Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Save money. You never know when you will need it. (Simple, huh?)
Yes it's simple and a suggestion many won't heed. If people would stop using credit cards, wasting money on credit card interest, they could save the money they pay on the credit card payments. Unfortunately people will insist on using them and round and round they go. I remember when I decided to face the music and worked all kinds of overtime to pay it off. Being in debt and then climbing out of debt taught me how to handle money. Once paid off and learning how to handle money I felt like I was rich... strange.
Oh the lessons of life. Some will learn, others will refuse to learn then blame everyone else because they are caught in the trap.
I went through 2008. S&P dropped to ~750 or something.. I felt a little bit worried, but never panic sell, actually bought a bit more stock at cheap price. Also bought a townhouse for rental fixed income at 50% off (compare to today's price). I think the biggest lesson learnt is always have some non-stock related investment, when the time comes, sell that and buy more stocks.
What do you think the main cause of the "Great Recession"(oxymoron) was also what is/are the lessons you learned from it? Have you recovered?
Events, policies and decisions at the top level during the prior fifteen years caused that recession. Clinton was responsible for Nafta and the dismantling of Glass-Stiegel. Bush was responsible for an unnecessary war in Iraq, irresponsible levels of deregulation and inept handling of economic decisions.
Of the five items that I mentioned, I guess that Glass-Stiegel and irresponsible levels of deregulation go to the top of the list.
What have I learned from it? Diversify investments, don't count on anything being secure, and vote for candidates that have demonstrated real mental horsepower not well hidden incompetence.
If people would stop using credit cards, wasting money on credit card interest, they could save the money they pay on the credit card payments. Unfortunately people will insist on using them and round and round they go.
Using credit cards is fine, and has quite a few benefits over using cash.
Not paying them off every month and thus incurring interest or mounting up debt is bad.
Yes it's simple and a suggestion many won't heed. If people would stop using credit cards, wasting money on credit card interest, they could save the money they pay on the credit card payments. Unfortunately people will insist on using them and round and round they go. I remember when I decided to face the music and worked all kinds of overtime to pay it off. Being in debt and then climbing out of debt taught me how to handle money. Once paid off and learning how to handle money I felt like I was rich... strange.
Oh the lessons of life. Some will learn, others will refuse to learn then blame everyone else because they are caught in the trap.
Credit cards are amazing. I use it wisely and always pay off my debt before end of the month so I never and ever pay interest. The benefit is that I get more than $1.5k cash bonuses every year. Free $1.5k plus lots of other amazing savings on products. You just need to understand how to use your credit cards. We have 1 for gas, 1 for grocery and another 1 for other spending (mostly amazon). This way you can always keep tracking your spending and maximize your cash bonuses.
I was still in college during the great recession but my family did not have any problem. They always lived within their budget and never spent more than what they can afford! We also had other family members who lost their home. Of course, I felt really bad for them but it was very obvious that they could not afford it. Who does buy a big house because bank tells you that you can afford it?
The Great Recession was caused by outrageous levels of greed among cowboy capitalists on Wall Street plus the absolutely awful fiscal, monetary, and regulatory policies of the Bush-43 administration. Watch the cartoon for an 11-minute recap...
The chief thing to learn from it is not to vote for Republicans. There has not been an economicaly successful Republican administration in any of our lifetimes. None of what they advocate today makes any sense.
I refuse to refer to it as "The Great Recession".....that is a brainwashing term, that interested parties love the Sheeple to bleat.
Guess what, recessions happen..........and they flush-out the financial-filth. Well, that is the way it is supposed to go down!
The financial-vultures should have been a part of this equation, taking care of the meaty scraps. Instead, we got endless bailouts, payoff for connected-folks, corrupt deal making, no REAL reforms, a bubble that did not TRULY deflate, ZIRP that is designed to balloon-up the stock markets.
Laughable that the Lefties really are not up in arms over this whole scam. Instead they babble nonsense about evil corporations and wage disparity.
As soon as you hear the death-knell of the economists declaring all is lost, buy up every blue-chip stock you can afford. Hell, borrow if you have to!
Quote:
Originally Posted by tickyul
I refuse to refer to it as "The Great Recession".....that is a brainwashing term, that interested parties love the Sheeple to bleat.
I'm not sure how much you understand about economics nor what kind of conspiracy nuttery you are trying to allude to here, but the 2008 recession was the worst the world as suffered since the Dirty 30's. And as much as want to believe otherwise, it is still adversely affecting every major economy on the planet today.
It certainly was the "Great Recession" by every definition of the word.
Quote:
Originally Posted by Major Barbara
The Great Recession was caused by outrageous levels of greed among cowboy capitalists on Wall Street plus the absolutely awful fiscal, monetary, and regulatory policies of the Bush-43 administration. Watch the cartoon for an 11-minute recap...
The chief thing to learn from it is not to vote for Republicans. There has not been an economicaly successful Republican administration in any of our lifetimes. None of what they advocate today makes any sense.
Instead of watching cartoons, try reading some factual material on what caused the collapse. It started long before Bush Sr. served as Vice President under Reagan. The root causes of the crisis was the collapse of the housing bubble (fuelled by sub-prime loans), predatory lending and deregulation - the latter which began when Carter was President:
Blaming Dubya for the 2008 crisis is just as ludicrous as blaming Obama for ISIS. These two dopes were just the clowns sitting on the throne when the SHIF.
Now before you label me a Republitard, Teabagger or whatever political slurs you Yanks get off on tossing at each other these days, it should be noted that I am a Canadian and have absolutely no dog in the fight when it comes to the immature partisan finger pointing that occurs so often south of the border. Seriously... No wonder your country is so messed up.
Learned that "too big to fail" really does exist. Never listen to your friends about money. (They don't know any more than you) never panic when stock market is falling. DON'T loan your family members money. ( your not their ATM) and finally Don't ever have a situation where you are spending more money than you are bringing in!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
