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But what does a high stock market mean to the average person?
How do you take advantage of this stock market bounty and get ahead in your own finances?
Stock market gains dont affect everyone the same, either, Collins explained.
Thus, they are less likely to feel the benefit of stock market gains.
Does It Trickle Down?
Some of the stock markets gains do trickle down in ways that might be harder to see.
For example, Collins said, entry-level wages for new college grads have swelled.
Collins recalled that starting out at his first job out of college in 2005, he earned $30,000.
The solution to this problem is not an easy one.
The solution to high inflation quickly is economic pain.
You just lost your job, Collins said.
So lifes all about trade-offs, which is kind of at the hard part of economics, right?
Be Sure To Budget
Getting ahead now takes amore strategic approach, Collins said.
You must be sure to start with a budget to get out of overspending habits.
And thats really a luxury.
But people have gotten used to it, he said.
And thats just one way people spend thoughtlessly without a budget.
Increase Your Income
Another way to get ahead is to take on a side gig.
Its never been easier in a thousand years to turn on income, Collins said.
I just need to take my car and drive it around and I can make money fast.
You could be waiting a month to make money.
Now if you gotta make money, it’s possible for you to pretty quickly.
Its just a great vehicle [for saving].
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