- The deadline for contract negotiations between the UAW and the big 3 automakers in September 15th
- In the event of a strike, UAW employees would need to find ways to save and bring in money in the mean time
- Financial planner and Co- host of The Stacking Benjamins podcast explains the 2 ways to stay afloat is cutting expenses and finding other sources of income
(The following is a transcription of the full broadcast story)
THE SEPTEMBER 15TH DEADLINE FOR THE UAW AND THE BIG 3 AUTOMAKERS TO COME TO AN AGREEMENT ON CONTRACT NEGOTIATIONS IS JUST DAYS AWAY.
WHILE UAW WORKERS PREPARE FOR THE POSSIBILITY OF A STRIKE.. FINANCIAL PREPAREDNESS IS TOP OF MIND...
IT'S CRUNCH TIME FOR THE UAW AND THE BIG 3 AS CONTRACT NEGOTIATIONS HEAT UP.. AND WITHOUT A DEAL BEING REACHED.. UAW EMPLOYEES COULD FACE A LOSS OF PAY.
"I think UAW workers need to look at whats happening in Hollywood, we don't want it to be long term obviously we hope everything is taken care of by Friday"
BUT IF IT ISN'T.... WORKERS MUST FIND WAYS TO STAY AFLOAT..
"And the good news is there's only 2 ways to do that; the first one is cutting expenses"
FINANCIAL ANALYST JOE SAUL-SEHY SAYS SMALL GESTURES LIKE CUTTING SUBSCRIPTIONS, SELLING UNUSED ITEMS AROUND THE HOUSE OR CUTTING BACK ON EATING OUT CAN ADD UP.
"Most of the time i roll my eyes at those for UAW workers those are serious now eating at home is a big deal and this little thing may keep the lights on for a few more minutes"
ANOTHER PIECE OF ADVICE IS FINDING WAYS TO MAKE MONEY IN THE MEANTIME.... COMPANIES LIKE UBER AND DOORDASH ARE WAYS TO KEEP MONEY FLOWING
"There's even some weird ones out there like Toro where you can rent your car out to people"
ANYTHING HELPS WHEN IT COMES TO THESE UNCERTAIN TIMES
THE DEADLINE FOR CONTRACT NEGOTIATIONS IS SEPTEMBER 15TH AND WE WILL KEEP YOU UPDATED AS NEGOTIATIONS MOVE FORWARD
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