Seniors: Making Prudent Money Choices in Down Times

Jan 5th, 2010 | By Dr Jerry D Elrod | Category: Senior Moments Blog

With the predicted collapse of the Holy Roman Empire (the American Capitalist System), what are you doing to harbor your resources to meet the impending doom about which we hear so much?

First, quit, desist, stop reading or listening to those who continue to pour out the negative predictions which bespeak  the end of our way of life.  To be sure, it needs lots of improvements, lots of tinkerings to improve its shabby condition.  The unemployment rate is enough to scare the beejesus out of anybody.  The world wide currency tremors suggest need for someone a hell of a lot smarter than the present players, despite all their good intentions,  to get us on an even and straight track. 

Besides if the propheticators  (my word) do know what they are talking about, why can’t they offer solutions instead of doomsday predictators (also my word)? 

So, it comes down to who are you going to believe?  What are YOU going to do to try to construct some barrier between you and the maurading hordes that are at our backs and throats, contributing little more than fear and nothing more than despair? 

Do you think if I knew I wouldn’t have already lifted my javelin high against the enemy? Well, I guess I have in a way. I have determined to use practical, tried and true methods that seem to have gotten through the enemy lines over the last few hundred years.  Here we go:

Be frugal, conservative, and downright suspicious of anyone who is going to pull you out of your worry.  These are the times that try men’s souls and steal their money with gimmicks and thievery, couched in the “sure fire  way” to salvage what you have left. They show no mercy, because they have none.  Their one self interest is their own stuffing of their own mattresses.  Look out for them, for they lurk everywhere, promise everything and deliver nothing.

Beyond such general frugality as that, also decide that minor purchases can be reduced significantly.  If you can impose the discipline of asking yourself “do I really need that” before purchasing anything, and I mean anything, then you have a good start. 

Think ahead.  No one really knows what looms on the horizon next.   The next month, year, decade, election cycle.  There is no assurance that today’s leaders won’t be dismissed in a maelstrom or that others will rise up to consume the land.  And, no one knows what the result of that may mean for the rest of us.  In such times, it is prudent to make plans that allow you to have some cushion, protection and safety net.   Does that mean the proverbial coffee can buried in the back yard?  No, there are still tried-and-true choices.

Trust only those to whom you have given your trust for years, and with the confidence they will not hustle your resources out of the country.  Were we still living in the time when a handshake would do, I would recommend that, but we are, sadly, past the day when that is defensible in court. 

Protect your interests beyond your lifetime.  Review carefully how your estate can be managed in the best interest of those with whom you will it. 

When you have developed a fool proof system to create the quiet confidence that you are now in a safe position, write a book, sharing your secrets, take the proceeds to a bank (are you kidding?) and live happily ever after.



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