Running Out of Savings? What Should I Do Next?

An article by the Economist was just published, stating that “Americans have burned through more than 90% of the ‘excess savings’ they acquired in 2020 and 2021. Economists estimate that all of it will be gone by September. With the frightening turn of the American Economy, which directly impacts State economy, such as Maryland, there are a few things to keep in mind to survive the financial pandemic.

Research

In 2023, research and obtaining information is instant and free. Reading up on what are the next best steps are for your financial future is the best thing you can do.

Meet with a Professional to Learn About your Options

Research is essential but limited. Your 20 hours of reading on a topic matter will never match an expert who had 4 years of schooling, and 8 years of actual experience in the one field. They will know more to make sure you are guided on the right path. When looking to hire a professional, their education and experience (competence) is important, but you also want to make sure they have certain qualities to make sure their service will make your life easier. Organization, positivity, quick to respond and eager to serve should be with anyone that you are willing to pay with your good money.

Know that you are not Alone

During stressful times, there will be people out there who will try to capitalize and take advantage of others (debt consolidation companies are just sales people promising you the moon and the stars). Don’t be afraid to acknowledge that you might just need a fresh start. More and more Americans are filing for bankruptcy everyday. If you’re just looing for more information, speak with an experienced bankruptcy attorney, who eager to serve others.