Always keep at least 18 months (preferably 24) of your monthly expenditures in cash (not investments) so you can cope with any emergency or uncertainty as we are experiencing...
That right there is the catch. What percentage of the population in ANY first world nation has actually DONE that? Because the people who have NOT done that are the ones that are going to be demanding that gubmit money and the gubmit is going to deliver. We are a trillion dollars deeper in debit today than we were a week ago. Like I said elsewhere, "We are a people who have lost the courage to stand with a clenched fist against a disease that polio, small pox, and the plague make look like a common cold." That is our downfall RIGHT there. Also please register my strong disagreement about who is paying attention to what the gubmit is doing with gun laws. I live in Virginia.
Oldspook:
I am a strange breed....I grew up in a family where we learned to work for ourselves and not for the banks, when I was under the family umbrella I was not allowed to apply for a loan of any kind and I never did....NEVER, not a loan not a mortgage!. In our family you work as soon as you learn how to walk and speak, you save and invest and THEN you can can think of buying things you NEED FULL CASH when you have the money on hand; and let me add that my grandfather was a very successful banker!
If I have learned something in life it is that the difference between rich and poor people relies in that poor people "buy things" and rich people "Invest their money"...People who "buy things" will have a hard time controlling themselves and saving 18-24 months of their monthly expenditures and keep it as untouchable money no matter what....
Yes, I agree with you: These people are the ones who will suffer the most in this pandemic as they will in any economic recession or crisis, and they are the ones who will need the immediate government support (at out cost)...Let's now understand that
we all have what we need in life, but in order to be FULLY INDEPENDENT and pretty much "crisis proof", we need to
avoid unnecessary acquisitions...Notice that I said
AVOID and not to limit or restrict the purchase of what we don't need. Buy what you need NOT what you want, in other words:
Invest the money that you intend to spend in what you want and don't need I know what is happening in Virginia with the Bloomberg sponsored democrat anti-gun government that you have, it is too sad but people elected those liberals and you all have what people voted for...Get the community together and vote them out!!...Now, let's make clear that that particular anti-gun agenda didn't happen while the covid19 crisis, and let's agree that even in Virginia the government is more concerned about the Pandemic and the economic crisis that will hit the state, country and world than pursuing their liberal anti-gun agenda...
The covid19 is not our downfall in any way, it is just a game changer that will make governments and institutions re-assess their thinking and the allocation of resources...From here on the USA will make sure that we do not depend of any country (currently China) for producing our medications or for doing R&D and finding cures to existing and forthcoming viruses/diseases; health threats will become a priority and national security (as it should be)...The world has seen similar and worse pandemics and it is still turning, so don't be pessimistic, be optimistic but VERY CAUTIOUS and enjoy what you currently have in life.
I will not be participating in this thread any further, you all be cautious and hang in there without letting this crisis interfere with your happiness.
Best regards,
AZ
