If you've managed to keep your job in this economy, you probably already consider yourself lucky. But now consider yourself luckier.
As it turns out, the recession might actually offer positive benefits to the employed. According to the New York Times, wages are up, inflation is down and layoffs have all but leveled out. That means that, if you play your financial cards right, you might be able to walk out of the Great Recession in better shape than you walked into it.
If you read the news today, you'll hear all about double-dip recessions, falling consumer confidence, and a slew of other bad things. But here are the uplifting facts no one is talking about.
Sure, unemployment is high - but hiring has dropped more than layoffs have risen. What does that mean, exactly? Most of the unemployed are people who lost their jobs six months ago or more and haven't been able to find new work - not workers who are in the midst of getting let go. That means your job may be more secure than you think.
And while paychecks have declined in every other recession since the 1970s, wages actually increased by 5 percent since December 2007 - the official start date of the Great Recession. It seems that with fewer employees on the payroll, companies can afford to increase pay a little bit here and there. At the same time, inflation has decreased to zero - meaning we have more purchasing power with those bigger paychecks. Have a four-year degree? The news is even better. Unemployment for college-educated workers is less than half what it is for the population as a whole.
In summary, there's a silver lining to everything - even an economic recession. If you're still gainfully employed, why not take advantage of your current financial security to get your ducks in a row? Come up with a budget, start a saving plan and pay down your debt. Of course, if you find you've got too much debt to handle on your own - or if you do end up losing your job down the road - there's still hope. Bankruptcy can help you free up money by lowering debt - or in some cases, discharging it completely. Find out if bankruptcy can offer the fresh financial start you need when you try a free personal debt analysis with an Atlanta bankruptcy attorney.
