By: Zachary PienkowskiMost people can agree that surviving this past year's economic crisis has been nothing short of difficult. Families across the country have had to cut back not only on luxuries, but also on everyday necessities once took for granted. Men and women who have worked and saved for 30 years saw their 401k's be chopped in half in a matter of months. So how do we survive this? What options do we have? Financial advisors are trying tirelessly to come up with a perfect answer to these questions, but unfortunately there isn't one. The reality of the situation is that families have been forced to scale back their financial goals in many cases and invest in safer options. For example, instead of investing in risky stocks that have already burned them before, people are purchasing life insurance to make sure their loved ones are taken care of. Although no one has enjoyed or wanted the economic crisis we have faced, it may not have brought about all bad results. Making financially conservative decisions to survive the economic crisis has forced many families to create better habits of saving, investing, and spending wisely. Habits that will stay with them when the economy is booming as well. The end result is a more stable financial situation that can handle the ups and the downs of life, and make sure your family is taken care of along the way.
Sources:
http://www.cnn.com/2009/LIVING/worklife/06/25/rethinking.family.finances/index.html
http://www.cnn.com/2009/LIVING/03/30/protect.family.finances/index.html
http://moneyfeatures.blogs.money.cnn.com/category/do-the-right-thing/
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ReplyDeleteI agree that surviving with this years economic recession has been difficult. People have to change their lifestyles and cut down on what they spend their money on. Cutting down on the amount they spend can be a good thing,it will help family save a large amount of money on unnecessary items. This might teach families to budget their money.
ReplyDelete-Scarlett Lu