Omg. I was listening to this video on Youtube and commodities expert Simon Hunt made some dire predictions for 2024 and beyond. The main summary from the video below is the G7 countries (Canada, France, Germany, Italy, Japan, U.K. and United States) will experience a global economic catastrophe that will put the world in a potential depression for the next 7 years.
According to Investorpedia, a depression is a sustained and severe downturn in economic activity. It is extreme recession that lasts more than three years. The scary thing is that due to world wide conflicts in Taiwan, Ukraine, North Korea, and Russian, the threat of World War III may become reality before the early 2030's.
I've been really focusing on trying to pay off all of my current debt. For the most part I've been doing great in that regards. My only major debt is the mortgage and I've continued to pay off my cards every month w/o carrying over a balance month-to-month. But I feel stressed from work especially with my new role of handling top severity cases. These are the ones where the customer needs to be hand-held even more and the pressure is on to get the customer satisfied. The stress from that alone is really getting to me and it's only my second day in the new role.
But if what the experts in that video says may pass in 2024 happens, I'm going to need to do all I can to prepare for the worst. It truly is a scary time to be alive. I am grateful to have been born when I was. It may have been for the best that I didn't have any children. I can't imagine being a young adult now trying to navigate through expensive rent and unattainable home ownership. When I started living on my own, I was able to find a 1-bedroom in the Maryland-DC area for a little over $500 a month to rent. A 1-bedroom today is almost three times as much. And that is still the case even in a less than desirable neighborhood.
When it was time for me to get a home, I was thankful to find something in the $130K range. My same home today is Zestimated at around $260K.
The job market now is truly scary as well. Luckily we were just coming off a recession when I graduated college back in 1994 and was able to secure my first job within two months. I got to experience that job struggle several years back after I was laid off and my contract job ended. I was very blessed I was able to navigate that to my current job that I'll soon be celebrating two years having. My job is stressful but it helps to pay the bills and was part of how I was able to pay off my credit card debt.
But the fear of being laid off again always is in the air which is part of what's driving me to aggressively eliminate all my debt. I can't help but wonder if things do become dire with the world, what will happen if I do lose my job again and it's not so easy to find another one and Blackberry stock still does not go where I hope it will.
I am also grateful that I found Dom. Despite our differences in some philosophies, he has shown that he does truly love and care for me. I feel the same way about him.
While I can't control where the world economy is going, I can control my piece of it at least. That is the plan of course.
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