Money Worries - Hawaii News Now - KGMB and KHNL

Money Worries

By Paul Drewes

HONOLULU (KHNL) - We're suddenly living in rocky financial times.

The stock market rockets forward, then drops.

Gas prices up, savings rates down.

2008 has taken investors on a roller coaster ride.

Leaving many looking for expert advice.

The ups and downs on Wall Street have left many on Hawaii's streets with financial insecurity.

"People wondering what do I do, do I stay put? With interest rates dropping should I stay in my investments or should I get out." says George Kaluhiokalani, a Financial Director.

But this uncertainty extends beyond the stock market.

After the federal government slashes interest rates, Hawaii banks cut their lending rates. Good for borrowers but bad for savers scrambling to find a safe place to put their cash. One with a decent return.

"As far as I know they are all around 2 percent, and they just seem to keep going lower." says Steve Tearney, a Honolulu resident.

With all the financial turmoil, many say Hawaii's economy is near stalling.

"We see the economy slowing more than we thought and will be revising our forecast downward. I see continued slow growth not a complete bogging down like we saw in the 1990s." says Bank of Hawaii economist, Paul Brewbaker.

All this uncertainty has local residents calling their stock brokers, and not just to trade.

"In times like this we see more activity and more phone calls asking for advice." says Kaluhiokalani.

And the best advice for those fretting over the financial market, is to come up with a sound investment strategy and not simply react to the day's ups and downs.

"What gets people making the wrong decisions is when they are emotional they tend to make the wrong decisions." adds Kaluhiokalani.

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