Wall Street Worries, Minnesota Money Precautions

Updated: 10/16/2013 7:15 AM
Created: 10/15/2013 10:26 PM
By: Tim Sherno

If a deal to raise the federal debt limit cannot be reached by Thursday, the U.S. government risks defaulting on its financial obligations and some say that could trigger broad damage to international markets.

Nicole Middendorf is a Financial Annalist and CEO at ProsperWell Financial in Plymouth. She says she's taken calls from worried investors, "There are a lot of people who want to pull their money out and put it under their mattress." Middendorf quickly suggests that such drastic moves are ill-advised.

Annalist Middendorf divides investors into two groups, those who are decades from retirement, and those who plan on retiring in 4 years or less. "The young people, 20's, 30's, 40's, really you should just stick with the long term."

Middendorf says she recommends investors always be aware of their financial exposure, but in these uncertain financial times may suggest some be additionally focused, "Any time you're going to look at using money in four years or less I always tell people you want to have that money invested more conservatively."

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