Australia holds the developed world record for the longest run of uninterrupted GDP growth. It’s 29 years since the last recession! We passed that 29 year mark just as COVID-19 hit.
Now we are screwed.
While we don’t know yet exactly how big a recession we are heading into, all the experts agree that the good times have come to a very sudden end. This means that anyone not old enough to have experienced the job market between 1991-94 is in for a real shock. Finding work during a recession can be bloody hard and demoralising. Money will be very tight for a lot of people and it could go on for some time.
So where do you go for good information on money that you can trust?
Three places: 1) moneysmart.gov.au – the federal government website (even if you don’t trust the government, you can trust this site).
2) Your local library for a copy of The Barefoot Investor, or if your library is closed you can find it online for about $20.
3) Financial Freedom – yes, I know, shameless self-promotion. But it’s free, ad free and packed with everything you could need to help you through these tough times.