Financial Advice: 5 Strategies for Surviving Tough Times
When economic times turn tough, governments urge their citizens to spend. Economists think of citizens as "consumers" and rely on them to put their "disposable income" to work. By doing this they will support the economy, which translates into higher stock prices.
However, in times like early 2008, when consumers were reeling from the perfect storm of inflation, a global credit crunch, a global housing market in decline and concerns about stagflation, there is often a conflict with the governmental cry for consumers to spend. It's a bewildering scenario. What's the best course of action for a concerned consumer to take? The following strategies provide a road map for surviving economic downturns.
1. Don't Buy What You Can't Afford 2. If You Can't Pay Cash, You Probably Can't Afford It 3. Paying Interest on Anything Makes Somebody Else Rich 4. If You Are in Debt, stop Spending...
The irony of Yahoo giving financial advice ... like the captain of the Titanic giving advice on yachting.
I'm glad these blindingly obvious five tips (I guess; only four are visible) have been given, otherwise we'd never be able to cope. These banalities ignore anything systemic, like your entire industry going overseas or the health care crisis. Don't buy what you can't afford??? But if you like glib, content-free advice, this may be your article.