Today’s world of uncertainty inspires people from all walks of life to think twice and thrice about saving money for retirement. As we live today in a world of virtually endless financial challenges, there’s tons of hidden lessons to be learned concerning making wise financial choices. Paying closer attention to important issues such as employment, inflation, and markets (domestic and foreign) contributes to strengthening one’s knowledge and plays a role in helping people save money long-term.
How is the economy evaluated by most Americans?
The economy is what it is. Stable one moment. Uncertain the next. The American economy is seen by a majority of Americans as a never ending cycle of keeping the world moving forward for good or worse. There’s always something that triggers a downfall in the economy. It can be anything ranging from unemployment, rising gas prices, keeping the minimum wage at $8.25 hourly, and refusal of raising the minimum wage when inflation occurs. The American economy has the ability to produce a promising image for growth. It’s pretty much up to the higher-ups how they want to keep it financially stimulated. This is the time when tax cuts are potentially in place for the working class-poor, gas prices are at an all time low, Congress revising minimum wage increases to encourage people to apply for more jobs, increase in jobs throughout America in all niches of employment, and affordable new and used car prices made available for low income and middle-class Americans.
The economy never stays the same. With that said, it could be for better or worse. While people hope for extensive periods of positive economic output, we have no choice but to grit and bear downturns in the economy until things look up again. You have to keep working regardless even if you’re retired. As the economy has it’s fair share of ups and downs and long periods of uncertainty sometimes experienced by employed, retired, and unemployed Americans, supplementing retirement income with a part-time job or a legitimate side hustle is a choice most retirees made to keep themselves above water financially.
How do you buy a car?
Most people purchase vehicles based on what’s in front of them. They see a shiny vehicle with little to no dents or scratches on a used vehicle and try to negotiate a lower used car price after noticing the advertised price on the windshield. Most used-car buyers don’t bother to research the amount of miles on the car and how much they have to invest in order to keep the car running after purchasing. Realizing the type of vehicle some are interested in purchasing, it’s a wise choice to surf the Internet for more information on dealer and private owner prices. Definitely research the VIN number online to get a comprehensive vehicle report, so you know if the car has been in any accidents or has liens on it. You may want to also consider researching the amount of miles on each vehicle and compare them to the Kelly blue book value.
After narrowing down to the type color vehicle you're interested in and closely looking at prices and mileage, contact the dealer or private owner to arrange a meeting. If the meeting is positive and you’re interested in purchasing the vehicle on the spot in cash, let them know you have options of purchasing the same vehicle from different people “if they’re not budging on lowering asking price.” Make them feel as if your time is precious. Cut the conversation short to show them how serious you are about walking away from the deal. In most cases, they will either fold to a lower negotiated price after hearing “I have cash on hand.” The thought of cash on deck will burn through their mind and will likely bend to your terms, simply because they want to minimize the time spent on doing the car sale deal and want to finalize everything walking away with your cash in their hand. Additionally, before heading off to any car buying negotiation, it’s a wise choice to bring in an auto mechanic with you. Especially if you’re a female. It’s never a good idea for a woman to buy a car alone because she most likely doesn’t know certain things to specifically look for. It’s also a good idea to bring along an experienced auto mechanic, and have him run a computer diagnostic check to see what exactly is wrong with the car before purchasing. This way, you have a rough idea how much money you should spend and know firsthand if it’s within your budget. Just because the American economy might be up one minute doesn’t necessarily mean you’re going to get a good car with good internal parts and running in the next five to ten years at what you’re willing to pay now for the vehicle. Be mindful to check internal and external components before finalizing the purchase.
Helpful tip: Did you know it’s always a good idea for new car buyers to know they can purchase vehicles 1% above dealer invoice? It’s true. Do your research online first before deciding to purchase a new car, truck, or SUV. Always, always, always, ask questions so you see up close and personal Robin Leach style how the car salesman answers certain questions. Never tell him or her you did research on anything. Just ask questions to see their reaction. This way, you avoid being bamboozled by a fast talking car salesman and getting allegedly conned-fast talked by jibba jabba sales people in paying more.
How do you look for a job?
Word-of-mouth is the most powerful form of advertising. The World Wide Web provides instant opportunity for anyone to surf the web seeking any type of employment. The Department of Labor always has job opportunities posted either on a board or a table with tons of flyers ranging from trucking jobs to child care services to prison guards and so on.
If you hold a college degree, do your research online to get a glimpse of what your potential salary grade will be like in a booming and suppressed American economy. Doing so will help you stay one step ahead as a job candidate and in the loop of knowing what you’re worth to a prospective employer. When you research your potential salary grade to see what you should be earning in your field of work and your potential employer comes as you with less than pleasing salary numbers, it’ll help you develop a “thick skin” on how to counteract their salary offer. This is also the moment when it calls for watching a few good salary negotiation tips on YouTube and research in depth in your preferred search engine for more information on salary negotiation tips for college grads.
How do you take a vacation?
Getting up and going unplanned is a good way to enjoy a quick vacation. Everyone needs a vacation to free their mind. Do you search sites like Expedia, Travelocity, and others to get a deal in an up or down economy? Did you know waiting for a while and putting off a vacation until a later time will possibly cost you less money? Who wants to spend excessive money to purchase a vacation when they can wait a week or month later and potentially save a few hundred or up to $1,000 dollars? Sure, it’s a good thing to be spontaneous and get up and go in the moment. But with an economy that down ups and downs like Ocean waves unexpectedly, you may want to hold onto your few little vacation coins for the moment until a later date. Especially now with Trump in office.
Life experience is exactly what it is. It can make you better or better. It can leave you broke or make you rich. You’ll learn something about life either way. One thing you should’ve learned through life experience by now is friends don’t last forever. When your financial situation changes, most of them change right along with it and silently walk away from you. They’ll ignore you in church, on Facebook, to your face, and only speak when they see you back “up.” They see you in a new car or graduating from college. Or they’ve noticed your financial situation is better. They’ll most likely try to speak or “speak through other people,” because they’ll allegedly think it benefits them by doing so. These types of friends should never get second chances. Ignore tham across the board, stay humble, and move forward with your life. You’ll notice when the American economy improves and your life status improves with the times, people from your past will come out of the woodworks from time to time trying to reconnect with you. Move on and smile while ignoring “the past.”
Related: Getting organized without fake friends in your life
Life experience should also teach you don’t be so quick to spend money because it’s in your hands in the moment. Save when you can and think about your future (retirement). Saving puts you in a grand position in the future to purchase a new home or consolidate debts. Saving also helps you stay above water in a wishy-washy American economy. And you may want to save as much as you can in these days, now that the Donald is sitting in the oval office. Expect any and everything to come at you financially years to come under the Trump administration.
Today’s economy provides no financial guarantee of stability. One must always have a backup plan to stay financially afloat and not resort to a single income. Why? The economy changes overnight just as computer technology does. It’s an unwritten rule to maintain sharp thinking and go the extra mile. Doing research before forking out money in making a purchase makes you an educated consumer. The best life experience is getting fired from a job without reason, getting ripped off during a transaction, and having a complete understanding of what you’re getting yourself into after experiencing past experiences. Bad experiences are designed to subliminally inspire people to make better choices in an uncertain economy. With Donald Trump as the president of the United States now, you better think twice and thrice about saving chunks of money, because you can always look forward to “expecting the unexpected.”