Proverbs 22:16 – He that oppresseth the poor to increase his riches, and he that giveth to the rich, shall surely come to want.
Recession Here To Stay: 2022 and Forward
We are in a recession and it’s here to stay in 2022 and forward. The latest gross domestic product (GDP) report showed another consecutive quarterly decline in economic activity. I think it’s best to worry less about the news of the day and focus on what you can control.
The stock market is in bear territory and inflation is still soaring, despite four interest rates hikes from the Federal Reserve. Corporations have been laying off increasingly, which is another indicator of a recession. Target lost 90 percent of its earnings recently.
The US has had about a dozen economic setback periods lasting anywhere from a few months to over a year. The best we can do right now is learn from history, take control over our personal finances and do not panic.
What can be done
Over the next couple of months, review your financial plan and come up with a plan. If you did lose your job later this year or in early 2023, what would be your plan? Do you have enough savings to cover bills? A key to navigating a recession is having cash on hand.
A better strategy that won’t feel as depriving may be to call billers (from utility companies to cable to car insurance) and ask for discounts and promotions. Customer retention departments main goal is to keep consumers from canceling services.
You can typically check your credit score for free through your existing bank or lender.
Consider a second income to help offset rising cost. Resist if you can on making impulsive investments, like potentially spending money you may not have.
Protecting your credit score during a recession is also important. Borrowers may have a tougher time accessing credit in recessions. To qualify for the best loan terms and rates, aim for a strong credit score in the 700s or higher.
Conclusion
You may want to rethink about buying a home. We offer a kit 100 percent free and show you how to become mortgage free in 90 days! Though the housing market is cooling, it still remains competitive and you don’t want to pay more than necessary.
Take care of your valuables so that you won’t have to replace them! You know that saying, if it ain’t broke, don’t fix it.
Everyone is aware of the supply chain issues? When grocery shopping, you may want to pick up a extra can or two! Buy in bulk, use coupons, shop on sale to help cut back cost. Try eating out less, I don’t know about you all but my local grocery stores have had fruits that were rotten.
We have been cooking more at home lately due to smaller portions and higher cost when eating out.
To top it off, gas prices have come down a tad and so we found it helpful to cut back on travel. If I have an appointment on a certain day, my spouse works around his schedule and we travel together to save on gas.
DISCLAIMER: I am not a financial adviser. This site is for educational purposes only. It is imperative that you do your own research. I am sharing my opinion from personal research and experience with no guarantee of gains or losses on investments, finance etc.
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