People have a natural propensity to do two things when times are bad: One, they panic and fear that the future is bleak, and two, they listen to others who panic and fear. These are the two worst things a person can do when things are shaky. During the mid seventies, when the economy was in a recession, two present day corporate giants – which at that time were in their infancy – started their companies, Microsoft and Apple. Starting a company at a time when corporate computer aged giants such as IBM can crush any competition was ingenious.
Doing nothing will only leave you with the same amount; nothing! Being idle during these recessionary or perhaps financial depressive times is not practical, nor is it wise. Americans cannot afford to wait and see what will happen with our economy. We must be diligent about the business of money. If you have half of a brain, use it to create money. Take your hobbies or skills and generate additional income besides your daily occupation. Plan, strategize, and pray to God to open your eyes to your gift and ability to create wealth.
Now is the time to be serious about your future and that of your children. When President Hoover was in office during the Great Depression, though he was blamed for doing too little too late, he gave speeches on how the government was starting a new initiative to turn the economy around.
These pep talks did nothing as Wall Street stocks crashed and banks failed and the effects of this ripped through the lives of Americans with the force of a Cat-5 hurricane. This generation can be smart and learn what many Americans did not do before the Depression ensued; or we can be just as they were, unsuspecting.
People, you still have time. How much time, I do not know. So, start with a small business, have garage sales, find odd jobs that other people would rather pay someone to do, sell your arts and crafts, become a consultant, sell your family recipes, etc. Making additional cash and stashing it away is important. Make sure your cash is in the safest place possible. That may not be the nearest bank or the biggest insurance company.
Short-term Treasury securities, despite their low yield, must be the primary vehicle as some financial experts suggest. Oh, and do not forget to keep some cash with you at all times because if the economy continues to experience a downward spiral, your money will be worth more. Find friends and family members with your same passion for securing their future as you have for securing your family’s future. Together, you can buy, buy and buy when practically everything is at bargain basement lows. So when the economy bounces back, your assets will have increased, and you and your family can perhaps live the rest of your days being a blessing to families and friends.
Friends, join me as we strategize together and move towards a more prosperous future despite the state of the economy. When people panic and fear, the mentality is “every man for himself.” But when people pray, listen and plan, their mentality is “every man helping man with God’s help.”