From the course: Personal Finance Tips and Tricks
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How to understand economic cycles
From the course: Personal Finance Tips and Tricks
How to understand economic cycles
- It's been said that the most dangerous concept when it comes to the economy is "this time it's different". History has shown that the economies of the world move in cycles. It's easy to slip into that mindset because economic cycles feel abstract and they're talked about so much that economic news just becomes more noise to tune out. But when you can see where you are in the context of the economy, you can do two things; you can adjust your behavior, and you can take advantage of opportunities. Here's how. Start by making key economic ideas personal. You may think that interest rates, currency values, and unemployment don't have much to do with you; but they can influence your life more than you know. The first thing to understand is that economies expand and contract. Expansion means the economy is growing, and there's more money flowing through businesses and individuals. In times of expansion, there's often new developments within the public sector, like governments building new…
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