It may sound crazy to talk about building wealth during a recession in which millions are struggling with unemployment and paying their bills. But financial expert Patrice Washington says that not only can Americans dig themselves out of debt right now, they can take steps toward building long-lasting wealth.
“It’s really hard to think about how you can build wealth in the midst of a recession, and I think that a lot of times we assume it’s about being a millionaire,” Washington tells CNBC Make It.
But it’s not. Building wealth is all about having the right mindset, Washington says. “A recession is how I actually built my whole life and career,” she says. “I lost everything in the Great Recession and had to start over from scratch.”
Here are four approaches Washington recommends working on now to set yourself up for financial success.
1. Forgive yourself
To really move