Two important questions that have often been asked recently: “How to save money in today’s economy” and “How to make money in today’s economy? History is our greatest teacher. During the Great Depression, some people lost everything they had and others did your happiness. Therefore, it is obvious that this time in our history is what we make of it.
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A few years ago a dear friend shared with me how her deceased husband (middle-income) got rich during the Great Depression. In this article I am going to share with you the strategy he used for prosperity in a difficult time.
- My friend said that her husband was always very frugal … rich or poor. He was much more frugal than she (my girlfriend) wanted. Note: Savings were a key element of his success because it gave him investment money.
- At the time I knew her, she was quite wealthy and could afford to do many things that others could not. She advised me to spend money only on what is truly important to me and not on things to impress others. For example, she loved beautiful clothes and cruises, so she spent money on these things (his husband would not have.) However, she drove a very modest car (Volkswagen) and lived in a modest (no mortgage) house.
- He always cared about $ 1,000 cash. He did not keep this money in the bank. So when depression came, he had money when most didn’t.
- note: Because of the devaluation of the current U.S. dollar (the “declining number” by the Federal Reserve), top economists believe that this stock should be gold or silver, not dollars. However, prices for these two metals fluctuate sharply, so it is important to be aware.
- After hard times, he bought the investment for a penny for a dollar. For example: a friend of mine said he started buying a handful of insignificant stocks for a few cents. When the market returned, some of these stocks were still worthless, while others made it rich.
Most people demanded more money for food than for gasoline, and their cars were idle. So he bought their cars and other things they wanted to sell for the money they needed. When the market for these items returned, he sold them at a profit.
He made not a complicated but a very effective strategy that most people release because of its simplicity.