The latest jobs report data was not good for workers. Despite a falling unemployment rate, just 47,000 jobs were created last month. The trend of jobs growth is falling, and many people are worried that the country is going into another recession. Over the long term, jobs growth is essential to the economy. Anyone trying to plan financial strategies for their personal life needs a source of income. The good news is that the stock market continues to go up. If you have a lot of money invested, your investment portfolio should be up about five percent on the year.
The Current Economy
In order to understand how to invest, it is vital to understand the current economy. Over the past few years, more people than ever before have dropped out of the workforce. The total participation rate, which measures the number of people actually working, is at the lowest point in many decades. Although there are pockets of strength in the economy, there are many people struggling. Learning to predict future money trends is important for workers. Some workers are worried that automation will take away their jobs. While this is true in some industries, most workers should not worry about this issue for now.
Advancing in Your Career
One of the best things that you can do for your investment portfolio is to have a high income. Nothing can replace large contributions to your portfolio on a regular basis. In order to increase your income, you must add value to your place of work. Whether you own your own business or work for someone else, this principle remains the same. A lot of people simply view their job as something to get through. Instead, view your work as something to excel at. Over time, a higher level of income will come your way.
There are a lot of economic signals that have workers worried in the United States. Job growth is slowing, and advancing technology threatens workers in many industries. Anyone who wants to increase their income can do so by adding value at their place of work. A higher income makes investing for retirement much easier. If you want to grow your investment portfolio, start contributing more money. Even when economic conditions are bad, the principles of building wealth stay the same.