🔥 ^{Hot off the press: Here’s what’s burning up our news feed.} 🔥

• Experts Predict Longer Recession Amid Banking Turmoil

• Rising Inflation Squeezes Consumer Budgets

• Demystifying the Term ‘Principal’

• What Can We Learn from America’s Past Financial Crises?

• 3 Low-lift Methods to Earn Extra Moolah

Let’s Chop It Up…

Fears Grow: Next Recession May Linger

Ah, the sweet smell of impending doom! Gather around, folks, as we reminisce about the good ol' days of economic turmoil and ponder the next potentially long-lasting recession. You know, just your typical upbeat conversation starter.

So, let's take a trip down memory lane, shall we? Recessions have lasted anywhere from a measly two months to a whopping 18 months in the past half-century. But who's counting? Certainly not the people who lost their jobs or went into debt during those times.

Now, some of you may be asking, "How long will our next date with economic disaster last?" Well, strap in, because Federal Reserve economists believe it might stick around longer than usual.

The shortest U.S. recession on record was the pandemic downturn in 2020, lasting a mere two months, thanks to the government throwing massive amounts of stimulus at it. But this go-around won’t be so easily thwarted.

Why, you ask? Well, it seems those pesky banks and their turmoil are to blame. As history has taught us, recessions caused by financial market problems are more severe and persistent than your average economic slump.

The cherry on top? The Federal Reserve is deliberately trying to slow down economic growth in a bid to tame inflation. Sounds counterintuitive, but what do we know? 🤷‍♂️

What Can You Do?

For starters, update your resume, mingle with people in your field, and stash away anywhere from three months to a year's worth of expenses in an emergency fund. That way, you can ride out the storm without having to swim out of it in a sea of debt.

So, as we brace ourselves for another thrilling ride through economic uncertainty, remember: laughter may not be the best medicine, but it sure beats crying over your empty wallet.

Salt’s Key Takeaways:

As we all huddle together in the shadow of a potential recession, let's share some advice to help you feel a little settled before we potentially hop aboard this rollercoaster of financial woe.

1. Knowledge is power: Stay informed about the economic climate without obsessing.

2. Budget like a pro: Review your expenses, prioritize needs over wants, and tighten those purse strings.

3. Emergency fund to the rescue: Save at least three to six months' worth of living expenses.

4. Diversify your investments: Minimize risks during an economic downturn by diversifying your portfolio.

5. Polish your professional brand: Update your resume, LinkedIn profile, and practice your elevator pitch.

6. Network, network, network: Strengthen connections and attend industry events to find new opportunities.

7. Manage your debt: Monitor your credit score and pay down high-interest debt responsibly.

8. Stay positive: Maintain a positive attitude and a sense of humor to keep stress at bay.

Consumer Prices Soar: How to Survive Inflation

Trust me, I know these news stories are a huge bummer, but they are important topics to discuss. Denying these problems exist gets us nowhere. So, as we grapple with the reality of rising prices, it's time to reassess our financial strategies and find ways to adapt. After all, there's no time like the present to take control of our own financial destinies.

If you're keen on increasing your income, tap into your creative side. Consider renting out an extra room in your home, or explore freelance opportunities that match your professional skills. Websites like Upwork can help you find gigs, so don't hesitate to put your talents to good use.

If you're more inclined to cut costs, start by listing all your expenses and ruthlessly scrutinizing them. Ask yourself the hard questions, like "Do I really need cable?" or "How how many streaming services do I really need?" Brace yourself, as some beloved luxuries may have to be sacrificed. Tough choices may be necessary, but remember that a little sacrifice now can lead to greater financial stability down the line.

Salt’s Key Takeaways:

So, as we confront the reality of inflation, remember that the power to adapt lies within each of us. By staying proactive and making informed choices, we can face this challenge head-on and emerge stronger on the other side. Here’s a recap and a few other tips to help glance the blow of inflation.

1. Accept and adapt: Recognize rising prices and adjust your financial habits accordingly.

2. Boost your income: Explore creative ways to increase earnings, such as renting out an extra room or freelancing.

3. Trim your expenses: Analyze your spending habits and identify areas to cut back on for greater financial stability.

4. Shop smart: Compare prices, use coupons, and take advantage of sales to stretch your dollar further.

5. Create a budget: Develop a realistic budget that accounts for inflation and helps you maintain control over your finances.

6. Prioritize saving: Continue to save for emergencies and long-term goals, adjusting your strategy as needed.

7. Invest wisely: Diversify your investments to hedge against inflation. I Bonds offer higher-than-average returns during times like these.

8. Stay informed: Keep up with economic news and trends to understand factors driving inflation and adjust strategies accordingly.

3 Low-lift Methods to Earn Extra Moolah

At Salt & Pepper Finance, we are big proponents of saving money. It’s crucial to financial success and honestly, it’s way easier to cut back on spending than to increase income in most cases.

But money is a fluid concept, and if you can make more and save more, all the better. While starting a business takes time and resources these are a few side gigs that we thought were interesting and had some nice earning potential.

Plus, they are low-lift.

• Wrapify: Pays you to wrap your ride in advertising. Avg Earnings = up to $452 per month. (Link)

• BabyQuip: Rent and deliver your baby gear that’s collecting dust. Avg Earnings = $1,000+ per month. (Link)

• Roadie: Earn money on your commutes by taking a package or pet with you on your route to another destination. Avg Earnings = $13 per trip. (Link)

_{(We make no money on these suggestions by the way!)}

The Latest Articles from Salt & Pepper

Demystifying the Term Principal: The Backbone of Your Financial Success

Unravel the mystery behind the term 'principal' in finance and discover how understanding this concept can help you make smarter financial decisions. Delve into the world of principal, how it works in various contexts, and learn to maximize your financial success. Ready to unlock the secret?

Salt & Pepper’s Key Takeaways:

• Familiarize yourself with the various types of principal and their roles in financial transactions.

• Utilize compounding to maximize the growth of your principal balance over time.

• Research and compare interest rates based on factors such as credit score, loan type, and location to find the best loan option for your situation.

Takeaways from America's History of Financial Crises: Lessons for a More Resilient Future

Dive into America's fascinating history of financial crises and uncover key lessons to be learned. Discover the role of speculation, the importance of global interconnectedness, and the delicate balance of regulation. Learn how government intervention and individual responsibility can shape our financial landscape. Are you ready to explore these crucial insights for a more resilient future?

Salt & Pepper’s Key Takeaways:

• Exercise caution and restraint to avoid speculative pitfalls

• Foster global collaboration for shared best practices

• Strike the right balance between regulation and innovation for financial stability

🥳 Salt & Pepper's Picks of the Week 🥳

Random Internet Finds That Left Us Fascinated

Digital Media Dystopia

BuzzFeed News, the beloved news site that brought us viral listicles and insightful reporting, is bidding us farewell. The CEO of BuzzFeed announced that the company can no longer afford to keep the news site as a standalone organization, resulting in the loss of several jobs. This sad news comes in the midst of a stormy economic climate that's wreaking havoc on media and tech industries worldwide.

But if that wasn't enough to make you quiver, Insider also just announced it would be slashing 10% of its workforce on the same day. It seems like the digital media landscape is in for a rough ride, and who knows which beloved sites might be next on the chopping block.

Phone-hiding: Mom's Genius Hack

Do you feel guilty for scrolling on your phone while your toddler plays? One mom has come up with a hilarious solution to hide her phone from her child. She bought a fake book online and hollowed it out so she could hide her phone in it. Her daughter now thinks she's reading while her mom is actually scrolling.

The video of her hack has gone viral with nearly 200k views, 20.9k likes, and 500 comments. Fellow parents praised the idea as "genius," but some doubted it would work with their kids. Regardless, the mom joked that "it's only a matter of time before she catches on." 😂

For Other Great Reads From Salt & Pepper Finance, Check Out Our Blog!