As people across the country raise their margarita glasses in celebration today, only 1 in 5 knows the real reason they’re celebrating.
Cinco de Mayo doesn’t celebrate Mexico’s independence. It commemorates the Mexican army’s victory over the French army in the Battle of Puebla in 1862.
Something even less well-known? Today is the anniversary of a massive US market crash that started the Panic of 1893. 15,000 businesses closed, 500 banks failed, and unemployment remained over 10% for five years. It was the worst US depression until the Great Depression.
History has placed a lot of emphasis on the depression of the 1930s. The media also put a lot of emphasis on the crash of 2008. Rightfully so, but this hyper-focus on two periods in history can make it easy to forget just how commonplace recessions are in the US economy.
There have been at least 47 recessions since the US became a country. That’s one every five years!
Developing a financial plan that accounts for the natural ebbs and flows of the economy is crucial to ensuring your money lasts you through retirement. If you’re concerned your assets aren’t properly structured, I encourage you to give us a call at 513-563-PLAN (7526) or book online here and set up an appointment.
Nikki Earley, CFP®