Advice from Dad - The Economy

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If you've been watching the news at all you get an idea that the economy isn't doing to good. I didn't live through the depression but I've known and heard stories from a lot of people that did. I'll get to the point: Get out of debt. Any way, any sacrifice you have to do, do it and EVERY little bit helps. If you can save 20 bucks by cutting out one planned activity, do it. If that means no road trip, no road trip. If that means no new clothes, so be it. Don't take this economic crisis lightly...take it very, very seriously. Be on the lookout for good bargains on food storage items and get them. Investing in the essentials right now could save you a lot of money later when the value of money declines sharply. Last, start saving. Instead of going out to dinner, keep that money in the bank. Bottom line: Don't spend money on things other than necessities.

The bad part of this is that if everyone did this, the crisis would just worsen. It's a no win situation. If just a few people spend in an effort to get the economy going, and it goes down anyway, those folks will be the ones who lose. Be prepared. Don't expect that because all your life things have been rosy that they will stay that way.

Yer mom and I have decided that after Christmas we're going to pretend I've already lost my job and save *every* penny to finish paying off our duplex and start building up our cash reserves. I think this nation is in for a bumpy ride.

Comments

Cambrienelson said…
thanks for the advice. It's a good reminder to us.
21 November, 2008 12:51
Marilyn said…
I second the motion, big time. I don't believe any effort on the part of govt. to bail out wall street, the "big 3" automakers, or anything else will keep us from going into an economic depression. The way I see that, is that their attempts to avert it by throwing Billions of $'s at it is like trying to put out a forest fire with a squirt gun. And I don't think we will bounce back in a year or 2 either. Our problems have been caused by dishonesty, and greed, and the majority of people across America are choosing to ignore God's commandments. We all know from the Book of Mormon what that will mean. It is time to be ready for it!
21 November, 2008 13:33
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