When It Comes To Being Prepared, Where Do Montanans Rank?
I'm not sure I would call myself a conspiracy theorist, however, I would say that I have a healthy amount of distrust when it comes to certain things. And while I'm aware that folks have been predicting the end of the world since the beginning of the world, I do believe it is important to be prepared for...whatever might come our way.
I don't spend a whole lot of time watching the news, as I believe it is pretty biased, though I am aware that the cost of everything has gone up. Sure, gas prices have gone down a bit, but we're still paying well over 4 dollars a gallon and a trip to the grocery store is much more costly than it used to be.
So, what does it all mean?
Well, according to some folks, including some financial gurus, it means we're heading for difficult times. We know that interest rates continue to rise, as does inflation. And, according to an article from CNBC, one economist says that we've got ourselves a recession to look forward to in the near future.
How prepared is Montana when it comes to these uncertain times?
According to some recent data, not very. Merchant Maverick came out with a list of the Top 10 States Most Likely To Survive A Recession in 2022, and Montana didn't make the Top 10. In fact, we didn't make the Top 20 or the Top 30.
Where did Montana fall on the list?
35th. Montana came in at number 35. I suppose the bright side is we didn't make the bottom 10, however, we weren't far off. So, why did we rank so low? Well, there were several factors that go into figuring all of this out. Taking a look at some of the numbers, this is where Montana falls:
- Government Reserves: 20.8% (10th)
- GDP Per Capita: $54.35 (41st)
- Debt to Income Ratio: 0.92 (45th)
- Unemployment Rate: 2.9% (6th)
- Income Tax Rate: 6.9% (37th)
- % of Households that can afford a median-priced home 30% (18th)
There are certain things that folks can do to prepare for a recession. Kiplinger.com offers up 5 steps, including having an Emergency Fund and paying down debt. What are you doing to prepare for a possible recession? Do you have a plan in place?
Like anything in life, preparation is key and the more prepared we are, the more likely we'll be able to handle whatever may come our way.
Credit: CNBC, Merchant Maverick, Kiplinger