Millions of Americans are severely lacking in financial basics, and this shortcoming played a major role in the housing bubble and the resulting economic collapse.[i]
Statistics verify that financial problems multiply stresses at home and result in added bouts of depression, domestic violence, neighborhood crime, and suicides. Don’t choose desperate behaviors because you feel trapped and vulnerable. Instead pray. Ask for help. The best way to keep health and finances in proper balance is to have a plan that will limit negative stressors and increase positive solutions.
Many experts say our problems will not go away any time soon.
- 1.Additional banks will close—and always on a Friday afternoon so panic doesn’t erupt and bank regulators have the weekend to close things down and offload the failing bank to a viable one. On Monday morning the doors open under a new name (Washington Mutual became Chase).
- 2.Unemployment will remain a problem for the indefinite future. 150,000 new jobs are needed every month just to keep up with population growth. And there’s a dire need to get over 14,800,000 people who’ve already lost jobs back to work!
- 3.Millions of manufacturing jobs will never return.
Too many smart people delayed correcting financial problems until a serious wakeup call (i.e. loss of a job, foreclosure, health crisis … ) grabbed their attention. Money worries and uncertain economic times birth anxiety about what will happen tomorrow.
Prepare for the long haul. Take charge of your money and your health. You are smart enough to develop a good financial plan, have less headaches and lots more peace of mind. Paying no attention to what’s being spent becomes the pastime of fools.
[1] Bob Sullivan, “Why American Consumers Can’t Add,” Red Tape Chronicles, 12-20-09
