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August 10, 2010

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How To Prepare for a Depression

The possibility always exists that you may face economic hardship.  However, you don’t have to get knocked off course and put in a bad place if and when the slump in the economy hits you.  All you need is some serious preparation, a backup plan that will carry you and your loved ones forward no matter what comes your way.

Here are some areas of life that require some preparation in the even of  an economic depression:

  • Wealth To Carry You Into The Next 6-12 Months: Do you have enough in savings to cover mortgage or rent for the next 6 months and beyond?  Is there enough to help you keep up with your utilities and other important bills?  Chances are that you don’t have a savings account with this sort of funding.  Start creating that wealth as soon as possible.  Should anything cause you to lose your job, you want to be covered in those areas while you seek other employment.

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July 29, 2010

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Are We In A Depression?

So, here’s a question many  people are asking these, “are we in a depression?”.  Sometimes it gets a little hard to tell if we are experiencing an economic depression.  People haven’t exactly stopped shopping and they are still traveling and taking vacations.  The only significant change may be the frequency of these activities, but either way, people are performing their roles as consumers and enjoying life as best as they can.

But when you listen to news on NPR, you get to hear the grittier tales of economic hardship.  Companies begin to downsize and people who have depended on their jobs for decades are struggling to start all over again.  Many of them share, “I’m too old to find a new job. No one will hire me.”  Unfortunately, these people find that the most undesirable places will be the ones most likely to hire them.
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