Dreaming of the day when you can start looking at your bank account balance without worrying about the recession's effects? Want to be able to apply for loans without the fear of being rejected yet again? It's safe to say that many people are looking forward to when the economy starts looking up again; however, it's important to remember a few lessons that the recession has taught us about our personal finances. Just like how the Great Depression shaped a generation of smart savers and savvy spenders, let's hope that people today learn:
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Saving Shouldn't Be Avoided. Over the past few decades, frugality became a laughable characteristic. Between the excessiveness of the 80s and the boom of the 90s, it seemed as though lavish spending was the latest world sport - and one that many people embraced wholeheartedly. However, now that the recession has taught us the importance of having an emergency fund tucked away, let's not throw this lesson out the window once the economy eventually recovers.
After all, spending beyond your means isn't a behavior that you want to start up again - especially as the recession has shown how quickly those means can be taken away in an instant.
Lenders Are In It For The Money. Once upon a time, lenders were a consumer's best friend. Between instant approval for sky-high credit card limits and 125% mortgage loans, it's no wonder that people are still shocked at the appalling behavior of lenders during this recession. However, let this be a lesson to us all: no matter how friendly lenders may seem to be, they're still in business to make money. It can be easy to get approved for a credit card that you won't be able to pay back, but don't count on your lender to let you know this important fact.
Risk Is Essential. If you become involved in the investment world - and if you want to retire with a sizable nest egg, then you should - you need to understand that every investment carries an element of risk. Even if your investment advisor tells you that an investment is "99.9% safe", don't get lulled into a sense of security. Instead of hiding from risk, become more knowledgeable about your money and investments, as it will help you to make smarter investment choices.
Good Help Is Hard To Find. A great financial planner won't assure you that you'll always make money in the market; instead, he or she will take a look at your overall finances and let you know what you can be doing to save for that special goal, whether it's your child's university education or that trip to Asia you've always dreamed of. "Financial planners" who claim that they can always make you money are just salespeople in disguise; find a professional financial planner, and your finances will be much better off.
Remember, the recession is bound to let up - it's up to you to remember the key lessons from it!
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