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  • Posted August 17, 2022

What to Do if You’re Worried About the Economy According To Our Certified Financial Planner

There are many things that could lead to financial difficulty. Many people find themselves worrying about current economic issues like inflation and the impact that could have on their finances. If you’re worried about the economy, do what you can with what you can control. Here are some tips from our certified financial planner.

Strengthen Your Resume

If you’re worried about being able to make enough money in the case of financial difficulty, it could be a good idea to keep your resume up to date just in case. Your resume is the first thing any potential employer sees when trying to decide if they should hire you. If you find yourself needing new employment for whatever reason, your resume can be a deciding factor on how far you progress in the hiring process. Ensure that your resume is formatted correctly, and easy to navigate. Don’t put every bit of experience you have on your resume. Only include the most recent and most pertinent information that relates to the fields you’re applying for. One helpful tip is to include keywords from the job posting within your resume to help hiring software pick up your resume as a viable candidate.

Protect Your Money from Inflation

Inflation has become an increasingly worrying notion for individuals around the world. In recent years, and even within the past few months, prices have skyrocketed and people are struggling more than ever to pay for basic necessities. If you’re worried about your finances suffering from inflation, there are a few ways you can protect your money from becoming less valuable through inflation. First, convert your money into hard assets. Hard assets like gold have traditionally gained as the dollar falls. Keeping track of your money in this form can help it increase instead of decrease in value. Another option is to invest your money in stocks or short-term bonds. All of these options are ways for you to convert your money into valuable economic tools that are more resistant to inflation.

Pay Off High-Interest Debt

The last thing you want in the case of an economic downturn is to have a large debt load with increasing interest and monthly payments. If you’re comfortable financially now, consider making an effort to pay off any high-interest debt you’ve accumulated. If you feel like you’re not making a dent in your debt, consider refinancing or consolidating your debt to find a better repayment option for you. Consider reviewing your current situation with our certified financial planners.

Money is perhaps the most common worry for individuals all over the world. As the economy has regained some hesitant normalcy since the 2008 recession, many people remain worried about future economic issues. If the economy is making you worried, focus on what you can control, and try implementing these tips.

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Contact Tenpath Financial Group for certified financial planning services.