What an interesting time we are in. The unanticipated and unprecedented pandemic has created quite the slippery slope starting with the “Great Resignation” which slid into the “War for Talent.” With two job opportunities available for every candidate, healthy salaries are abundant which leads to increased spending and a hot economy. The Fed has approved yet another rate hike with a few more anticipated through the remainder of 2022 and through 2023 to cool us down.
There are economic signs of recession but there are also contradictory indicators. Who knows what the future looks like! The cost of short-term borrowing will only continue to increase and The Fed will reward long-term investors and savers. Typically it is always better to earn a dollar today than tomorrow, however we are nowhere near net-zero. My advice – stop spending and start saving. That dollar will be bigger and more beautiful in the future if we continue on this trajectory.