These recommendations are only possible if you have wealth. Most Americans cannot save one month of living expenses let alone 3-6, never mind the other items on your list.
I know 😔 if you don’t have investments, you can still do some work with your cash by saving a little bit more each month and utilizing a high yield savings account.
i am medicaid poor, but have moved my banking from a regional bank to a local credit union. i did it for ethical reasons, but i have read that it is a safer option than other banking institutions. at credit unions, the main account is a savings account—it is not a high interest yield, but more than nothing, so i do as recommended in the above article by keeping enough in my checking acct to cover expenses and the rest in my primary savings acct. if you use a national bank like wells fargo or bank of america: IMHO get outta there. oh, and i am making larger pmts against my credit card debt, when i can, to reduce my debt and help my credit score.
Just wanted to let you know, I have read this account and while the messages seems legitimate, I have repeatedly asked the author for their credentials to post advise like this to the point where they blocked me. Don't believe everything that you read if you don't know an author's name or expertise advising the public on crucial issues.
It's funny you should say that, because I did get a vibe from it. Always, always verify information you receive online, folks. This entity may be right, but the fact that they don't disclose who they are or their qualifications, as Maria said, is suspect.
On one hand I’m happy for the wealth, comfort & privileges of a few…AND…I’m also super sad at the ignorance & blind spots that leaves for and of the rest of us - people who are not just strapped but often suffering & always running short, or without. This article reads more like advice for millionaires or a pie-in-the-sky wish list. Again, great for the few who can do it, but tangible, realistic & relatable ideas for the masses of us who are strapped tightly (for whatever reason, including poverty or too many expenses or a life event on a higher income) is needed as well.
Which is all to say, thank you Jenny for adding this comment to help bring awareness to the important & missing part of the conversation. ✨
Great article! So many things the executive branch of this administration has done has been in theory outside of its authority, yet Congress is hiding in fear or complicit, and the Court is leaning to support the dismantlement of constitutional norms. So I am not convinced the FDIC is not in jeopardy. Sure everyone will scream and cry, but that has done nothing so far. So we need to continue to explore other options. Call me a downer, I guess. But I feel the US government is actively sabotaging my money.
Agree about the FDIC. Congress has not been able to stand up to Trump’s/ the republican’s EO’s other than stand up some legal actions which has not stopped much of anything. The FDIC being a target (which is in the P2025 plan) has me in an utter panic.
How is your retirement fund doing this week? At least tariffs will make everything you buy more expensive….. You could also call it scenario planning. We only get one go around on this rock, I would hate to have criminals and loonies in the government ruining my one go around.
Your article is very helpful but here’s my concern. It is hard to trust financial advisors right now because I don’t think many of them are truly objective. They are either driven by the desire to keep you investing in the market even if they see the same ominous signs I do … OR , like many American they are totally in the tank for Trump. In the second case, they are conditioned to believe that Trump can do no wrong and therefore tell me that everything will be just fine. I don’t want to overreact , but at the same time I’m looking for realistic advise on what to do. How do I find people who can do that for me?
Well hi Rob! You’ve stumbled upon the right post then, because my and my partner’s mission is to serve people just like you. My brother @Dustin Granger and I are the co-owners of Generation Wealth, a full-service wealth mgmt firm—you can find our website here: www.thegenerationwealth.com and you can book a complimentary Discovery Call here: https://bit.ly/GenerationWealthDiscover
p.s. everything you described is exactly why we’re being open and public about our politics and values.
Ikr? Always fun to read about how people who are WAY above my range can get on the safer side with their money. There is no solution for people who live paycheck to paycheck…
There are other forums for you like Reddit. If it doesn't apply look elsewhere. I'm finally in a position that this does apply to me and is helpful. Don't discourage advice just because you can't use it. I don't own a car but I don't complain about repair advice online.
Once upon a time, I did live paycheck to paycheck and had accrued a few thousand on a credit card for car repairs. I went to the consumer credit bureau and talked to someone who helped me understand to prioritize paying the most costly (high interest) things down first. Eventually (and it took years) I was finally able to start investing. If, and I realize that this is a bigger if today than when I started, you are able to invest in an IRA plan, the amount you invest reduces your taxable income and often you'll find doesn't reduce your actual take home pay. The strategies discussed in this article do work even if you can't do all of them. And as the saying goes, if at first you don't succeed, try, try again.
I use to live paycheck to paycheck. I bought a house in a neighborhood that was supposedly the next big thing. It wasn’t, it turned into a section eight haven. But for what I was paying $400 per month it was all I could afford. Eventually met my husband we went to school, did some jobs changes and finally got out of the hood. We just timed it right, and there a housing bubble that burst just as we closed the deal. We never made big money.
The only thing helpful I can tell you is make friends in the neighborhood. If you are handy with electrical, carpentry, fixing cars, helping people on computers this might provide additional income, meals, a place to stay if things just dropout. Don’t forget farmers markets, and everyone is buying second hand stuff. If you can grab a couple of hours at a deli, supermarket, food at discount.
We eventually had to move out of state. We were close to retirement and we had two individual financial advisors tell us we would end up in senior government housing if we didn’t move. We moved to Texas about 7.5 years ago. Moved into a very small town and if you are excellent as a tradesperson you are talking BIG money. There are trade offs not great medical care, wild fires, poverty, but you learn to look out for one another.
there are no quick fixes, easy outs. Working poor sucks.
Potential? Seriously folks wake up, its over. No, I am furious and sad and angry and pissed and resentful and absolutely gobsmacked that any human could have or would have ever voted for a rapist as president of any nation much less amerika
Sounds like good advice for normal times, but we're not in normal times. As for the FDIC, what's to stop DJT from signing an Executive Order abolishing it? Or Musk tweeting that the FDIC is gone? Federal agencies established by law can only be abolished by Congress, but we've seen Musk cripple two agencies (USAID and CFPB) with Trump's blessing, illegal but unchallenged. Social Security is next on their chopping block, even though Social Security does not contribute a penny to the deficit because its staff and admin costs are paid out of the Trust Funds which are healthy right now (funding shortfalls are projected for 2033/2034 but not now.)
Agree. I lifted this from another article so have not vetted it myself: Page 705 of Project 2025 discusses shrinking or restructuring federal financial protections, including the FDIC, under the justification of ‘market efficiency.’
I don't blame you. There's nothing wrong with recognizing a threat. The trick is to find ways to prevent your fear from taking over. It's not easy, I know. Right now, it's a survival skill.
I really enjoyed reading this because these exact issues and bandaids are on my mind! I am seeing the comments by people living paycheck to paycheck. Not only was I there years ago but as a school teacher in rural Vermont I taught many families in this position. Here in Vermont just about everyone, in every asset bracket, is talking about getting chickens in the spring and planting vegetable gardens. Urban gardens and victory gardens will be on the rise and are a great way to supplement food insecurities. They are also a great way to donate healthy food to food cupboards.
Do you recommend changing IRA portfolio allocations to more conservative allocations now? I’m 64, retired and started living off my 401k this year. Currently 60/40 but wondering if I should go more conservatively to 50/50. I live fairly modestly. ($4500 a month pre taxes)I own my modest home.
Elle- as a “refugee from Wall Street” (worked in financial services in the 1980’s and 1990’s; am now happily retired at 75) I’ll give you a brief observation to your comment. I would start by asking you why you are invested in the stock market at all? If I understand your comment your living expenses are about $50,000 annually. Investing in some of the short term ideas that Ms. Nava detailed will pretty much cover that. So am I suggesting you do that? NO, I am not.
The biggest fear anyone has when they retire is that while their current retirement savings yield enough to maintain their current life style will the actual dollars generated be enough ten years from now? And in my mind that’s where the stock market comes in.
Many people feel that the only way to make money in the market is to buy a stock at 10 and selling at 20. That’s one way to make money and it’s definitely NOT how I invest. If I were a real estate investor (which I’m not) I wouldn’t be checking the price of an apartment building I bought six months ago. I would be aware of what my costs (taxes, upkeep, mortgage, etc.) were and how much rental income I would need to break even. Anything above that would be mine. I would know that I would have the potential to see the apartment building throw off additional income in the future while the building might appreciate in value.
I try to apply this idea to my stock investments. I buy companies that have a high likelihood of increasing their dividends in the future. And some categories pay fairly high dividends (over 4% in what I believe is a very overpriced market). And these companies provide basic services (like electricity, food, and other things). And I hold (and have held) these companies for decades.
I make it a point to never invest more in anything that would cause me to lose sleep if it lost value. If you do think this approach makes sense you should take the time to google “Dividend Kings” and “Dividend Aristocrats.” These are lists of companies that have decades long track records of raising their dividends. And most of the names on these lists you’ll recognize; for instance, have you heard of that “Mom and Pop” company Procter and Gamble?
You can also find mutual funds that only invest in companies that appear on these lists.
Finally, I feel your idea of moving into a 50/50 balance is a good one.
One thing I didn’t mention is that if you decide to invest in dividend growth companies don’t immediately allocate all of the funds. You want to average in over time because we never can be certain when the best time to invest is. And if you decide to invest in mutual funds whatever their investment styles it’s unusual for funds to have a large cash position. The reason is this: the managers of a fund are paid based on how well the fund does. It’s very difficult for the managers to have a large cash position because if they are wrong (the market doesn’t decline) investors will ask themselves why they are paying a manager to place monies in a money market.
In my opinion you should not purchase a fund where the management fee is over 1% annually. And you should explore some of the ETFs (Exchange Traded Funds) which in many cases have very low fees (.25% or lower) because a computer duplicates an index such as the Dow Jones or S & P 500.
Last point: if you purchase a mutual fund you should check the turnover rate. I don’t want a fund manager who is constantly trading stocks. I want a manager who invests n companies and that means holding securities for a long time.
There are so many funds available. Thankfully you can find all this information on line. And realize if you follow these ideas you will never find yourself buying the number one fund for the last year. The number one fund has to take more risk and will buy in retrospect “hot stocks.” Chasing after funds or stocks like that is a fool’s errand. Slow and steady usually works out very well.
Thank you! I am finding your counsel to be so helpful, and we are following through on these steps with our household finances. And - sharing with others in our orbit, too.
I was really happy to read the article until I came across “the fdic would need an act from congress to be dismantled.” Be so for real right now. He has done everything by executive order and those traitors hand everything. So don’t hide behind “but congress…” because it cowardly.
Well my understanding is the FDIC has no money for bank bailouts, that is why all the assets are being acquired by other banks. So in basic terms I would say they have been dismantled and congress doesn't need to do a thing- par for their course.
“Even if this administration wants to weaken the FDIC, it would face legal and political hurdles, including resistance from Congress, the banking sector, and the public. I don't believe we should lose faith in this institution.”
No offense, but tell that to USAID. Trump acts first then appeals forever, long before actually following any court order. And Congress is resisting nothing right now except being responsible human beings.
During World War II, Germany referred to its rapid, surprise attacks on other nations as a "Blitzkrieg," which translates to "Lightning War" in German; this strategy involved quick, coordinated assaults to overwhelm the enemy before they could fully mobilize. We the people are the enemy of this administration.
We the people need to send a letter of thanks to all those MAGA representatives in congress for breaking a world record for allowing a Once great nation to be taken over by a Traitor and his minions In less than 100 Days. I would tell them it is time to resign, their task is over and they are no longer needed.
The FDIC made some major rule changes on March 3rd, you should definitely check them out. They've removed restrictions for brokered deposits (used for fraud), bank mergers (impacting customer safety), and the use of the FDIC insured logo (they don't care who uses it and for what purpose). In addition, the SEC removed the regulations surrounding EFTs they will no longer be held to the same standards as stocks
These recommendations are only possible if you have wealth. Most Americans cannot save one month of living expenses let alone 3-6, never mind the other items on your list.
I know 😔 if you don’t have investments, you can still do some work with your cash by saving a little bit more each month and utilizing a high yield savings account.
Not everyone earns enough to save any. Consider yourself lucky if you can save
i am medicaid poor, but have moved my banking from a regional bank to a local credit union. i did it for ethical reasons, but i have read that it is a safer option than other banking institutions. at credit unions, the main account is a savings account—it is not a high interest yield, but more than nothing, so i do as recommended in the above article by keeping enough in my checking acct to cover expenses and the rest in my primary savings acct. if you use a national bank like wells fargo or bank of america: IMHO get outta there. oh, and i am making larger pmts against my credit card debt, when i can, to reduce my debt and help my credit score.
Good call! Also be sure to keep as much in cash on hand as you can. This post is much more helpful for the majority of us: https://open.substack.com/pub/criticalresistance/p/the-playbook-for-resisting-a-banking?r=1rs7l1&utm_medium=ios
Just wanted to let you know, I have read this account and while the messages seems legitimate, I have repeatedly asked the author for their credentials to post advise like this to the point where they blocked me. Don't believe everything that you read if you don't know an author's name or expertise advising the public on crucial issues.
It's funny you should say that, because I did get a vibe from it. Always, always verify information you receive online, folks. This entity may be right, but the fact that they don't disclose who they are or their qualifications, as Maria said, is suspect.
yes! that is the article i read—wasn’t sure i could find it to post here.
This is really good, thank you for posting'
1000% every word. ⬆️
On one hand I’m happy for the wealth, comfort & privileges of a few…AND…I’m also super sad at the ignorance & blind spots that leaves for and of the rest of us - people who are not just strapped but often suffering & always running short, or without. This article reads more like advice for millionaires or a pie-in-the-sky wish list. Again, great for the few who can do it, but tangible, realistic & relatable ideas for the masses of us who are strapped tightly (for whatever reason, including poverty or too many expenses or a life event on a higher income) is needed as well.
Which is all to say, thank you Jenny for adding this comment to help bring awareness to the important & missing part of the conversation. ✨
Great article! So many things the executive branch of this administration has done has been in theory outside of its authority, yet Congress is hiding in fear or complicit, and the Court is leaning to support the dismantlement of constitutional norms. So I am not convinced the FDIC is not in jeopardy. Sure everyone will scream and cry, but that has done nothing so far. So we need to continue to explore other options. Call me a downer, I guess. But I feel the US government is actively sabotaging my money.
Agree about the FDIC. Congress has not been able to stand up to Trump’s/ the republican’s EO’s other than stand up some legal actions which has not stopped much of anything. The FDIC being a target (which is in the P2025 plan) has me in an utter panic.
Fear mongers
In that case, I encourage you to enjoy Fox News.
How is your retirement fund doing this week? At least tariffs will make everything you buy more expensive….. You could also call it scenario planning. We only get one go around on this rock, I would hate to have criminals and loonies in the government ruining my one go around.
Your article is very helpful but here’s my concern. It is hard to trust financial advisors right now because I don’t think many of them are truly objective. They are either driven by the desire to keep you investing in the market even if they see the same ominous signs I do … OR , like many American they are totally in the tank for Trump. In the second case, they are conditioned to believe that Trump can do no wrong and therefore tell me that everything will be just fine. I don’t want to overreact , but at the same time I’m looking for realistic advise on what to do. How do I find people who can do that for me?
Well hi Rob! You’ve stumbled upon the right post then, because my and my partner’s mission is to serve people just like you. My brother @Dustin Granger and I are the co-owners of Generation Wealth, a full-service wealth mgmt firm—you can find our website here: www.thegenerationwealth.com and you can book a complimentary Discovery Call here: https://bit.ly/GenerationWealthDiscover
p.s. everything you described is exactly why we’re being open and public about our politics and values.
3-6 months?! I might have 3-6 days on hand. Might.
How do you recommend we prioritize?
Ikr? Always fun to read about how people who are WAY above my range can get on the safer side with their money. There is no solution for people who live paycheck to paycheck…
There are other forums for you like Reddit. If it doesn't apply look elsewhere. I'm finally in a position that this does apply to me and is helpful. Don't discourage advice just because you can't use it. I don't own a car but I don't complain about repair advice online.
Once upon a time, I did live paycheck to paycheck and had accrued a few thousand on a credit card for car repairs. I went to the consumer credit bureau and talked to someone who helped me understand to prioritize paying the most costly (high interest) things down first. Eventually (and it took years) I was finally able to start investing. If, and I realize that this is a bigger if today than when I started, you are able to invest in an IRA plan, the amount you invest reduces your taxable income and often you'll find doesn't reduce your actual take home pay. The strategies discussed in this article do work even if you can't do all of them. And as the saying goes, if at first you don't succeed, try, try again.
I use to live paycheck to paycheck. I bought a house in a neighborhood that was supposedly the next big thing. It wasn’t, it turned into a section eight haven. But for what I was paying $400 per month it was all I could afford. Eventually met my husband we went to school, did some jobs changes and finally got out of the hood. We just timed it right, and there a housing bubble that burst just as we closed the deal. We never made big money.
The only thing helpful I can tell you is make friends in the neighborhood. If you are handy with electrical, carpentry, fixing cars, helping people on computers this might provide additional income, meals, a place to stay if things just dropout. Don’t forget farmers markets, and everyone is buying second hand stuff. If you can grab a couple of hours at a deli, supermarket, food at discount.
We eventually had to move out of state. We were close to retirement and we had two individual financial advisors tell us we would end up in senior government housing if we didn’t move. We moved to Texas about 7.5 years ago. Moved into a very small town and if you are excellent as a tradesperson you are talking BIG money. There are trade offs not great medical care, wild fires, poverty, but you learn to look out for one another.
there are no quick fixes, easy outs. Working poor sucks.
Potential? Seriously folks wake up, its over. No, I am furious and sad and angry and pissed and resentful and absolutely gobsmacked that any human could have or would have ever voted for a rapist as president of any nation much less amerika
Your note is 🎯
Thank you!
“I sat with my anger long enough until she told me her real name was grief.”
— C.S. Lewis
I am stunned my heart continues to beat and others aren’t sitting with their own heart in shatters.
We are a lost people
Sounds like good advice for normal times, but we're not in normal times. As for the FDIC, what's to stop DJT from signing an Executive Order abolishing it? Or Musk tweeting that the FDIC is gone? Federal agencies established by law can only be abolished by Congress, but we've seen Musk cripple two agencies (USAID and CFPB) with Trump's blessing, illegal but unchallenged. Social Security is next on their chopping block, even though Social Security does not contribute a penny to the deficit because its staff and admin costs are paid out of the Trust Funds which are healthy right now (funding shortfalls are projected for 2033/2034 but not now.)
Agree. I lifted this from another article so have not vetted it myself: Page 705 of Project 2025 discusses shrinking or restructuring federal financial protections, including the FDIC, under the justification of ‘market efficiency.’
This has me panicked.
I don't blame you. There's nothing wrong with recognizing a threat. The trick is to find ways to prevent your fear from taking over. It's not easy, I know. Right now, it's a survival skill.
I really enjoyed reading this because these exact issues and bandaids are on my mind! I am seeing the comments by people living paycheck to paycheck. Not only was I there years ago but as a school teacher in rural Vermont I taught many families in this position. Here in Vermont just about everyone, in every asset bracket, is talking about getting chickens in the spring and planting vegetable gardens. Urban gardens and victory gardens will be on the rise and are a great way to supplement food insecurities. They are also a great way to donate healthy food to food cupboards.
Do you recommend changing IRA portfolio allocations to more conservative allocations now? I’m 64, retired and started living off my 401k this year. Currently 60/40 but wondering if I should go more conservatively to 50/50. I live fairly modestly. ($4500 a month pre taxes)I own my modest home.
Elle- as a “refugee from Wall Street” (worked in financial services in the 1980’s and 1990’s; am now happily retired at 75) I’ll give you a brief observation to your comment. I would start by asking you why you are invested in the stock market at all? If I understand your comment your living expenses are about $50,000 annually. Investing in some of the short term ideas that Ms. Nava detailed will pretty much cover that. So am I suggesting you do that? NO, I am not.
The biggest fear anyone has when they retire is that while their current retirement savings yield enough to maintain their current life style will the actual dollars generated be enough ten years from now? And in my mind that’s where the stock market comes in.
Many people feel that the only way to make money in the market is to buy a stock at 10 and selling at 20. That’s one way to make money and it’s definitely NOT how I invest. If I were a real estate investor (which I’m not) I wouldn’t be checking the price of an apartment building I bought six months ago. I would be aware of what my costs (taxes, upkeep, mortgage, etc.) were and how much rental income I would need to break even. Anything above that would be mine. I would know that I would have the potential to see the apartment building throw off additional income in the future while the building might appreciate in value.
I try to apply this idea to my stock investments. I buy companies that have a high likelihood of increasing their dividends in the future. And some categories pay fairly high dividends (over 4% in what I believe is a very overpriced market). And these companies provide basic services (like electricity, food, and other things). And I hold (and have held) these companies for decades.
I make it a point to never invest more in anything that would cause me to lose sleep if it lost value. If you do think this approach makes sense you should take the time to google “Dividend Kings” and “Dividend Aristocrats.” These are lists of companies that have decades long track records of raising their dividends. And most of the names on these lists you’ll recognize; for instance, have you heard of that “Mom and Pop” company Procter and Gamble?
You can also find mutual funds that only invest in companies that appear on these lists.
Finally, I feel your idea of moving into a 50/50 balance is a good one.
Hope this helps. Good luck!
Jeff thank you for taking the time to share your thoughtful reply. This is very helpful to me, much appreciated.
Glad to help.
One thing I didn’t mention is that if you decide to invest in dividend growth companies don’t immediately allocate all of the funds. You want to average in over time because we never can be certain when the best time to invest is. And if you decide to invest in mutual funds whatever their investment styles it’s unusual for funds to have a large cash position. The reason is this: the managers of a fund are paid based on how well the fund does. It’s very difficult for the managers to have a large cash position because if they are wrong (the market doesn’t decline) investors will ask themselves why they are paying a manager to place monies in a money market.
In my opinion you should not purchase a fund where the management fee is over 1% annually. And you should explore some of the ETFs (Exchange Traded Funds) which in many cases have very low fees (.25% or lower) because a computer duplicates an index such as the Dow Jones or S & P 500.
Last point: if you purchase a mutual fund you should check the turnover rate. I don’t want a fund manager who is constantly trading stocks. I want a manager who invests n companies and that means holding securities for a long time.
There are so many funds available. Thankfully you can find all this information on line. And realize if you follow these ideas you will never find yourself buying the number one fund for the last year. The number one fund has to take more risk and will buy in retrospect “hot stocks.” Chasing after funds or stocks like that is a fool’s errand. Slow and steady usually works out very well.
Thank you! I am finding your counsel to be so helpful, and we are following through on these steps with our household finances. And - sharing with others in our orbit, too.
Appreciate you!
I was really happy to read the article until I came across “the fdic would need an act from congress to be dismantled.” Be so for real right now. He has done everything by executive order and those traitors hand everything. So don’t hide behind “but congress…” because it cowardly.
Well my understanding is the FDIC has no money for bank bailouts, that is why all the assets are being acquired by other banks. So in basic terms I would say they have been dismantled and congress doesn't need to do a thing- par for their course.
I wish you well
Please know that fireproof safes only protect what is inside for a short time during a fire. They are NOT going to keep your cash safe.
“Even if this administration wants to weaken the FDIC, it would face legal and political hurdles, including resistance from Congress, the banking sector, and the public. I don't believe we should lose faith in this institution.”
No offense, but tell that to USAID. Trump acts first then appeals forever, long before actually following any court order. And Congress is resisting nothing right now except being responsible human beings.
What money!?!?!?
BLITZKRIEG - BLITZKRIEG - BLITZKRIEG
During World War II, Germany referred to its rapid, surprise attacks on other nations as a "Blitzkrieg," which translates to "Lightning War" in German; this strategy involved quick, coordinated assaults to overwhelm the enemy before they could fully mobilize. We the people are the enemy of this administration.
We the people need to send a letter of thanks to all those MAGA representatives in congress for breaking a world record for allowing a Once great nation to be taken over by a Traitor and his minions In less than 100 Days. I would tell them it is time to resign, their task is over and they are no longer needed.
The Honorable (Representatives name)
United States Senate
Washington DC 20510
The FDIC made some major rule changes on March 3rd, you should definitely check them out. They've removed restrictions for brokered deposits (used for fraud), bank mergers (impacting customer safety), and the use of the FDIC insured logo (they don't care who uses it and for what purpose). In addition, the SEC removed the regulations surrounding EFTs they will no longer be held to the same standards as stocks
Wonderfully thorough. Love the quote “Be fearful when others are greedy and greedy when others are fearful.” - Warren Buffett