Sun, 04 Jun 2023 19:18:29 -0400WeeblySun, 04 Jun 2023 02:47:54 GMThttp://kayhenriques.com/for-your-growth/recession-worriesJune is officially upon us, the beginning of the summer season and does it not look Hot! It seems like a hot summer is being predicted from unusual weather matters and drought affecting wheat and other food supply. However, the heat is in the kitchen as data shows a slowing economy, the consumer pocket has been hit hard since last year from high inflation, rising interest rates and housing costs. Consumers are slowing cutting back on discretionary items which have a higher margin than food, which is what the consumer is spending on, those things which are basic needs. 
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But should we worry about a Recession? Some may say "yes" others "no" while others like myself remain neutral. The job market is still pretty good, although the great resignation we saw during covid has retreated and more employees are staying put due to the uncertainties that lie ahead.

Regardless of whether or not be enter into a recession keep these tips in mind.

1. Cut back on spending
2. Reduce debt, as credit card interest rates are high
3. Earn extra income
4. Downsize if possible and if it makes financial sense, that includes relocating.
5. Avoid new debt
6. Stay positive
7. Exercise 
8. Connect even more with your faith, it will help during difficult times


]]>Mon, 05 Dec 2022 03:18:31 GMThttp://kayhenriques.com/for-your-growth/holiday-spending-pressureThe Holidays are finally here! We celebrate family, friends, give thanks and mostly what to give or what we' want for Christmas. Yet all these celebrations and activites comes with much pressure. Whether financial, family, work, business, etc. the pressure is real. 

I will focus on the financial side of the pressure, as it tops many peoples problems or issue. The big day is almost here, and we are running, looking for the best deals, trying to meet expectations, buying the perfect gift, or even hosting dinner pressure. Breathe, relax, get a notebook and write what you need and what you want to get done, or purchase. Write it down, as the ideas or suggestions comes to you. Notice I wrote "want & need", make sure you are clear on what you want from what you need. Look at your finances carefully, consider current economic factors such as high interest rates especially on credit cards, don't get into debt for holiday gifts. If you have no room in your finances to purchase gifts, let your family and friends know right away , they will understand and offer other form of gifting such as service and support where ever you can. 

Recession, mild recession or no recession we don't know for sure what 2023 will start out like or end like. Recall 2020, we celebrated new year's then less than three month, the entire world was shutdown. Be hopeful, yet aware and plan accordingly, there are some tips to apply this holiday season and into the new year.

1. Have a spending limit for gifts and other holiday activities
2. Do not exceed the limit; shift, limit, reduce, or eliminate where necessary
3. Do not open any new credit card to purchase gifts or other holiday activities
4. Do not touch your savings or emergency fund
5. Shop around, compare items, return and exchange policies before most purchases
6. Make handmade or custom gifts if possible, can be less costly and most appreciated
7. Stay local if possible, as airports is overly busy and international travel can be costly
8. January is a new month and new year, all bills rolls in, don't overspend and end up in debt
9. For the new year, be intentional about earning more and spending less, end the quote" earn  more, spend more". Earn More, Save More! Refer to my book True Prosperity, key number 7 "save folks save.



Happy Holidays and a Blessed New Year!
Blessings,
Kay Henriques
True Prosperity]]>