Money Matters: Navigating an Uncertain Economy

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Published: Feb. 17, 2023 at 10:45 AM EST
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COLUMBIA, S.C. (WIS) - With the recent economy what are some tips for getting through the uncertainty?

Economic and market instability doesn’t appear to be going away in the new year. However, there are many ways to protect yourself from potential damage.

It is recommended to focus on four key moves to make the most of the current climate.

Interest, and credit card rates in particular, are at an all-time high. These annual percentage rates will only continue to climb in the future. It is recommended to pay down high-interest debt sooner rather than later.

Once that high-interest debt is paid off you can start making your money work for you. Whether it’s putting money aside in a savings account or investing in relatively risk-free bonds.

Setting more aside for retirement is also a great move, no matter how early. New provisions in the Secure Act will create more opportunities and access to savings going forward.

What about people looking to make additional investments, not just saving?

It is often recommended to ‘buy the dip’ which is a tactic that follows the basic principle of buying low and selling high. While the main focus should always be on your long-term plan, investing is a great strategy to help you reach those goals.

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