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The thought of going through a huge recession every decade is anxiety-inducing, to say the least, but if the last two recession have taught us anything it’s how incredibly important it is to build healthy finances so you aren’t devastated every time one of these ‘Great Recessions’ pops up. If you’re looking to get your finances in order before the next recession, you aren’t alone. These are the 3 steps you should take to financially prepare for the next recession so you don’t lose all of your money, and can even come out ahead.
Starting to invest in the stock market can seem terrifying since most of what is portrayed about investing is dramatic. There are stock market crashes, extreme swings in stock prices, and investors losing fortunes! Based on this coverage, it’s no wonder you feel so stressed about starting to invest, but if you want to get rich or just simply retire one day, you better start investing. The good news for you is that becoming a successful investor is actually quite simple. With these 3 tips, you’ll be able to open an investment account, develop a super simple and low-stress investment strategy, and feel confident that you can start investing today.
Chances are, you’re in debt. And you aren’t alone. 80% of Americans have debt and are in the same boat as you. Many of these people also fear that they will be in debt for the rest of their lives. But I’m going to let you in on a secret about debt.
It’s no secret, or surprise that one of the top reasons for divorce is finances. Like religion and politics, money is a taboo subject, but unlike religion and politics, many people don’t have in-depth discussions about money until after they’re married. Since each of you has separate bank accounts, separate credit cards, and no need to show each other your loan statements before the wedding, many people don’t find out about their partner’s massive student loan or credit card debt until after they say, “I do.” Coming to the realization that your financial future isn’t what you envisioned right after you make the biggest commitment of your life can put stress on your marriage from the very start. Here are my tips for how to build a healthy dialogue with your partner and get on the same page about your finances before the nuptials.
Have you ever gotten really excited about all of the money you were going to save by making a budget and finally taking control of your spending? Then at the end of the month, after adding everything up the disappointment sets in when you find out that you barely saved any money. I mean you tortured yourself and thought endlessly about every purchase you made! How could this be possible?! Instead of focusing a ton of your time and energy on budgeting and barely saving any money each month, I’m going to let you in on a money-saving trick I just discovered. It’s a lot easier, takes a lot less time, and will save you a lot more money.
The pandemic has exposed the incredible importance of having an emergency savings, but an unfortunate fact about your savings is that you’re losing money with it every year. Don’t go running off to check your account balance; it’s staying the same. The loss you’re experiencing is due to a decrease in purchasing power caused by inflation.
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