Scott Tominaga: Invest in the Local Economy Today

With every country affected by recent events such as the coronavirus outbreak and the armed conflict in Europe, it's no surprise that several localities were hit harder than others. According to Scott Tominaga, in rural locations where jobs are scarce, businesses that shut down for health reasons negatively affect the local economy. 

The trend continues today, even with the world recovering. Not everyone can work from home or live off savings for a year. Scott Tominaga explains that the best way for a community to thrive once more is by pouring money into local businesses. Here are some ways you can help your local economy.

1. Create a local investor network.

On your own, it might be impossible to save your local economy. That is why you should look for the cavalry to back you up. Finding several investors who can direct some of their money to help a failing business or help a business reopen takes the load off your shoulders. You can choose which establishments to help, help them, and be part of the business as a group.

2. Organize a crowdfunding movement.

The internet is a beautiful thing. If lucky, you can create a crowdfunding page, upload a video, and save a business in days. Thousands of people constantly browse crowdfunding pages, ready to give a helping hand, so don't shy away from programs such as these.

3. Keep spending locally.

It takes a while before cash circulates in a small community. Support every business, even if it's not cost-effective. Your local grocer's potatoes are $2 more expensive than the one in the next county? Pay the difference. Are you planning on replacing your AC at a mall in the next town? 

Ask your local handyperson if they can fix your air conditioning unit. Scott Tominaga believes the best way to revive a local economy is through grassroots spending by locals.

Scott Tominaga has almost two decades of experience in the hedge fund and financial services industry. He has an extensive understanding of the middle and back office, accounting, compliance, and administrative functions within financial services firms. Visit this page for similar reads.