Is YOUR economy getting better?

[metro]

Is Your Economy Getting Better?
by Dave Ramsey

Depending on which cable network you watch, you hear a different message every day. One talking head says the economy is getting better. Another talking head says the economy is getting worse. The only thing that seems to be clear is that many people are confused about the whole situation. Who can you believe?

Honestly, if you've got a job and you're doing things the right way, the economy shouldn't affect you. Now, if you're sick and tired of the same old nonsense from Washington, then use the power of your vote this Election Day and let your voice be heard. That's the best way you can make an impact on the national economy.

But the powers-that-be in Washington move at a snail's pace. If you wait on them to fix your personal mess, you're probably going to wait a long time—as in, forever. That's why you'll have a lot more success if you take matters into your own hands.

You've got to make your own personal economy better, then you'll be able to stand tall no matter what's going on in Washington. The national economy won't affect you that much because you'll be insulated from all of the chaos that has the media talking heads worked up into a frenzy.

What does a healthy personal economy look like?

First off, it definitely doesn't include credit card bills and car loans. We're talking about the basics of personal finance that Dave stresses every day: no debt, a full three to six months emergency fund, and college and retirement savings underway.

What created the recession in the first place? Borrowed money! Sadly, many people think the only way to get out of a hole that was created by borrowing money is to borrow more money! That's like saying the only way to beat a drug addiction is to take more drugs.

If our country focused less on borrowing and more on saving and investing, imagine how we could help ourselves and each other—which would help the economy! Let the media and the talking heads worry about whether or not the national economy is getting better. Your concern should be saving $1,000 for your baby emergency fund and getting that debt snowball moving.

You can't change the past and you can't predict the future. If you want to change your financial life, you've got to focus on where you are and what you're doing right now, today. Work your Baby Steps, and the national economy will take care of itself. Make your personal economy the best it can be!

[PennyQuilts]

Even in the Great Depression, if you had a job you were doing fine. There were some things is short supply but you weren't in any danger of losing the farm. These days, the biggest fear I have is that the dollar will be devalued to the point where it is worthless and that foreign companies/individuals will buy up real estate.

[bretthexum]

My economy is just fine. Good job, living back near home, stock portfolio up 80% since 2008... can't complain here.

[BBatesokc]

I've said it before, I'm a big fan of Dave Ramsey (the books and common sense, not the radio show). I took his common sense to heart years ago and I've certainly been in hard economic times - but those were my own doing - but they were temporary set backs that could be attributed to specific choices I had made when I was younger.

In recent years my wife and I would have never known there was an economic downturn unless we turned on the TV. We both have jobs, we always look for ways to make money on the side (especially if we were to ever lose a job), we live way below our means, bought a house cheaply and have equity in it that is available in an open line of credit, we have zero credit card debit, we pay cash for large items like cars, keep our grocery bills down, workout daily to keep ourselves healthy, don't drink, don't smoke, researched scholarships and got our son a four year scholarship to any state college, put money away every month and prepare for the worst.

Personally, I agree that for the most part each person is responsible for creating their own personal economic economy. A job loss in a field of few choices or a health crisis can be unavoidable and devastating, but, fortunately that doesn't effect most people.

I just wish I would have valued such common sense when I was in my late teens and 20's.

[bradzilla]

great guy and good advice, in early 2009 i stopped checking the daily news stories on my iphone because each night before bed i was getting all amped up by the news stories and all the doom and gloom they were spreading to the entire world. i would go into work with a heightened sense of anxiety and im positive people could see that in me because i knew i could physically see it in other people. i realized that while its good to know whats going on in the surrounding world, i wasnt doing myself and good in getting entirely bent out of shape / angry about in things that i could not control.

big business and government is evil and everyone is out to screw the middle class. got it. dont need too read about daily on the web and get pissed off. save money, work hard, treat the people around me right, and the rest of it is out of my control.

[Bill Robertson]

My economy was never touched except for our 401Ks taking a hit. And they're coming back. My wife and I have the same jobs at the same or better salaries than before the recession. I can't say that on a daily basis I've felt a thing from the bad economy.

[bretthexum]

Good to hear. Wisconsin has been hit a little harder than Oklahoma but still waaay better than the coasts. Surprisingly home prices haven't been hit bad here at all. We took a loss when we moved from Edmond this spring.

[mugofbeer]

Just be thankful Oklahoma and Denver (where I live now) are far better off than Vegas, Phoenix, LA, FL and Detroit. Detroit is so bad that very serious consideration is being given to totally turning multiple square miles of empty housing back to farmland. They feel there is so much run-down vacant housing it would take decades to fill back so they feel it may be better to mow it all down. Philly is apparently considering this to, though at a much smaller scale than Detroit.

[bretthexum]

Just be thankful Oklahoma and Denver (where I live now) are far better off than Vegas, Phoenix, LA, FL and Detroit. Detroit is so bad that very serious consideration is being given to totally turning multiple square miles of empty housing back to farmland. They feel there is so much run-down vacant housing it would take decades to fill back so they feel it may be better to mow it all down. Philly is apparently considering this to, though at a much smaller scale than Detroit.

Yep, I have some family in FL and they can't even move because they're underwater. Bought their house in 05 with 20% down, and now house value went down 50%. It's not like they are at risk for foreclosure but still it's a tough deal. We're very luck to have it good here. I read that about Detroit. Probably a good idea. Don't have to worry about drugs/crime/bums if you just bulldoze it all.

[metro]

yeah Detroit has SERIOUS issues and for those of you not familiar, I encourage you to Google it and look at some pictures, looks like a 3rd world warzone in parts. Sad to hear that Philly is having some probs on a smaller scale. Philly is an AMAZING city full of so much American History, 100-300 year old homes, and architectural genius and charm. I'd move to Philly in a heartbeat if I had to.

[Jethrol]

Yep my economic is good. Low/no debt, good job, raises, money in the market....times could be a hell of a lot worse.

I'm glad because I remember, as I'm sure many of you remember, the 80s after Penn Square bank collapsed. This town was down man...it was depressing at times and I was somewhat worried that we might return to those days. I'm glad we didn't and hope we can keep things moving forward. IMO it's a great time to live here in OKC.