On today's episode of Wealth!, Host Brad Smith breaks down some of the biggest stories impacting your personal finances, from the global market sell-off to an interest rate cut in September from the Federal Reserve.

The major indexes (^DJI, ^IXIC, ^GSPC) are slipping as recession fears trigger a widespread sell-off among investors. However, Fort Washington Investment Advisors co-chief investment officer Chris Shipley believes the current downturn shouldn't cause investor panic. He notes the market had "a certain vulnerability" due to expectations of economic growth and lower inflation. Yet, there turned out to be "a little more economic weakness than the market was banking on," indicating the economy is entering "a more substantial slowdown." He views the current situation as an ideal buying opportunity, pointing to companies like Nvidia (NVDA), which hasn't seen low share prices since March or April, noting: "When stocks are on sale, it's time to start taking a look."

Zacks Investment Management client portfolio manager Brian Mulberry argues that the market has been "a little bit overdue for a pullback like this." Amid the sell-off, he encourages investors to focus on companies with high-quality balance sheets, multiple revenue streams, low levels of debt, and good cash flow metrics. He points to consumer staples (XLP) as good investment opportunities.

Some investors are concerned about the pullback's effects on their long-term retirement investments. Vanguard senior wealth advisor Cassandra Rupp, CFP, says, "We can only control what we can control," and breaks down some of the biggest mistakes when managing 401(k) plans: "Everyone's time horizon can be different. I mean, if we're speaking to some of this reporting in 401(k)'s for retirement savings, depends on what stage of your career you're at. We're seeing an increase in participant deferral rates above 4% now. So we're seeing more and more individuals start to automatically save out of their paychecks into these types of plans."

Yahoo Finance Senior Columnist Kerry Hannon adds that if you're investing in a retirement account, you will experience periods where you're buying high and periods where you're buying low. In the end, it'll most likely even out.

In response to recent signs of economic weakness, Wall Street is convinced the Federal Reserve will almost certainly cut rates by 50 basis points at their September meeting. However, with investors believing the Fed may be delayed in rate reductions, speculation is growing about a potential cut even sooner. Yahoo Finance Senior Reporter Jennifer Schonberger breaks down the details, discussing how the Fed can implement rate cuts outside of their scheduled meetings and historical trends that prompted emergency rate cuts.

This post was written by Melanie Riehl