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Recent Articles
Making the Falling Dollar Stretch in Middle Class America
As the dollar’s value continues to fall in the foreign currency markets, this has wide implications for all Americans. The disparity between rich and poor is getting larger and middle class Americans can bear the brunt of this dynamic, if they don’t start to rearrange the economics from the bottom up first. While they struggle to make ends meet, some may even take out a cash advance to push money into today from tomorrow’s earnings. There are other ways to stretch that falling dollar, however… In Argentina, when the peso fell and became worth less, the middle class there was squeezed out completely. These are some of the lessons you can learn from Argentina.
Local is Good
Buy local products and you can avoid the destitution of middle class America. It’s also proving to be a very sound financial strategy in the economic climate of a falling dollar. It simply costs less to produce the same thing here in America that it does to produce it elsewhere and then ship it here, adding gas costs. Go to a local farmer’s market and see if the quality of goods isn’t higher and the prices lower. This is an excellent way to combat rising food prices, especially if you live in an agricultural state. Patronize your local merchants.
Sell Abroad
If you have a hobby that costs a lot in other countries, get online and sell abroad. Your goods are now competitively priced compared to other countries. The falling dollar may help you to add additional income that can be used to buy locally made products.
Avoid Imports
Don’t buy imported goods that will cost more and more to maintain as the dollar falls, like expensive foreign automobiles. Some imported goods that have a market and can be resold may be good to buy now to hedge against a falling dollar and sold later at a higher price. Remember that markets change over time. Cuba is slowly becoming a more open market and maybe Cuban cigars will not be as valuable as trading becomes more widespread. It’s hard to assess the value of an imported good when the economy fluctuates.
Stash Cash
Set up that emergency fund and pay down debt. If you have some problems with emergencies, a cash advance can help you in the short-term. Once paid back, they add a good credit entry in your report and can even help build up your credit history after a bankruptcy. Try to avoid long term debt until the economy recovers.
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