Tips For Handling Your Finances Wisely
Last year (2008) began with the American economy in a recession; however, the economy started collapsing in September.
The poor housing market became worse, a consumer credit crisis developed and the rate of layoffs started accelerating.
We brought a lot of this mess on ourselves.
By learning from mistakes that have been made, you can become better at handling your finances.
This article discusses how to be financially responsible.
Catastrophe in Iraq The first reason we are at fault for our economic woes is we invaded Iraq in 2003 without justification and spent hundreds of billions of dollars a month (we still are) trying to repair the damage we caused.
We also did not prepare a strategy on how to get our troops out of Iraq after removing Saddam Hussein from power or finding and destroying the weapons of mass destruction Iraq was thought to have.
The bottom line is that if you are planning to do something or carry out a venture that is extremely expensive, you must plan very thoroughly, you must make sure you have enough money to cover everything and you must create and execute a foolproof method to pay off all of the expenses you incur.
Mortgage Crisis The second reason we are fault is a lot of home buyers let lenders talk them into buying houses that cost around a thousand dollars or more on a monthly basis without having the means to pay off the exorbitant mortgages.
I have learned that a lot of home buyers bought massive houses and took on mortgages that cost sixteen hundred dollars a month in some cases.
The stupidity on the part of home buyers and mortgage officials led to an increase in the housing woes the United States is experiencing.
A strong lesson to be learned here is that you must take responsibility for only taking on expenses you can realistically handle and you cannot allow anyone to talk you into taking out an unrealistic loan or buying something you do not have the income to pay for in the future.
Credit Crisis The third reason why we should blame ourselves is we did not save much money and we spent more money than we earned in prior years, bringing on the current credit crisis.
Some people maxed themselves out charging their credit cards.
The lesson to be learned here is we must make intelligent financial and borrowing decisions.
Employment Crisis The fourth reason we are at fault is some employers went overboard hiring people and expanding their businesses before the technology bubble of the late 1990s exploded in 2000.
Employers spent money vastly while expecting a high amount of demand for their products that never materialized.
You must sometimes wait to see if you have true demand for an area of your business before investing a lot of money into it.
Adhere to what you have learned to handle your finances wisely!
The poor housing market became worse, a consumer credit crisis developed and the rate of layoffs started accelerating.
We brought a lot of this mess on ourselves.
By learning from mistakes that have been made, you can become better at handling your finances.
This article discusses how to be financially responsible.
Catastrophe in Iraq The first reason we are at fault for our economic woes is we invaded Iraq in 2003 without justification and spent hundreds of billions of dollars a month (we still are) trying to repair the damage we caused.
We also did not prepare a strategy on how to get our troops out of Iraq after removing Saddam Hussein from power or finding and destroying the weapons of mass destruction Iraq was thought to have.
The bottom line is that if you are planning to do something or carry out a venture that is extremely expensive, you must plan very thoroughly, you must make sure you have enough money to cover everything and you must create and execute a foolproof method to pay off all of the expenses you incur.
Mortgage Crisis The second reason we are fault is a lot of home buyers let lenders talk them into buying houses that cost around a thousand dollars or more on a monthly basis without having the means to pay off the exorbitant mortgages.
I have learned that a lot of home buyers bought massive houses and took on mortgages that cost sixteen hundred dollars a month in some cases.
The stupidity on the part of home buyers and mortgage officials led to an increase in the housing woes the United States is experiencing.
A strong lesson to be learned here is that you must take responsibility for only taking on expenses you can realistically handle and you cannot allow anyone to talk you into taking out an unrealistic loan or buying something you do not have the income to pay for in the future.
Credit Crisis The third reason why we should blame ourselves is we did not save much money and we spent more money than we earned in prior years, bringing on the current credit crisis.
Some people maxed themselves out charging their credit cards.
The lesson to be learned here is we must make intelligent financial and borrowing decisions.
Employment Crisis The fourth reason we are at fault is some employers went overboard hiring people and expanding their businesses before the technology bubble of the late 1990s exploded in 2000.
Employers spent money vastly while expecting a high amount of demand for their products that never materialized.
You must sometimes wait to see if you have true demand for an area of your business before investing a lot of money into it.
Adhere to what you have learned to handle your finances wisely!