to get worse

MIAMI – The head of JP Morgan Chase, one of the largest banks in the world, recently cautioned about an ‘economic hurricane” headed our way.

One North Miami family tells CBS4 they’re already feeling the impending financial storm’s outer bands.

“It’s kind of what we’re going thru because hurricanes tear everything apart and everything is being torn apart, everything is chaos,” said Theresa Wilbanks.

“Getting some canned goods and getting water and putting to the side, preparing for like a hurricane,” said Shawn Gonzalez.

It’s already a rough ride for little Kayleigh WIlbanks and her parents Theresa and Shawn. The economy lurching like a swing, keeping Kayleigh’s parents on an emotional rollercoaster.

“I want to be able to provide for her but I can’t afford things she needs,” said Theresa.

“It’s really stressful, uh, after working my main job, I’ve got to work a second job,” adds Shawn.

Despite their best efforts, dad Shawn working two jobs and mom Theresa homeschooling daughter Kayleigh, they still can’t seem to make ends meet, just back from Walmart where they hit a wall of reality.

“We barely got anything and we paid $104, we really didn’t get food, it was toiletries and things we needed.”

“Doesn’t seem like we got our money’s worth.”

The Wilbanks-Gonzalez family spun around like palm trees in a hurricane, caught in a torrent of blistering inflation and historic lows in consumer sentiment, hoping to see the storm clouds lift on the other side. Just like FIU’s associate professor of finance Mark Del Pezzo.

“Were trying to keep it from being a deep recession, like to have mild recession, inflation come back under control, keep unemployment below 10% for sure.”

The Wilbanks-Gonzalez’s hoping they can soon move out of Theresa’s parent’s home, forced to move in 5 years ago, because of sky-rocketing rent.

But, right now, they’re just hoping to get thru this financial firestorm. 

“It’s gotten really tough. You think you have enough money and then you’ve got to put in gas and extra bills.”

“I don’t see where we’re going to get out of this, honestly. We’re in a hole and we can’t get out.”

Theresa said she wishes she could buy her daughter Kayleigh more nutritious food, but she simply can’t afford that right now. 

The finance professor cautions everyone to live more modestly in the coming year and save cash as he expects this financial storm to worsen before it gets better. 

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