turmoil, Turmoil, TURMOIL!! The world’s economy is in turmoil.
What should we do? Many people are losing jobs, homes, and retirement savings.
Should we save our money? That way, we can “buy” ourselves some time if we lose our jobs. That way, we may have enough to cover for an emergency if it’s tough to acquire credit. That way, we feel safe. Losing a job or a home is a scary thought.
Should we spend our money? Everything is on sale! 92% of Americans still have their jobs. I’m not certain of this, but I’m willing to bet that the stock market will rebound. The value of our homes and retirement savings may as well. If we stop spending money, then the cycle of businesses losing money, laying off people, and possibly shutting down will continue.
But, we might not need to spend. Maybe the economy is “right-sizing.” Maybe we don’t need to upgrade all of our electronics. Maybe we can use our cars for more than five years. Maybe we don’t need to go to a gym to get exercise. Maybe we can eat at home, use our imaginations, spend time with our families, grow our own food, and iron our own shirts. Maybe we don’t need to be so extravagant.
The again, if we work for our money, shouldn’t we be able to use it to pamper ourselves? Is our time too valuable to waste on menial tasks that we can pay someone to do for us?
There’s a lot to think about when making this seemingly easy decision. Maybe there is no right answer.