Critical Steps for Next Financial Crisis

by Frugal Dad

It remains to be seen whether or not the worst has passed, or if we are merely enjoying the relative calm during the eye of the latest financial storm. I personally believe we are in for more tough times in the near term.

A variety of stimulus programs have conspired to create an “artificial demand” that has produced seemingly positive results. However, I believe it only served to delay the inevitable. In fact, I’ll go a step further. I believe it made the inevitable even worse. Would the economy have been worse without the stimulus? Probably. Would we have survived and saved a couple trillion dollars in new debt? Probably. But who knows. I’m not an economist, and I certainly don’t play one on TV.

In the Frugal household we are hunkering down, financially. The 2008 recession caught us off guard. We were still in debt, had little savings, and were just beginning to deal with what would become a year-long medical and financial crisis with my mom, who suffered an aneurysm and subsequent stroke at 53 years young. She passed away in September of 2009. Fortunately, we were able to ride the storm out, but I made it a goal to be better prepared next time. And next time may be closer than any of us think.

What if I’m wrong? Well, I hope I am. You can say I told you so. But even if I am wrong about another economic downturn in the next year, at least your family will have improved its finances between now and then. Get the steps to take.

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