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If you’re struggling with credit card debt, much worse is coming… — It’s no news that debt has been a big problem for many Americans for a long time now. The latest data from the New York Fed shows the problem is growing. Auto debt increased in the past year by 6.3 percent, to $1.47 trillion Credit-card debt soared by 9.2 percent…

Job-loss is increasingly possible — how to effectively prepare yourself now — As I wrote about elsewhere, my last job ended (many years ago) when my employer laid me off. That was the first job I’d ever lost, as opposed to leaving when it was time. There wasn’t a recession. Unemployment wasn’t especially high. They simply weren’t successful at marketing my skills. …

What Hurts Your Money Now? Inflation, Recession & Bears Oh My — Unless you’re fabulously wealthy (and possibly even then), the current economic situation must be worrying you. I know it does me, to a degree. Our money’s purchasing power is dropping at rates not seen in decades, a.k.a. inflation. Our Gross Domestic Product (GDP) shrank in the first quarter of the…

If you borrowed using a home equity line of credit, you’re in a world of hurt which will keep getting worse, here’s how you can escape — Many years ago, we bought our first home. It had an unfinished half-basement, which we wanted to finish. Not having the funds to cover that, we opened a Home Equity Line of Credit, or HELOC, and used that to pay for the upgrade. We planned to gradually pay off the…

Sometimes, scary circumstances may end up helping us far more than we expect… — As of this writing: The S&P 500 index is 22.9 percent off its January 3 peak (having slightly increased last session from -23.1 percent), officially in bear market territory. The NASDAQ Composite Index is worse, off its peak by 32.9 percent. Even the Dow Jones Industrial Average is 18.8 percent…

Especially during bear markets and recessions… — You know it as well as I do. Way too often we find that we’re our own worst enemy. And things only get worse when we need to make a quick decision when we’re stressed or hungry (literally or figuratively). That’s why crafting plans is so crucial. It lets us…

What to do when the choice isn’t clear… — You’ve decided. You’re ready to set aside money for retirement. Kudos! That will soon put you ahead of nearly 41 million of your fellow Americans! According to the Federal Reserve, only 36 percent of non-retired Americans felt they were on track for retirement (even of those in their 60s, a…

The most important thing in investing is to follow a plausible strategy and not panic when the market does what the market does — Yes, it’s a bear. As of the 6/13/2022 close, the S&P 500 lost over 20 percent of its value since its 1/3/2022 peak (-21.6 percent at the recent low, recovering slightly to -20.5 percent as of this writing). If you’re thinking you’d best pull your money out of the stock…

Plus 11 things you can do to fight inflation’s effects on your finances — In a recent article, I placed our current high inflation rates in the context of true hyper-inflation that historically occurred elsewhere, also comparing it to prior inflation peaks in US history. How High Is US Inflation & How Bad Can Things Really Become? We’re very far from hyper-inflation, but research shows we may be close to the worst it’s been in the modern era…themakingofamillionaire.com