Financial Tip of the Day:
When the economy is doing “good” that's when we feel least like saving. When the money is flowing in, we start to feel like it's never going to end. Maybe we’re raking in the overtime, or our businesses are doing extremely well. And that’s when it feels like the money spigot will continue forever. But, the truth is, when your money is “good” is the time when you MOST need to save.
Have you ever looked at celebrities or athletes who were making millions at one point in their lives, and then a few years later you read or hear about them and they’re broke? This is because they didn’t save for the rainy days.
No matter who we are, our income IS going to drop at some point in our lives. We may have to take a pay cut, lose our jobs, retire, or our businesses may not make as much profit.
THIS is when savings come to the rescue as a buffer. Savings can help you maintain a (relatively uninterrupted) pleasurable and secure quality of life at these times.
If you don't have any savings in place, NOW is the time to make it happen. Get your savings plan together and start saving REGULARLY.
History has shown that recessions occur naturally and consistently in our economy. Remember the last one? And as Black women, WE tend to get hit quickest and hardest when these happen.
Get ready for the next one.