Economic downturn- Have you set your financial goals today? What are you waiting for? There are several factors you should consider to be alarming: 1) economy still looks volatile, 2) the Feds are continuing the tapering by reducing Bond buyback to $40 billion per month, 3) emerging markets still on slow footing- major uncertainties about Chinese economy.
There are talks from new Fed chairwoman Janet Yellen wanting to kick start inflation… Yellen gave her first indication of her views on the issue. “Most measures of wage increase are running at very low levels,” she said. Yellen went on to provide insight into her thinking on how high is too high for wages. “In fact, with the productivity growth we have and 2 percent inflation, one would probably expect to see, on an ongoing basis, something between—perhaps 3 and 4 percent wage inflation would be normal.”
Click here for the full report from CNBC‘s senior economics reporter, Steve Liesman (follow him @steveliesman)
Here are ways to shield yourself from the economic downturn and minimize the monetary affects on your future strategy.:
1- Review and analyze your budget,
2- Cut and control your spending
3- Increase contribution to your savings account.
Take control of your financial well being: 5 Essential Steps to being Financially Stronger.
Take action! Especially during an economic downturn.
Make it a great day!