Across the nation bankruptcies and loan defaults are becoming all too common. Consumers who are not able to keep their commitments financially are found not just here, but in other nations as well. The clouds of personal finance storms are everywhere: UK Report.
How are our savings accounts holding up? Is there any hope that we will have anything left once this has passed?
In the Middle of the Storm. Network news anchors delight in spotlighting the negative so we continue to hear every day about how bad it is becoming. And while it does appear that the worst might still be ahead of us, the best advice is just to hold on as best you can. The mounting bankruptcy and loan default numbers tell the story that it is too late for many. Others are trying to find a way to ward off financial ruin. Learning how to survive in a down’ economy is challenge all its own but not impossible. Many who have lost their jobs will be forced to take on other jobs that they never would have imagined just to make ends meet.
After the Storm. The cycle of economic forces will bring us back around to better times. This is best chronicled in the years following the Great Depression of the late 1920s. In the years following WWII, the steady and strong growth of our economy went unabated for decades. Our nation needs a reason to begin the rebuilding process, but hopefully it will not be another world war. So, we look for a catalyst to point the way out hopefully sooner rather than later.
Re-building. After our economy begins to come back to life, there will be many opportunities from which to profit and rebuild savings and investment accounts. But, it will require global demand for products and services which will create jobs in the private sector. The best role for government in all of this is to help the process along. Contributions to the ability to re-start saving and investing can be made by lowering taxation and regulation where possible.
The most confident and respected advisers tell us to do what it takes to survive, look for opportunities to save money for the things that matter, and be on the lookout for improving financial signs that help us make wise decisions when it comes to saving and investing. The most confident and respected advisers tell us to do what it takes to survive, look for opportunities to save money for the things that matter, and be on the lookout for improving financial signs that help us make wise decisions when it comes to saving and investing.