Hey Juno community!
This week we’re talking all things economy: the UK GDP, the bear market, and the crypto crash.
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In the news this week...
1. Crypto is crashing
What's happening?
There's not really a way around this one: the crypto market is experiencing a major crash. Key currency Bitcoin has fallen by over 10% since the start of the week, and analysts think that it may continue falling. US inflation figures are thought to be partly to blame, as well as the decision of crypto platform Celsius to halt withdrawals because of the state of the market.
What does this mean for my money?
Needless to say, now might feel like a bad time to have cryptocurrencies. Whatever you decide to do, it's worth scheduling a little downtime away from looking at your portfolio
I want to learn more!
🪙 Decrypt is a great platform for keeping on top of crypto news, recommended by resident Juno crypto aficionado Margot Worsley.
2. The UK economy shrunk in April, and the risk of recession has grown
What's happening?
The economy shrunk 0.3% in April, following a 0.1% shrink in March. This is the first time since the pandemic that we've seen a shrink two months in a row, and some experts suggest that we might be on the edge of a recession. Primary factors include the increasing cost of living and a resultant loss of consumer spending (you're not the only one that thinks everything's become much more expensive!).
What does this mean for my money?
Even though we may not end up in a recession, analysts think that the next few months may well feel like one. While prices may continue to rise, government support in the autumn is something to keep in mind.
I want to learn more!
🗞 The BBC bring together some of the key factors in the continuing slump.
🤓 Top up your knowledge and stay ahead of the curve with podcast recommendations, straight from our community.
3. The S&P 500 is officially a bear market
What's happening?
In everyday terms, that means that stocks are falling. The S&P, one of the key indexes for US stocks, has officially hit a 21% decrease – definitely bear territory.
What does this mean for my money?
A bear market means that you might see your stock investments going down in value, particularly if you've invested in the S&P 500 itself. This is not reflected across all indices, and some are still rising.
I want to learn more!
💸 If you feel like buying the dip, come along to our free webinar on making your first investment.
📉 Here's what hedge funds say on whether or not it's worth buying right now.
What's going on in the community?
1. Is it better to move company or go for stability?
Q: I've just started a role two months ago in a great company with good pay and benefits, however the role hasn't really turned out to be what I expected it to be. I turned down a promotion at my previous company which would have paid me more but I didn't like the atmosphere or the way the company operated (as a queer person it didn't feel safe for me!).
My new role isn't really what I expected and I just feel myself feeling frustrated and unmotivated. I'm unsure of whether take advantage of the market while it's still hot for my sector or to stick the role out a bit longer to see if things improve?
N: I'd probably first ask if youdiscussed it with your manager? Have you seen an attempt to improve the current situation, change your role so it's more aligned with what you are looking for? If it doesn't seem like there is any will (not just words but active changes happening) to improve how you feel at the place then I'd say look for other opportunities.
L: Isn’t it wild that we make huge life decisions after such limited time? We make career moves after just a few hours of interviewing and research. Choose neighborhoods or countries after a short visit. Visit uni campuses and websites and decide to enrol. These big life decisions, I feel, are actually decided with the promise of an idea - not a reality. You’re not alone and you’re completely in your right to be questioning it, despite it being a good company with a good package.
If you have someone within the company that you trust (that has also been there for longer), I’d ask them how their experience has been - have they been able to pivot? What did that look like?
2. New AMA series!
Every Tuesday a new expert will be introducing themselves to the YourJuno community, and answering all of yourburning questions that Friday
We'll be covering everything from property portfolios to early retirement and getting out of serious debt. If you haven't been involved in the community yet, now's your chance to tap into some serious expertise