The Silver Lining In The Credit Crisis
Watching the stocks plummet and the housing market sink is not exactly heartening news to most of us. However, there may be a silver lining to the economic downturn we are currently experiencing.
Some economic and investing experts in the media tout that the silver lining is that we are able to buy houses and stocks for bargain prices. While that may be the case, most of us probably do not know when the bottom will be, much less when stocks and housing will recover and start moving on an extended upward trend. I don't know about you, but I'm no Warren Buffet.
The silver lining I am talking about is education; the type of education that takes us deeper into understanding how our finances, credit and overall economics work. When things are good, it is easy to look past our budgets. It's easy to see ourselves continuing on the same path toward the "American Dream." Our jobs appear stable, we continue to pay our bills, get our gas (possibly grumble about the price a little) and have nice, restaurant dinners with our families.
The current credit crisis is our wake-up call. Even if we can watch the turmoil on television or read it in a newspaper and say, ‘that's not me'; it does not take much for it to become us. If we take a little more in depth look at our finances and educate ourselves more about our taxes, our mortgage, our credit and our budgets and really learn how they work, we can be one cog in the wheel of developing financial awareness that will help us through nearly any economic downturn.