Okay, more tips from those who lived through a very tough time.
I also couldn’t resist one more oxymoron in the subject line…
Yesterday I mentioned four ways people got through the Great Depression. Here are five more:
1) Elevate your morale
If you check out some of the updates on social media, many are finding cheap, resourceful ways to entertain themselves. Everything from epic Monopoly throwdowns to binge-watching some guy called the Tiger King.
Others are taking the opportunity to play music and sing to one another. Keeping morale high—with music, for example—is an integral part of living during trying economic times.
2) Grab those deals
Whether it was making your own clothes, growing your own food, or making your own home repairs, people found ways to cut down on spending. Back then, people recycled everything.
Deals are everywhere: from buying in bulk to websites like Groupon that offer daily deals. Be sure to scope out the deals that you can use—and do all you can to take advantage of them.
4) Diversify, pivot, and build
Businesses that worked well before the Depression—for example, a billiard table manufacturer—took a hit once disposable income took a hit. To compensate, the company turned to making toilet seats, and looked to increase billiard business by contacting a new client: The U.S. Commerce Department, who bought billiard tables for work camps.
Today many restaurants pivoted with specialty take-out dinners. When old revenue streams dry up, don’t despair. Attempts can be made to diversify your business—by finding new clients, new products, or a new business altogether (while staying within your means).
5) Help when you can
Despite stories of petty crime and selfishness amongst neighbors, there are countless tales of communities banding together during tough times.
Alone, we may feel more resilient and independent. But there is strength in numbers, and sticking together—whether with family, friends, or neighbors—can help us get through the tough times, both financially and emotionally.
This is perhaps the most important lesson of all. If possible: try not to worry. Things have been worse. And they will get better.
At Money & Clarity, we are stubbornly optimistic about your future. We provide solutions that can help financially protect you from unpredictability. We’ll also review your retirement strategy with an eye on market trends.
Give us a call at 513-563-PLAN (7526) or book online, and let’s discuss more ideas on how to cultivate the right financial mindset. And maybe we’ll be able to help you get that vacation you deserve—without the “working” part.
Nikki Earley, CFP® & Dan Cuprill, CFP®
P.S. Tomorrow we honor the men and women who serve in our military. And I’ll share a few ideas of what you can do to really thank them for their service.
P.P.S. To learn the steps you can take to protect and even capitalize on recent investment volatility in light of COVID-19, check out my webinar.