Fill up your gas tank, go grocery shopping or shop for a vehicle. Sticker shock will hit you if supplies even exist.
With the rapid changes to America in the last 14 months, the need to reevaluate our priorities and planning for the future is required. In part 2 of this special series, we examine specific plans on how to survive financially. Be sure to subscribe with an email address to receive all posts.
Check out part 1 if you missed the financial overview. https://therepublic1776.com/2021/05/13/survive-2021-and-beyond-part-1/
The best plan:
Diversify your income stream and assets.
-Maximize your job! With employers facing worker shortages now is the time to renegotiate wages / salary / benefits or work additional hours, get a second job.
-Create jobs! With interests rate at lows and wide ranging grants for entrepreneurs, business creation is primed for success and growth.
-Developing a diverse portfolio of investments is wise to maximize profits while reserving principal in the event of economic uncertainties.
|STOCKS – unpredictable yet opportunities exist for double and triple digit gains||SAVINGS- low yields , low risk|
|MUTUAL FUNDS – over time- good yields||CASH- smart to have some, weakened by high inflation|
|CRYPTOCURRENCIES- wildly unpredictable, yet highest gains (or losses). Believed to be an alternative hedge on inflation as the dollar is devalued.||GOLD / SILVER- excellent hedge on inflation. Will decline in value in a hot economy.|
|COLLECTIBLES- (coins, cards, cars, firearms) can be profitable but holding long term is often necessary||REAL ESTATE- very low inventory, very high demand = a seller’s market. Flipping still possible if savvy and capable. Renting has opportunity, especially vacation and recreation properties|
|DEPRECIATING ASSETS- (MACHINERY, VEHICLES) can be used but also sold to raise capital, usually at a loss|
In summary, avoid only 1 or 2 investment classes such as a 401k (mutual funds) and some savings. More income streams and asset classes are best to ride out the new economic storm and wave of profits simultaneously.
As you and your family chart your future, join us in part 3 as we explore POLITICAL SURVIVAL