STOCK MARKET WATCH -- Wednesday, 8 February 2012

[Demeter]

10. Yes, It Is Halftime In America – So Now Is The Time To Get Your Financial Priorities In Order

http://www.zerohedge.com/contributed/yes-it-halftime-america


...The sad truth is that America is in the middle of a long-term economic decline because our economy is not built on a solid foundation. The false prosperity that we are enjoying now is being fueled by the biggest debt bubble in the history of the world. We consume far more wealth than we produce, and we pay for it by constantly going into more debt. At some point the merry-go-round is going to stop and when it does it is going to be incredibly painful.

An increasing number of Americans are waking up to this reality. One recent survey found that 61 percent of all Americans believe that there will be "a major catastrophic event" in the United States within the next 20 years. A significant portion of them believe that the "catastrophic event" will be economic in nature. That same survey found that only 15 percent of all Americans feel as though they are completely prepared for the coming catastrophic event. Remember what happened back in 2008. When the financial crisis struck, millions of Americans lost their jobs very rapidly. Since many of them did not have any money stored up, a lot of them lost their homes as well.

Since it is "halftime in America", now is the time to get prepared for the next great financial crisis.

• Now is the time to reduce your expenses.
  
  
• Now is the time to get out of debt.
  
  
• Now is the time to set aside some money so that you will have something to live on if you do happen to lose your job. I typically recommend that you have at least 6 months of living expenses stored up.
  
  
• Now is the time to start a side business. Even if you are broke, there are some businesses out there that you can start up for no money. It isn't easy to start a business with no money, but it can be done.
  
  
• Now is the time to grow a garden. Fruits and vegetables are often some of the most expensive items at the grocery store, and by growing them yourself you become less dependent on the system.

And that is the key. We all want to try to become less dependent on the system.

• There is no guarantee that your job will always be there.
  
  
• There is no guarantee that your insurance company or the financial institutions that you are working with today will always be there.
  
  
• There is no guarantee that the government will be there "to save you" when you really need it.

Yes, it is halftime in America. So get ready for the second half, because it is going to be a real nightmare.