Frugal Feminist Kara Stevens Talks Sticking to Financial Goals Despite Threat of Recession

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The Frugal Feminist Kara Stevens joined BLACK CORPORATEit is Your money, your life podcast to discuss meeting your financial goals despite the threat of a recession.

Stevens, who has written two books on wealth creation and silver direction, sat down virtually with BLACK CORPORATE Senior Vice President Alfred Edmund Jr. and told him about his struggles with money.

“I originally graduated from college and didn’t know I had to pay off a debt, so when I got the payment requests in the mail, I ignored them,” Stevens said.

“Also, while I was in college, I also had my mom’s credit card, I used it, and I also thought I didn’t have to pay that back,” said Stevens, who graduated in economics and political science. “When I graduated, I had no real connection between the big ideas behind managing your finances and this larger concept, so I ignored my debt.”

Stevens finally had a moment of clarity and began working to improve his credit, reduce his debts, and take control of his finances. The Frugal Feminista is now helping other black women with their finances through classes on budgetingbuilding an emergency fundsand save for retirement. In addition, she organizes speaking and training courses, coaching, consulting, etc.

During the podcast, hosted by Prudential, the pair also got scared of an imminent threat recession that Americans watch their money. Stevens said even in a recession, people should stay focused on their financial goals, explaining how seeing it as an opportunity can lead to great things.

“Technically a recession is when there is no growth or negative growth in the economy and generally you will see higher unemployment, higher interest rates and less consumer spending,” Stevens told Edmond. “The bigger context is that these are cycles so you have to think and prepare for a recession that there won’t be a recession and what I mean by that is that sometimes there is a bear market where there are drops in the stock market. ”

“For those of us who understand cycles, now is a great time to take advantage of market selloffs, so if you change that mindset of scarcity into opportunity knowing recessions happen and after the bear market, there’s a big bull market to the right after, you want to be able to ride out the recession for whatever happens after that.

Stevens also explained how important it is to have an emergency fund during a recession and suggested having enough cash reserves to last between six and nine months in case you lose your job. Stevens suggested eliminating as much debt as possible so high interest rates don’t hurt you.

The full interview, including more on how to weather a recession and how to manage your money better and save more, can be found here.

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