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The Shrinking U.S. Economy And You

Posted by Joe Wallace on Jul 30th, 2020 · 0 Comment

If you are interested in investing, you might be wondering what the July 30, 2020 headlines about the U.S. economy shrinking a whopping 33% (more accurately, 32.9% according to the Associated Press) between April and June really means. I love how conspiracy theory that line above sounds; there is no conspiracy, just a combination of economic factors that have brewed up a nasty economic storm...
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Here are some simple guidelines that will help you build wealth:

1) Do the math. Get a budget and calculate your net worth

2) Get an emergency fund. Save at least 6 months worth of expenses

3) Limit costs. Spend no more than 30% of your income on housing

4) Max your retirement. Maximize contributions to your tax-deferred retirement accounts

5) Pay yourself first. Set aside money for yourself before you take care of your other bills

6) Set goals. Goal let you get ahead faster

7) Avoid high interest debt. Avoid credit cards, title loans and other usurious loans

8) Diversify. Diversity your assets.

The Shrinking U.S. Economy And You

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