Blank out what the media divulges about economics when they discuss the roller coaster journey of the stock demand, market and supply, inflation, banking industry mortgage defaults and the unemployment rate. Those are 'economic characteristics' that measure an area much bigger than you can govern. The initial thing you might want to discern is what words economics means in relations to thinking of your wife and children, and how you can make use of what it connotes to your financial wealth. There is a science of maintaining a household, especially in the area involving money. Here is what you can do to make sure that the economics of your household are stable and strong, even though the economy of the country may be on the slippery slide to disaster. What you can manage is your personal family economics. The definition of economics I am using is the original one; meaning "the art or science of managing a household or business." And that is something that you, as an individual, can manage. Does the latest economy have you unsettled? Are you questioning the best ways to create financial freedom so you can shield yourself and your family from the approaching financial crash?
Here is what you might want to know.
1. Spend No more than You Make
Take a lesson from your grandparents or parents who made very little, but lived very well. The fastest road to financial disaster is shelling out more than you make.
2. Pay CASH Tip
When paying with cash; arbitrate a cash discount. When the economy is accelerating down and credit is harder to obtain, the man or woman with the cash is king. Furthermore, figure out effective ways to buy wholesale in place of retail to further reduce your cost. Every single time you make a purchase a product using credit cards that you can not pay off as quickly as the statement comes in, you are dedicating your potential earnings to the credit company. Those future earnings will be required to pay your standard household costs, so you find yourself in economic slavery considered as the credit trap. The exception is attaining real estate that grows in value, for example, purchasing a house or investing in a commercial building that puts more revenue in your pocket.
3. Make More Money BEFORE Quickly Spending It
If you have some huge transaction you must have to want or make to make down the road, begin putting percentages in a bank account towards that acquisition and save up until you have enough cash to spend for it. If you only have 10 Years before your boy or girl enters university or college, then calculate what the approximate total tuition fee will be and then figure out how much you have to save every month or week to have the total cash on the year they finish from high school. Plus you research and learn how to apply for every grants, scholarships and other financial aid packages available in your local area.
4. Stockpile and Save a Lot of Cash for Living Expenses and Emergencies
The individual who had money saved away were able to purchase houses and other properties and even business corporations for cheap pennies on the dollar. Because he or she had more than enough money to stand up against the storm of economic Depression, and eventually even ended up being a millionaire. Whenever money starts coming in, it is always a good idea to immediately save off 10% and stash it in a bank account that you have assigned as your cash reserve. Even if you have to find another job and reduce your monthly bills and expenses over and above everything else: JUST F*CKING DO IT NOW ALREADY! As the days and weeks and months pass by you'll notice how you sleep a lot better at every night and you walk through life with a more and more self-confidence realizing you have reached the goal of achieving financial freedom and have secured and protected your family and of course yourself from the coming economic crisis in the near future. The one thing you have to worry about when an economic crisis hits the world is not having a lot of cash on hand that you can quickly use to purchase what you need and want.
Did you know that there were more multi-millionaires made during the Great Depression in the U.S. than during any other time in the history of our economy?
Tip: When paying with cash; work out a cash price cut. When the economy is moving down and credit is more challenging to have, the guy with the cash is king. If there is some large purchase you need to want or make to make in the future, start putting small amounts in a savings account towards that purchase and keep that up until you have the cash to pay for it. If you have 10 years before your child enters college, then find out what the tuition will figure and be out how much you have to put away every week to have the cash the year they graduate from high school. The only thing you have to fear in an economic crisis is not having some cash reserves in a savings plan you can immediately get your hands on. There is nothing that will make you rest better at every night than knowing you have the financial means of having a lot of cash saved away for any unseen expenses like having to get the car or truck repaired, or when some emergency dental work or even when losing a job. When you have a lot of cash reserve you can freely access quickly and immediately at will, then all of a sudden, you quickly stop the worrying about any money issues, your focus goes immediately go back on living a good life and simply enjoying it in the process, and then making more and more money suddenly gets easier than ever. This is How to Prepare for the Coming Economic Collapse.
