Many Americans say they are still recovering from the last recession a decade ago, meaning they are unprepared for what’s coming. At some point, the luck will run out and there will be another recession. Are you prepared?
While raises may be few and far between as rising health care costs and day-to-day expenses keep adding up for cash strapped families, many don’t want to reduce their consumption to make ends meet. They insist on taking out more loans and rack up credit card balance to finance a lifestyle that may be out of their reach for the time being.
There have also been news reports that declare the wealthier Americans have stopped spending money and are currently in “savings mode” while the middle class ramps up their spending amid wage stagnation. If the middle class wants to be rich, though, why not emulate those who are already wealthy? It appears that far too many are doing the opposite. They spend when they should be saving and soon, it will be too late.
The time to limit your consumption and put a little away in a “rainy day” fund is now. The fact is: the rich stay rich by living below their means, while those in the middle class will stay there if they live above their means. And A downturn that arrives while nearly half of Americans are still recovering from the previous recession could be even more devastating, says Mark Hamrick, Bankrate’s senior economic analyst.
“For individuals who had the luxury of higher incomes and likely greater savings, they have a greater ability to weather the proverbial storm,” Hamrick says. “If they lack resources, such as sufficient savings, this can be devastating, putting their safety, shelter and even health at risk. After the expansion ends and a downturn begins, many Americans will fall behind or fail to make progress with their personal finances, although some will prevail and even thrive.”
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Those who are preparing for another financial downturn are buying gold and silver as they can and saving a little extra every month rather than spending it on consumerism. As I’ve mentioned before, a savings account will still be beneficial if a recession hits, because as of right now, the monetary system in place runs on dollars. But if those dollars are devalued by hyperinflation or money printing, physical gold and silver will be your insurance.
If you happen to be one of the families still struggling to fully recover from the previous recession, preparing for the next one is an uphill battle. But it’s imperative that you begin cutting back now, decreasing you liabilities by paying off debts, and saving a little. Living below you means will be one of the biggest changes you can make. Find out where you can cut back and use the extra money to pile into a savings account or pay down debt.
Whether you weather the next financial storm is up to you, but it is coming, and it will affect all of us to some extent. Being prepared and watching for the signs (some of which have already reared their heads) of another downturn could make or break you.
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