It is hard to remember the last time the economy has not felt like it is on the verge of a dangerous upheaval. The last few years have seen multiple unanticipated and unprecedented economic spikes.

But as The New York Times explains, you have more options available than just wringing your hands and hoping everything turns out okay.

The most basic piece of advice is probably the one you are most tired of hearing: you need to spend less and save more.

This is aggravating for many to hear since, as mentioned, the economy has been in severe flux for the last several years, so it leads many to ask how long can they seriously be expected to live frugally.

Not taking some time to have fun and enjoy life might leave you with more money, but it is mentally taxing after so long.

Another option is to focus on the long game. Investing in stocks and bonds might not sound appealing currently due to many performing poorly in the last year.

But you have to focus beyond the short term. Those investment options are expected to rebound in the future. And if that is true, their lower value now makes them cheaper for you to invest in if you are willing to be patient for a payoff.

One specific option mentioned is Treasury bonds, which can offer you some peace of mind even if a recession does come. You purchase these bonds for a term of several decades and they build on a fixed interest rate until they have matured and can be cashed in.

They are very well-known for how safe of an investment they are due to being backed by the government. However, that safety does lead to them not yielding a huge return once the term is up. But it is one way to keep your money protected somewhere where it will still continue to build.

Fred Hubler, Chief Wealth Strategist for Creative Capital Wealth Management Group which offers retainer-based advice and access to accredited investments, said, “both stocks and bonds have had a great run up, longer than normal, higher than average and I don’t think anyone smart believed that would continue indefinitely.”

“Our firm has focused on alternative strategies to stocks and bonds so when both stocks and bonds are heading the opposite direction having alternative allocations to your portfolio can a make a big difference to the overall performance.”

Ultimately, there is no quick fix for you during an economy in flux. For many, times like this are a moment to realize the big picture financial strategies that they should be making a part of their life even when things return to normal.

Want more advice on how you can protect yourself against an unpredictable economy? Get more advice in The New York Times article here.

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Want to know if you’re on the right path financially? CCWMG’S Second Opinion Service (SOS) is a no-obligation review with one of  Creative Capital Wealth Management Group‘s Wealth Strategists. 

It’s simply not possible to get a reliable second opinion from the same person who gave you the first one. Click here to schedule an SOS meeting with Fred and his team.

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