A rollercoaster ride nobody wants!
I’m sure some of us have all thought the same thing financially over the past year: ‘I want off this rollercoaster ride!” It’s been a rough go, and financial forecasts say it’s not over yet. Talk of recession looms. However, Americans have access to more information than before, including previous recession history, and financial tips to ride it out.
So what are Americans doing to prepare for the threat of the dreaded R-word, besides shaking in their boots? Let’s examine that closely. A recession is a significant economic decline that lasts more than a few months, and 70% of Americans believe that’s where we’re headed.
Rising interest rates have affected the rental market and mortgages, record food and gas prices have decreased consumer spending, and Americans are taking note. The biggest worry people cited about a looming recession (in a recent survey) is the inability to pay their bills.
Many Americans are now working hard to keep their spending in line, cutting back on spending and sticking to a budget. Those that can are making extra efforts to add to their emergency savings, and some are picking up side gigs. Some Americans are tweaking investment portfolios or talking to financial planners.
Scarier still is that some Americans report doing nothing at all, which is probably the worst thing one could do. Are you one of these folks? We get it. This stress can make people feel like a deer caught in headlights – the ol’ fight, flight, or freeze response!
It’s better to take action. If you have no idea where to start and are feeling overwhelmed, let us help take some of the stress away. Start by calling my office at (843) 475-3038 or setting up a time with our online scheduler to discuss the first steps to securing your financial peace of mind.