The number of job losses since January of 2008 has totaled more than 1.2 million. According to the Labor Department’s monthly jobs report, the unemployment rate rose to 6.5% from 6.1%. This signifies the highest unemployment rate since March 1994 and exceeded the economist’s forecasts of 6.3%.
The rate of inflation is typically between 3-4%, but for the month of September it was announced at 5.9%. Few in Generation X and Y, who have grown up on iPods, X-Boxes, and Plasma TV’s have lived through these difficult times.
It’s a great time to lower expenses and pass these good habits onto children. When I was a kid, I got grounded, for wasting electricity, water and food. That’s what happens when you have a dad that’s a member of the Environmental Protection Agency (EPA). Make sure to turn off the lights when leaving a room, take baths instead of showers, and only buy as much food as you can eat. We must each look around and see how we can conserve.
We can now learn the difference between our needs and wants. During times of economic expansion, your wants may seem like necessity. Your needs include food, clothing and shelter. Your wants are fancy dinners out, Couture clothing, and a Beach house. This is a time to tighten our financial belts and focus on needs. The economy has a cycle and it’s certain that there will be a time again where we can indulge our wants.
Wishing You Wealth in all its Greatest Forms
Alex
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