Batten down the hatches
The writing is on the wall, and the whispers warning of a possible looming recession are getting louder and harder to ignore. 1 in 3 Americans are still trying to recover from the Great Recession of 2008 and they’re currently staring down the barrel of another possible financial meltdown. A Dodd-Frank loophole has been exploited for years and the collective bubbles of consumer, student, credit-card, and corporate debt are getting closer to exploding. In a country where 10% of the population gobbles up 84% of the wealth from the stock market, crowdfunding is another path. Title III of the JOBS Act means crowdfunding investors can receive equity while putting their money directly into deserving underserved communities and entrepreneurs.
Planning helps financial empowerment
No one is expected to have a crystal ball looking into the future, but keeping an eye on the horizon helps to avoid unexpected surprises.
Just in case, here are 3 educational tips we find useful for financial empowerment – which may also prove useful in preparing for a recession:
1. Get ahead of your debt
Paying down high-interest credit card loans and other debt is a smart money move. Keeping lower debt has a bonus effect of helping maintain a higher credit score, which is useful to borrow money in the future.
2. Increase emergency savings
It can be tempting to overspend, with the holidays coming right around the corner. Stay diligent, saving for the future is always a smart move. You’ll have extra money set aside for a rainy day!
3. Update your resume / network
The old adage says that the best time to get a job is when you have a job. A sudden job loss can be more common during a recession – and feel overwhelming. Having an updated resume prepared can help people feel in control and get them job hunting faster.
Practical steps to reach financial literacy
The importance of financial literacy in your daily life