Now Will Americans Save Their Money?
Maybe, just maybe a good thing that will come out of this Economic Slowdown is that Americans will save their money and become Frugal. Get rid of the SUV, Foreign car, flashy jewelry, extra car, vacation home, timeshare, Satellite TV, extra CABLE Stations. I-Phone, I-POD. Start living amd saving like our Grand-Parents and Great Grand-Parents did who lived or heard first hand accounts of the Great Depression as I did. Americans must change their "Microwave Mentality." Save your money or lose it!
What people need to do is become more independent. Solar Panels on your house, electric car, garden. If everything was to colapse, we’d have nothing without electricity or gas.
We are controlled by other countries in which we have become dependent. Localization is the future as doing business locally uses less resources, is cheaper, and has less impact on the environment.
It really is not their fault… The historic low interest rate inflationary environment encouraged spending rather than saving…
Now that we are in a deflationary environment, you will start to see huge amounts of savings. That is because cash literally makes money in deflation…
Huh, that $8 TRILLION in stock market that evaporated *was* savings.
I regularly saved 30% of my salary and how those savings have been whacked by a loss of 30-50%. How much more do you think I should save?
folks never chaenj, will suen be bak tu the same o game.
Some people never change. Sure, people will save for a few years, but unless you’ve had good financial behaviours instilled in you from a young age, some people just don’t realise that borrowing for consumer goods is a bad idea.
Yes, I think a lot of good will come out of this crisis across the world. I live in Australia, and I’ve seen a lot of people really struggle to pay mortgages they got when banks were offering rates of 6.5%. Until a couple of months ago, rates for a lot of people had gone to above 9%. Thankfully they did not reach the 17% and 22% heights of the 1980s, but the people who learn their lesson now will be replaced by a new breed of financially clueless people who are unwilling to learn how to manage their money.
The only thing people can do to look after themselves is to live within their means and be responsible for themselves.
Best wishes