Shared Wealth: 4 Steps to Promoting Economic Recovery

As hard as the pandemic tried to force our economy into a recession, the resilience of many kept the economy somewhat stable. However, with many still out of work and businesses still struggling, there is more we can do to revitalize and rejuvenate our economy. If we each do “our part”, the country as a whole will benefit along with individuals and their families.

Here are 4 Steps that Help Promote Economic Recovery:

For many, the first idea to come to mind when deciding how to promote economic recovery is stimulating the economy itself. This is done many ways; the most obvious being spending. Throughout the pandemic my husband and I made it a point to eat out frequently, even when just ordering for pick-up, to help keep small businesses going and supported. It can be easy to think to yourself that you can’t afford to help or make a big enough difference, but that is not true. Even a small order to a local restaurant helps. This is the principle of microeconomics, where behaviors of individuals act as a catalyst for the economy as a whole.

Investing is another important step in helping with economic recovery. During the first few months of the pandemic, there were many who simply stopped spending and investing; instead, they saved and held back while they waited to see what the impacts would be. Whether it be in real estate or the stock market, investments put money back into the economy which helps it to sustain activity, stabilize, and ideally continue to flourish. What’s interesting to note now is how the pendulum has swung far to the other side - where there is now excess capital needing to be deployed from individuals and not nearly enough deals to be found. Spending and investing are both key steps that individuals can take to keep the economy moving into recovery.

If you are fortunate enough to have created wealth, a great way to give back to the economy is by teaching others how to grow wealth as well. Exposure to opportunities and education can be hard to come by, especially in a time when the pandemic has put so many out of work.

While the national unemployment rate is down to 5.2%, there are many that remain unemployed or are desperate to pivot from their prior jobs. Becoming a mentor can leave a large impact on the people that you work with or who are looking to learn and create a better path for themselves. Taking on an intern, creating a mentorship program, or even lending solid advice to a curious pupil creates more active and knowledgeable minds in the world, and will help lead to a more productive and empowered individual contributing to the betterment of the economy.

3. Open a Business

The pandemic created an opportunity unlike any other in history that bought many people time to create and launch their own businesses. Whether you already have an established business or a start-up, you uniquely have the power and position to hire contractors or employees yourself, which can help bring the unemployment rate down even further. Hiring is more competitive than ever, but there are still many candidates in the market. Implementing time to listen to what’s important to candidates, building an exciting and driven culture, offering hybrid work schedules are all easy steps to help make the hiring process smoother. By employing others and keeping your own business growing, we will continue to move closer and closer to economic recovery.

4. Become Involved

As cliché as it sounds, volunteering actually does make a difference, even if it is just one person at a time. Volunteering could be a donation of time or a donation of money, or even both. The important part is that the economy gains from contributions whether from direct or indirect capital. To make volunteering or donating feel more rewarding and less like a chore, do a quick Google search of organizations that support or help projects or people you are passionate about. There are foundations and funds of every kind looking for assistance and becoming involved is a great way to help promote economic recovery while also helping to keep your own perspective refreshed and balanced. Be grateful and pay it forward where you can.

Summary

Working towards a goal should never warrant an apology. However, if you are someone who feels that helping others is an important stepping stone in your wealth building strategy, you’re not alone. Promoting economic recovery, also known simply giving back to the economy can be done in many ways. The first way is through the buying of goods, stock, and investments. You could also create opportunities for others through mentorship, or create jobs for other through entrepreneurship. Finally, donating either financially or physically is a great way to contribute to the greater good and overall betterment of the economy.

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