Recession Proof
Posted by Erin on October 12, 2008
I came across this article from Suze Orman, about recession-proofing your family. I am a fan of Suze, and Michelle Singletary of the Washington Post. They are both big advocates of getting rid of credit cards and operating on cash/debit cards. They have been touting that philosophy for as long as I have read them. And now that advice is ever-more essential.
Here is the link to the CNN webpage which has Orman’s article.
SEB said
Sadly, the title is somewhat misleading. The first half is a rant against the greed of the market, banks, mortgage companies, etc. But greed as she describes it is misleading, for the article implies that this is something new? The desire to accumulate wealth and material possessions has been around since the dawn of time, across all demographics.
60 Minutes has an excellent 9 min expose on the “shadow banking system”, the unregulated trades of complex derivatives that led to this collapse.
http://www.cbsnews.com/video/watch/?id=4502673n%3fsource=search_video
Lastly, Seth Godin has perhaps the best advice on personal finances, similar to what Michelle and Suze advocate, I send this URL to many of my associates in high school and college.
http://sethgodin.typepad.com/seths_blog/2008/06/urgent-personal.html
Only borrow money to pay for things that increase in value.
It’s a short list: your business, your house and your education, mostly. Stocks if you’re smarter than me. That’s pretty much it.
I thank you for your time and consideration.