It’s eerie when I read articles from back in the day on this blog. About a year ago, I subscribed to the Economist magazine (something I wish I had the time to still read, today) and shared this nugget of information with our readers before the recession was declared and before our economy tanked:
It was recently calculated that every American, including every child, carries $30,000 in debt. The current deficit is calculated at a $1 million a minute. The government is working on legislation that will write-off the suffocating interest currently accruing that crippled the subprime mortgage market. a recession is extremely plausible.Ybp, I say to you, with urgency…save. Have multiple bank accounts, readjust your spending habits, apply the 20% (not the 10%) rule, and build wealth. It is not an overnight process. Every little bit counts.
spooky, right?
Well, as the new year approaches and we try to survive this economic time, I keep to those words. Hopefully you’ve made some strides in having an emergency fund and keeping yourself afloat. If you’re blessed enough to be employed, continue to sock it away. Try and find assets that will have fixed returns, like a long-term CD or IRA, and let that be the basis for wealth. While the market is a no doubt bargain bin at the present moment, never get too greedy that you over-extend yourself in purchases where one broken piece brings your entire vision down.
I’ll relink to some past articles we had on the subject and ask that our readers post up some of their own financial advice that they’ve found useful over the years.
