After more than two and a half years of struggling with high inflation, financial analysts are urging Americans to make building a solid nest egg of savings their top New Year’s resolution. The prolonged period of high inflation has created severe financial stress for most U.S. households, as they are forced to pay more for everyday needs like food and housing. Low-income households have been particularly hard hit.
Despite the economic volatility in 2023, a recent study by USA Today found that more than four in five Americans feel some level of positivity about the U.S. economy going into 2024. However, Real Estate Developer, Serial Entrepreneur, TV Producer and Talk Show Host Dee Brown warns that there are several steps all households must take to help secure their financial foothold.
According to Brown, securing a financial future should be a priority for families. To assist with this, Brown recommends the following three steps:
1. Establishing an Emergency Fund: Setting aside a portion of income into an emergency fund can provide a safety net for unexpected expenses and financial hardships.
2. Budgeting and Expense Tracking: Creating a detailed budget and tracking expenses can help families prioritize spending, identify areas for saving and avoid unnecessary financial stress.
3. Investing in Retirement Accounts: Contributing to retirement accounts such as 401(k)s or IRAs can help build long-term financial security and ensure a comfortable retirement.
By taking these steps, Brown believes that households can secure their financial future and mitigate the impact of high inflation and economic volatility.
He says: “Building a solid nest egg of savings is a lifeline in times of economic uncertainty. By establishing an emergency fund, budgeting wisely and investing in retirement accounts, families can take control of their financial future and secure their foothold in today’s challenging economy.”
