Your dollars may be worth more than you realize.
As the United States navigates the highest rate of unemployment in our history, it can feel scary—and even impossible—to find financial hope. Even if your job hasn’t been directly impacted, you likely feel for friends or family members who are left without work and struggling local businesses you know and love.
Normal as we know it will continue to shift and change in the coming months, but if you have the funds to do so, there are effective ways to help stimulate the economy (even locally) as an individual. All too often, regular consumers are unaware of the impact their everyday spending and contributions have on the overall economic health of the nation. Here, financial experts and entrepreneurs recommend easy ways we can all give the dollar a fighting chance.
Zolli’s Alina Morse provided this advice:
Have a birthday coming up? A quarantine graduation? Or did you recently get promoted? If you think you should skip celebrations because you’re worried about the economy, think again. Alina Morse, the youngest member of INC 5000 CEO as a 15-year-old CEO and inventor, says it’s better to live life in the now. This doesn’t mean going on a shopping spree daily and going into debt; simply taking time to pause and honor important moments of life through thoughtful gifts, great meals, and so on stimulates our economy.
“Treat your family and yourself to something to make life easier or more productive, or that just makes you feel good. It could be a nice dinner, dessert out, a new outfit, a new phone, maybe a new car if you have the funds,” Morse says. “Those expenditures put cash into the economy that can help that business invest into its future growth, pay its employees, and contribute to the economy.”