Hi Everyone,
A looming recession has been in the news for the last few weeks and I am not worried about it. This is why.
Does anyone remember the last recession? You know the one where everyone on the planet that knew enough to listen to Alan Greenspan did. I will admit it, I was one of those people. In fact, there were a lot of times I, like so many others, hung off of every word he said. He was, after all, the expert. He told us, the global public, that everything was better than good and that there was nothing to worry about, until of course, there was. Go big or go home Alan. Anyway….
The last recession was brutal and longer than most. It was officially from December 2007 until June 2009. If you lost your job, home or both it felt like it lasted longer. If you were part of the gig econmomy or had percarious work, you were screwed. If you had little to zero money saved, had credit card debt or well other debt like car loans and/or student loans you were probably doing whatever you needed to in order to survive. Claiming bankruptcy was very popular. Consumer proposals were, and probably still are, equally as popular.
Regardless of what you did or didn’t do you, like the majority of the people on the planet, learned a lot. For some it was the best financial education you got. I was no exception.
One of the first things I learned was that experts make mistakes. And some of those mistakes are really big, and devastating. The global economy was going into financial hell faster than anyone could stand in line at the bank to pull their money out. Countries were crashing and some are still recovering.
Another thing I learned, or well re-learned, was that having little to no debt always helps. Having money saved always helps too. Living below your means is a great way to live. Walking is the best form of exercise. Eating well is best preventative medicine going. Free is more fun than people give it credit. Credit is generally bad. Being broke sucks. It’s easier to save when you have money.
There is always a recession looming.
Thank you for reading, A. Rebel’sRant! ;D
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