The Silver Lining
The current financial crisis is having many good side effects.
People are learning that the “Rich Dad” guy is totally wrong. The road to riches is NOT flipping properties. The correct road to wealth is a lifetime of full time employment and hard work, a frugal lifestyle, and saving as much as you can for your retirement.
Orman has a concept of “chicken money”. I agree 100%, and everyone should have some.
Banks are dramatically cutting back on credit card limits, and, mucho importante, consumers are drastically cutting back on plastic spending that they cannot really afford.
People are pulling out $$$ all over the place, and getting into the habit of saving and sticking the $$$ into a local bank CD. Kudos to those who do this.
People are buying homes, but only those who can genuinely afford them. C’mon: if you cannot afford to buy a house, this is not the end of the world. Rent an apt. and be happy. Seriously: this is what I do.