It’s a scary time for the economy right now. Fear is causing panic, which means the stock market has been about as reliable as Social Security benefits. Everyone is worried about their retirement portfolio, as they’ve seen those double-digit percentage drops. But we, as Christians and rational people, don’t have to worry.
Do you plan to leave a legacy? What’s that mean to you? You may be considering your legacy, or you may be in a spot where you’re wondering if you’ll even have all your debt paid off in this lifetime. Let’s look at both scenarios, and see what the future holds.
I’ve seen articles with ideas on things to do when you’re stuck at home. I’ve kept the ideas that were the best use of your time, and solicited thousands of people for more ideas… which I got in waves. These ideas are pure gold.
As an American living in Italy, near Venice, I feel my perspective is unique enough to write my own article about the COVID-19 issue going on right now. As a finance guy, I feel it’s my duty to remind everyone of some important facts, before we all start freaking out as the New York Stock Exchange plummets.
When I first started Freedom Sprout, I set out to read everything out there on children’s finances. I wanted to see what everyone was teaching, to see what I agreed with, what I didn’t (and why), what seemed like a great idea, and what seemed like nonsense.
Any time you can let someone else take the depreciation, you should. The fact is, wealthy people buy assets, poor people buy liabilities. To go a step further, poor people finance liabilities. If you have to finance it, you can’t afford it. That’s where buying used comes in.