Local financial experts weigh in on debt ceiling crisis - WGEM.com: Quincy News, Weather, Sports, and Radio

Local financial experts weigh in on debt ceiling crisis

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QUINCY, Ill. (WGEM) -

There was a lot of talk before a deal was reached on how the shutdown and debt wrangling's in Washington impacted the tri-states, and that's not entirely changed now that a deal has been made.

Local financial advisor Mark Schlipman, with Grimm-Schlipman Financial says even though a deal has been made, the damage may already be done.

Schlipman says he fears the United States may have already tarnished its reputation with other countries, because of the shutdown and nearly missing the debt deadline.

He says the number one risk to the U.S. economy is if foreign investors lose confidence in the value of the U.S. dollar.

In the meantime, Schlipman offers some advice on how to prepare yourself financially if this happens again.

"You should have some liquid cash on you. You should also have some cash in an FDIC insured banks, enough to get by for 6 months to a year. Unfortunately if you are strapped and financially you can't make your bills short term, then you really need to focus and plan now for the future," says Schlipman.

Since the debt limit is only extended for a few months, Schlipman says we could be back in the same situation again soon. Which makes it even more important to start saving money now.

The end of the shutdown also means several offices will soon be back up and running. Places like the Early Childhood and Family Center are breathing a sigh of relief, as they will be getting much needed funding once again.

The USDA office will be back open soon, and parks like Mark Twain Lake will also re-open.

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