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Safer than a safe

Safer than a safe

Nowadays people trust banks enough to keep their money there regularly. The use of cash has gone down tremendously since the advent of the credit cards, Samsung and Apple Pay, and money sharing apps like Venmo, CashApp, etc. the current U.S. economic expansion, which started in 2009, is on it’s way to being the longest since the end of the second World War. That being said, what goes up must come down. According to an article by Bankrate, there will be a down turn by the end of the year. The conclusions were drawn using a survey as we are at the end of the first quarter.  The survey consisted of chief economists who were asked whether the risks to the outlook seemed balanced, on the upside or the downside. 76% said they tilted to the downside. The article also reported that, “Employers in February added the fewest amount of new positions to their payrolls since September 2017, signaling that hiring might have peaked, the Labor Department reported last week. Meanwhile, U.S. retail sales in December plunged by the most in nearly a decade and were revised down even more on Monday, questioning the confidence of the American consumer. Global concerns such as Brexit, trade frictions, and slowing growth in Europe and China are also threatening to pull the brakes” (full article below).  So what does that mean for everyday people? There are spontaneous ways in which the economy can change as well as the two factors listed above (Brexit and trade with China).

There are a number of ways you can make your financial situation safer without using a safe. In the wake of an impending recession you’ll want to be the best you can be at your job. Diversify your income as well. That means you’ll want to add a side job if at all possible so you’re not overly dependent on one source of money. Focus on your health and remaining healthy. Medical related costs are the source of a lot of debt for Americans. Speaking of debt, you’ll want to pay off as much debt as possible. Most people in this country are living pay-check to paycheck and that leaves little room for an emergency let alone retirement. Hold onto your money! Millions of dollars are spent on marketing and how to get you to let go of your hard-earned money. Learn more about what it means to budget. You can make it a hobby and watch your savings grow! It’s better to be safe than sorry and now that you’ve read this post, there’s no reason to be caught off guard!

  1. https://www.linkedin.com/pulse/bullet-proof-your-finances-against-downturn-mark-hamrick/?trk=eml-email_feed_ecosystem_digest_01-recommended_articles-11-Unknown&midToken=AQG5lzDS-c9dFg&fromEmail=fromEmail&ut=2ARZ8emnzz0oI1
  2. https://www.bankrate.com/personal-finance/smart-money/economists-survey-what-they-said-march-2019/

Nice Carl

 

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