What are You Doing With Your Money?
It's not the best of time here in the UK these days.
We've all heard by now that unemployment in the UK has spiked to 5.3% an 11-year high (official figures from the Office for National Statistics). There are currently 1.825 million Brits out of work, with 140,000 having lost their jobs only between July and September of this year. Heck, people are even cycling more to work than driving now, and it's not because they really care about the environment.
Every day we hear more news like that. Stock futures today are showing sharp declines, with news that Citigroup may lay off 50,000 people (14% of their global workforce). Sunday Telegraph reported yesterday that JPMorgan Chase will have thousands more layoffs next year.
The Governor of the Bank of England, Mervyn King, announced last week that we are entering an even deeper recession than what was predicted. City Index's chief market strategist summed it up in a news interview, "This baby is going down and it's going down fast." The economists are worried, and the bankers are pissing their pants.
But what about you? Have you been affected, and in what way? What are your thoughts on all this? Do you have a backup plan in case things do take a bad turn?
We'd love to hear your comments and opinion on how to weather the upcoming economic storm, and things to do to protect your money, savings, or even better, how to make money out of the current situation.
What have you done to cut down on expenses, save money, make money? Have you got a good backup plan that you don't mind sharing with us? Have you gathered tools to build a house in the middle of a forest?
We'd love to know, and will assemble the best tips shared here this week into a post before the weekend.