The U.S. economy has been declining for years, ravaged by inflation, stagnant wages, and growing layoffs, and more recently getting brutally hammered by a nearly 3,000 point drop in the stock market last week.

In an effort to make ends meet, whether due to growing costs or a reduced income — or both, many Americans are looking for ways to bring in more money.

Some are developing new skills to earn promotions or even turning to second jobs, while others are launching a “side hustle” which is essentially like a miniature business. And others are starting full time businesses, but this is a much smaller percentage of people, mainly due to startup costs and risk. Even business owners are being impacted as more people reduce spending to cut costs in today's economy.

Regardless of the path, most are demonstrating the traditional resilience Americans are known for. When times get tough, we've historically chosen to adapt, improvise, and overcome, and today is no different.

Resources are springing up all over the country to help in this endeavor.

The foundation to all of this, of course, is financial literacy, and unfortunately, many Americans today lack this vital skill set.

While financial literacy is always important, it’s absolutely critical during a declining economy because costs tend to be higher while income is often lower, putting people in a more precarious financial position. When people have a better understanding, they can make better financial decisions.

Newsmax is a tremendous resource with its personal finance section, featuring insight from noted financial experts like Dr. David Phelps, who has consistently warned that today’s economic conditions were coming. And the nationally syndicated television program, Daily Flash, recently started a series called “Financially Speaking” to share information that educates viewers on financial topics so they can improve their own financial literacy.

“Financial literacy is the foundation for economic success whether you’re an employee or an entrepreneur, and when I realized how few people had the necessary understanding on this topic, I knew I had to take action. That’s when we launched our ‘Financially Speaking’ series. I believe this is important not just for individuals, but also for the U.S. economy as a whole,” says Daily Flash president, Sharon Weiler.

This helps viewers not only avoid costly financial mistakes but also to make informed decisions that lead to a stronger financial picture. In helping more Americans become financially literate, we create true financial independence, which helps to create a stronger economy that works for everyone.

The Innovate Summit, founded by Brian Wallace, is hosting its 2nd annual event in Owensboro, Kentucky this May. It aims to help people expand their skills and knowledge through a focus on innovation. The goal is to give attendees the resources to become more indispensable in the market, whether they’re employees or business owners, and as a result, improve their financial security and independence.

“This is where the future of technology meets real-world execution. AI is moving faster than most are prepared for, and this event is an opportunity to get up to speed on topics like this to become indispensable. I’m excited to share insights on where AI is heading, what people need to do right now, and how we prepare for the shift toward AGI and beyond,” Michael Antonovich, Founder and CEO of SolaraCloud.ai said.

And it’s not just about the skills and knowledge. The event has a team of facilitators who spend their time helping attendees to connect with other attendees based on shared interests and needs. We’ve all heard the saying, “your network is your net worth,” and numerous studies support this belief. People who have a larger network tend to find new jobs and grow businesses faster than those with smaller networks.

The reality is that many struggle to build and expand their networks, in part, because society has changed dramatically — especially post-pandemic. With the proliferation of work from home jobs, people just don’t get out and network like we used to, and it’s significantly harder to build deep and meaningful connections online. That’s why opportunities to do so at events like the Innovate Summit  can be priceless, especially when coupled with expert facilitators to help those who may not be great at networking.

“As economic uncertainty continues to grow, individuals are increasingly turning to freelance work, establishing new strategic partnerships, and taking more control of their financial futures. By leveraging both digital and physical platforms, they are creating opportunities that are tailored to their own unique needs and breaking free from the constraints of the traditional business model,” Amanda Banks, Founder of Create and Innovate Solutions and Co-MC of Innovate Summit said.

And for those wading into the daunting world of entrepreneurship, whether as a side hustle or a full time endeavor, many organizations exist to help provide the education, resources, and connections necessary to help ensure success.

Starting a business can be the key to financial independence, but it also comes with significant risk. Especially if you have no safety net. And there’s also the emotional toll the experience can take on a new entrepreneur. That’s why it’s so important to have a good support system in place.

Action Zone is one of these organizations. Based in Tampa, Florida, this non-profit collaborative center facilitates education and networking to help veterans launch businesses while avoiding the common mistakes many make, giving them a clearer path to a profitable business, more quickly. And beyond improving the business owner’s own personal finances, this also creates an opportunity to help improve the finances of others in their community both by employing others and by paying vendors and suppliers.

Valerie Lavin, Action Zone’s co-founder says, “Small businesses are the backbone of America’s economy, and entrepreneurs act as catalysts, transforming their communities into hubs of economic growth and workforce development.

For those with an entrepreneurial itch but unable to commit fully due to demands like college tuition, a stay-at-home spouse, or caring for aging parents, supplementing income has long been a practical sideline.

Since 2020, however, soaring living costs have made it a necessity for many just to preserve their standard of living. Yet, the risks are stark: the Bureau of Labor Statistics reports that about 20% of small businesses fail within their first year. With high startup costs and stretches of minimal income, a misstep can leave someone worse off than before — a reality that demands getting it right, especially in today’s unforgiving economy.

According to data from the Bureau of Labor Statistics, approximately 20 percent of small businesses fail within the first year. Between startup costs and periods of little to no income, it’s easy to see how a failed business can put someone in a worse financial situation than they started, so it’s critical to get it right. Especially in today’s economy.

“Supporting founders early in their entrepreneurial journey equips them with the tools and knowledge to thrive beyond the startup phase. Of the 20% of small businesses that collapse within their first year, 35% falter because there’s no market for their offering — often a failure to pinpoint a real problem, while 38% run dry on capital to sustain growth. Too often, founders bank on an “amazing” idea alone, neglecting the groundwork needed to position it for success,” Lavin explains.

Numerous non-profit organizations like Action Zone exist in most cities today, and the Small Business Administration even has local district offices and experienced mentors all across the country offering free services and resources.

While today’s economic conditions may be scary for many, our country has been here numerous times before, we’ve come through it each time,  We will do so this time as well.

The key is to leverage the knowledge, resources, and connections available to weather the financial storm and come out stronger on the other side. Doing so will help you to increase your income, reduce your debt, and build a portfolio that creates financial independence.

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Lori Greymont is a seasoned real estate investor, creator of the hit TV show, Funding Faceoff, and founder of a private mastermind community with the mission to help 5,000 real estate entrepreneurs get their real estate deals done and create true financial freedom.