ATLANTA — Some financial advisors believe the economy may not get better for several more months.
And according to the Council for Community and Economic Research, the average raise increase from employers is about 3.8% but the cost of living increased a record 11.7%.
While Georgia is in a slightly better position since wage earnings increased to 8%, that too is still being overshadowed by the high cost of living.
"As these prices continue to increase in gas and food prices you have to find ways to sustain yourself or supplement yourself," said Armand Kadima, founding partner of Levanter LLC.
He said while the market is in flux, the one thing you have control over is the effort to bring in more income. Kadima said finding a second source may be the only way to stay afloat for now.
"You may not or have had to consider that in the past because you were able to make ends meet but right now it's something people should consider," he said.
In Atlanta, the annual salary needed to be happy is about $121,000, according to a new survey from GoBankingRates. In Georgia, that magic number is around $93,240 per year but they also said if you're making in the range of $53,280 to $66,660, that's enough to at least reach emotional well-being, the study found. When compared to other states, the same study shows the Peach State has one of the more attainable salary levels to achieve happiness.
"Even just figuring out how to monetize your talents," Kadima added. "People have a lot of skillsets, things they do for fun, as hobbies, you can make money from those things."
11Alive spoke to metro Atlantans about how they are wading these rough economic waters.
"I buy food more now instead of going out to eat, I cook. And I went from Gucci to Walmart," Reggie Hughes said.
Dwanda Reese said she parked her car and is now taking MARTA for the time being.
"You may have to sacrifice and not buy as much as you used to," Timothy Simmons said.
Based on historical economic data, Kadima said this economic cycle was bound to come every five to seven years with or without COVID. But of course, COVID made it worse.
"The main takeaway is, that even though it's tough, this won't last forever," Kadima said.