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By Lauren Young, Digital Special Projects Editor

What can we expect if the political showdown over the debt ceiling stops the U.S. government from cutting checks that fund a quarter of the economy?

BAD THINGS.

Americans could quickly experience spiraling stock markets and retirement accounts, and, within days, the lack of federal payments could weigh heavily on doctors’ offices, senior citizens and workplaces throughout the country.

“It would be downright cataclysmic,” predicts Mark Zandi, an economist at Moody’s Analytics. “Stock prices would fall, commercial real estate values, house prices. Everything would fall.”

In other words, missing a payment would trigger a financial meltdown. 

Yep. It sounds like Doomsday. But, ever the optimist, I do believe our lawmakers will avert the crisis and figure out a solution — at the last possible moment.

A staff member enters a passcode for a safety deposit box at a security showroom in Tokyo, Japan. REUTERS/Yuya Shino

A few years ago, my husband and I tried to rent a safe deposit box at our local bank. 

No luck. 

It turns out our bank doesn’t provide the service. 

But even when banks offer secure storage for valuable items, there may be no room at the inn – wait lists for safe deposit boxes in high-demand locations can extend up to five years, says Dave McGuinn, president of industry consultancy Safe Deposit Specialists in Houston.

So where should you store your gems and crucial documents that are too important to be lying around the house?

Here are some tips on housing and protecting your valuable stuff.

Workers cast shadows as they stroll among the office towers Sydney’s Barangaroo business district. REUTERS/Jason Reed

Finding your way onto a board can be daunting. After all, directors are the “crème de la crème” of the business world, who have typically arrived after decades of achievements, said Aliza Licht, a branding consultant and author of the new book “On Brand.”

“Getting on boards is about who you know, and about what you know,” Licht said. “This is why it is so important to shape your narrative properly, so that people understand the value you can add – and think of you for opportunities, even when you’re not in the room.”

The Catch-22 is that companies want directors with board experience to fill board seats. For aspiring first-timers, the obvious question is: How do you even get considered?

One great way to gain board experience is to start at a nonprofit organization. I’ve served on six nonprofit boards, and I’m currently president of our synagogue. Along the way, I’ve learned a lot about managing staff, budgets, communications and even construction. 

But before you join any board, be sure to ask about the financial expectations — nonprofits usually want you to raise or donate money — as well as the time commitment.

The skyline of downtown Los Angeles is pictured at sunset. REUTERS/Mario Anzuoni

Economic activity has slowed in recent months, but many of us still yearn to quench our thirst for travel that grew out of sitting at home during the pandemic.

In fact, travel rates are now higher than before the COVID shutdown. (Indeed, while I write this newsletter, I have another screen open to book a flight to Los Angeles later this summer.)

Some of us are trying to make up for lost time and check off bucket list travel items. And many thrifty consumers are looking for creative ways to save money and still vacation.

That may include taking road trips instead of flying or booking a budget hotel room. Other travelers are more innovative — spending $100 to $250 for annual memberships to websites that connect them with people who need simple chores done while their dwellings are vacant.

Walking dogs, watering plants, house sitting: these mundane tasks are luring travelers to house-swapping. U.S. company HomeExchange said membership levels in the first quarter increased 77% year over year to 110,000 and exchanges increased 63%.

Home exchanges always remind me of the movie “The Holiday.” Hence, the Los Angeles photo…

Before you take the home-exchange plunge, do your research. Here are some helpful tips.

Do you need a new will? Are you thinking about giving your kid an allowance? Send your money questions to me, and I’ll tap my extensive source network and braintrust for expert advice.

Submit your questions here. And don’t forget to subscribe to this newsletter.

Join Reuters U.S. Finance Editor Lananh Nguyen in a conversation with Bank of America’s Retail Banking President Holly O’Neill on Wednesday, May 31 at 10:00 a.m. EDT / 2:00 p.m. GMT.

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