ROUGH ROAD AHEAD?

Be financially prepared and you'll sleep better at night

- CHRIS KELLY

Have you ever heard of a rainy-day fund? That's where you have money set aside just in case something bad happens and you need those funds to carry you through hard times for a while. Well, unless our policymakers can come up with a plan, you might be needing that rainy-day fund sooner rather than later. According to the most recent economic data and industry analysts, we are headed for a recession in the US. So, what does that mean for the sport-fishing industry?

A SPENDING SLOWDOWN

First, let's take a look at what a recession looks like and how we can prepare. One of the primary components of a recession is when unemployment rises and the economy is contracting. This will leave more people without jobs; overall consumer spending slows down, which causes a slowing economy. Since the majority of boat owners are also business owners, this will have a compounding effect. Their primary source of income might be in jeopardy because of a lack of spending, and as we well know, when discretionary funds dry up, the first things to go are the toys, and for many, that would be the boat. The length and depth of a recession will determine how many of these toys will either sit at the dock, travel less, or even go up for sale.