Recently I read about how people coped with the Great Depression.
Which, by the way, sounds like the perfect oxymoron, doesn’t it? “Great” signifies something pretty awesome but “depression” … well, something not so awesome.
Anyway, I thought I’d share a few of these tips today because we could perhaps learn a thing or two from those who lived through incredibly tough times. Those tough times forced many people to persevere and work hard to create a better situation.
I like that kind of “can-do” attitude, don’t you? Here we go:
1) Use what you’ve got
Conserve what you have and re-use what you’ve got. You can sometimes find resources in the unlikeliest places – whether it’s going through your “junk pile” in the garage or asking a neighbor’s kid to volunteer their time in exchange for some mentoring.
2) Grow your own
While small farmers suffered during the Great Depression, those who could generate their own food in small gardens were able to supplement their diet with fresh fruits and vegetables. Self-reliance, especially when it comes to feeding yourself, is an invaluable tool.
3) Use cash, not credit
Debt was a dirty word for people during the Depression. They also valued gold and silver. Avoid taking on more debt during times like these, so you don’t have to carry an additional burden.
4) Be open to moving on
High unemployment rates persisted during the Great Depression. However, people were also open to doing something different if their current status quo just wasn’t cutting it. They moved to other states and cities to search for new opportunities. Whatever isn’t working, be open to something different and go after it.
At Money & Clarity, we also go after it when we work on financial strategies. We are happy to explain to you the options and possible results of your choices when it comes to your investments.
If you’re looking for a new opportunity to invest differently or just need a fresh perspective, give us a call at 513-563-PLAN (7526) or book online. We’ll make sure you understand all the aspects of your financial decisions. We’re committed to your success.
Nikki Earley, CFP® & Dan Cuprill, CFP®
P.S. Tomorrow, more tips. These were so good that I couldn’t resist sharing more! Learn from the wisdom of those who have gone before us. It’s encouraging.
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.