The effects of this hurricane season are being felt miles away from the disastrous storms. Financial advisor Brad Allen talked with WTMJ about the financial impact and ways we can help the victims hit hardest:
1. Gas Prices – The average price of gas shot up in the past two weeks – up 30 cents to a nationwide average of $2.69. The Lundberg survey says this is the biggest price hike since 2011. There should be relief on the way, but don’t expect immediate relief at the pump. Gas prices traditionally shoot up quickly and drop back slowly.
2. Food Prices – One of the big questions yet to be answered is how Irma will impact Florida’s farmland. Florida is the leading producer of citrus, and also sugarcane, tomatoes, watermelon and cucumbers. Damaging winds or standing water could hurt Florida’s crops, increasing the price we all pay at the store.
3. Interest Rates – We won’t know the full economic impact of Harvey and Irma for a while, but they will likely put a temporary dent in the US job market, retail sales and manufacturing.
4. Stocks – This is a good time to take inventory of your portfolio. Your investments should be diversified and have appropriate risk for your age and how close you are to retirement. A financial professional can help make sure you are on track.
There are many legitimate charities that have set up special ways to donate specifically to the victims of the recent hurricanes. Both the Red Cross and the United Way have set up ways to donate by text. The Salvation Army also has a relief fund.
You can research charities through: