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Never mind that Canada barely suffered compared to the United States and Europe—Canada’s GDP fell by 3.6% for only three quarters across 2008 and 2009 before recovering, while employment dipped by just 1.8% in the same time frame. Mass uncertainty still swept the air. Home ownership and retirement plans washed away and headlines screamed that there were no more jobs to be had. It seemed the only sensible course of action was to hide out and let it all rumble over. I enrolled in graduate school.
Eventually, the global economy did recover…
What kinds of goals should you be setting?
Many people have the goal of investing their money. But in order to invest, you have to spend less than you earn. Some people start investing too early. It probably makes sense to pay down non-mortgage consumer debt like credit cards first. It also generally makes sense to contribute to your savings (for example, to an emergency fund) before growing your wealth through investing.
If you are saving for retirement, you should try to figure out how much you should be saving. This is based on your expenses, now and in retirement, and trying to work backwards to figure out how much to put aside each month…
In the last few years, several companies have used targeted marketing approaches to pitch crypto to Black communities as a tool to build individual and generational wealth. While companies like Crypto.com, EthereumMax and FTX spent millions on marketing campaigns using celebrities like Matt Damon, Kim Kardashian and Tom Brady to tout the potential of crypto investments and broaden its appeal, the messages to Black investors—using stars like Spike Lee and Kyle Lowry—were more intentional: Do not miss out on this wealth-building opportunity and get left behind…