There have been talks that the nation is set for a recession soon, with experts warning consumers to brace, especially in today's environment of heightened interest rates and rising inflation. But what does this mean for the everyday person, and how can you prepare?
While the risk for recession is "high" according to forecasters, there are indeed things you can do today to ensure peace of mind and that you're able to thrive whether there's a recession or not.
First recognize, it's not all gloom and doom.
Some forecasters are stating that, while experts are justifiably bracing for the possibility, a recession is "less likely" than people think and that rising interest rates don't necessarily solely mean a recession is coming. Recessions also aren't uncommon and are a consistent phenomenon, thus you can't really fret too much over something that not only has occurred before but something that will likely occur again in the coming years.
On another note, the job market is booming, especially with the recent mass exodus of professionals (a la the Great Resignation), so if you're looking for a new opportunity, that prime moment to ask for a promotion, or a change in career, now is an amazing time to go for it.
Also, other positive aspects of the economy include gas prices in select markets decreasing and a 48% growth in entrepreneurship among women.
So, it's good to think in a balanced, more realistic way, taking several factors into account.
Check your finances and adjust your budget.
If you haven't already, it's a good time to get more familiar with your finances, especially your budget. Take stock of the money you're earning, the money you're saving, the money you're investing, and how you're spending. Experts also recommend reviewing your bills and lifestyle to see where there might be money drains or waste. Make the needed choices or shifts to either increase your savings, cut back on expenses that aren't super-necessary, or shift funds to save more.
(If you don't have a budget or need inspiration for updating the one you have, there are a few great options here and here.)
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Tap into the assistance and resources afforded to you.
If you're already struggling financially, there are resources available to you such as rental assistance, scholarships, grants, and programs. Also, if you qualify for income-related assistance, don't hesitate to apply, especially in relation to housing or coverage of everyday education, food, or childcare expenses.
If you've reached certain financial milestones (or you're hoping to), get a financial adviser or coach and map out a plan to either meet those goals or get on a path to be able to meet those goals even if a recession hits. Find out how you can leverage the money you have to make more or invest in something that will garner wealth in the long run.
It's always good to be proactive in seeking help, especially if it's something that will help take a financial burden off your mind.
Review your sources of income—or lack thereof.
If you're unemployed, you'll need to really get serious about maximizing your unemployment benefits and getting a job. Think outside the box, let go of a few boundaries, and try out new experiences or positions that might be outside of your comfort zone. Be very deliberate with how you spend your money and time, and focus on strategies that will lead to a new job or employment you enjoy.
If you're underemployed (i.e. at a job that either doesn't match your educational or practical skills or talents, or one that pays a salary that is below the current market rate), it might be a good time to either apply for a new job or take on another that not only will supplement your income but will allow you to be your best self.
If you're happily employed and bring home a nice salary (good for you, sis), but always wanted to start that side gig, now might be the best time to do that as well. Maximizing other ways to earn and accumulate money is a great way to ensure that you have a cushion for times like a recession.
No matter what stage you are in the employment game, be sure to pay close attention to the return on investment of your time and how your salary aligns with the lifestyle you have or aspire to have, recession or not.
Keep a positive attitude and focus on solutions and vision.
Remember, while you can't really control what happens in an economy nor can you control what might happen in the future, you can plan today for financial freedom. Taking the steps to be strategic, keeping a positive and balanced outlook, and prioritizing what's important in life is the key to getting through any rough patches.
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In a xoNecoleexclusive, the iconic actress opens up about embracing this season of her life, new projects, and overall being a “bad motherfucker.” Gabrielle reveals that she was 37 years old when she was diagnosed with perimenopause and is still going through it at 51 years old. Mayo Clinic says perimenopause “refers to the time during which your body makes the natural transition to menopause, marking the end of the reproductive years.”
“I haven't crossed over the next phase just yet, but I think part of it is when you hear any form of menopause, you automatically think of your mother or grandmother. It feels like an old-person thing, but for me, I was 37 and like not understanding what that really meant for me. And I don't think we focus so much on the word menopause without understanding that perimenopause is just the time before menopause,” she tells us.
Gabrielle Union
Photo by Brian Thomas
"But you can experience a lot of the same things during that period that people talk about, that they experienced during menopause. So you could get a hot flash, you could get the weight gain, the hair loss, depression, anxiety, like all of it, mental health challenges, all of that can come, you know, at any stage of the menopausal journey and like for me, I've been in perimenopause like 13, 14 years. When you know, most doctors are like, ‘Oh, but it's usually about ten years, and I'm like, ‘Uhh, I’m still going (laughs).’”
Conversations about perimenopause, fibroids, and all the things that are associated with women’s bodies have often been considered taboo and thus not discussed publicly. However, times are changing, and thanks to the Gabrielle’s and the Tia Mowry’s, more women are having an authentic discourse about women’s health. These open discussions lead to the creation of more safe spaces and support for one another.
“I want to be in community with folks. I don't ever want to feel like I'm on an island about anything. So, if I can help create community where we are lacking, I want to be a part of that,” she says. “So, it's like there's no harm in talking about it. You know what I mean? Like, I was a bad motherfucker before perimenopause. I’m a bad motherfucker now, and I'll be a bad motherfucker after menopause. Know what I’m saying? None of that has to change. How I’m a bad motherfucker, I welcome that part of the change. I'm just getting better and stronger and more intelligent, more wise, more patient, more compassionate, more empathetic. All of that is very, very welcomed, and none of it should be scary.”
The Being Mary Jane star hasn’t been shy about her stance on therapy. If you don’t know, here’s a hint: she’s all for it, and she encourages others to try it as well. She likens therapy to dating by suggesting that you keep looking for the right therapist to match your needs. Two other essential keys to her growth are radical transparency and radical acceptance (though she admits she is still working on the latter).
"I was a bad motherfucker before perimenopause. I’m a bad motherfucker now, and I'll be a bad motherfucker after menopause. Know what I’m saying? None of that has to change. How I’m a bad motherfucker, I welcome that part of the change."
Gabrielle Union and Kaavia Union-Wade
Photo by Monica Schipper/Getty Images
“I hope that a.) you recognize that you're not alone. Seek out help and know that it's okay to be honest about what the hell is happening in your life. That's the only way that you know you can get help, and that's also the only other way that people know that you are in need if there's something going on,” she says, “because we have all these big, very wild, high expectations of people, but if they don't know what they're actually dealing with, they're always going to be failing, and you will always be disappointed. So how about just tell the truth, be transparent, and let people know where you are. So they can be of service, they can be compassionate.”
Gabrielle’s transparency is what makes her so relatable, and has so many people root for her. Whether through her TV and film projects, her memoirs, or her social media, the actress has a knack for making you feel like she’s your homegirl. Scrolling through her Instagram, you see the special moments with her family, exciting new business ventures, and jaw-dropping fashion moments. Throughout her life and career, we’ve seen her evolve in a multitude of ways. From producing films to starting a haircare line to marriage and motherhood, her journey is a story of courage and triumph. And right now, in this season, she’s asking, “What’s next?”
“This is a season of discovery and change. In a billion ways,” says the NAACP Image Award winner. “The notion of like, ‘Oh, so and so changed. They got brand new.’ I want you to be brand new. I want me to be brand new. I want us to be always constantly growing, evolving. Having more clarity, moving with different purpose, like, and all of that is for me very, very welcomed."
"I want you to be brand new. I want me to be brand new. I want us to be always constantly growing, evolving. Having more clarity, moving with different purpose, like, and all of that is for me very, very welcomed."
She continues, “So I'm just trying to figure out what's next. You know what I mean? I'm jumping into what's next. I'm excited going into what's next and new. I'm just sort of embracing all of what life has to offer.”
Look out for Gabrielle in the upcoming indie film Riff Raff, which is a crime comedy starring her and Jennifer Coolidge, and she will also produce The Idea of You, which stars Anne Hathaway.
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