Personal Bailout Plan

Posted: December 19, 2008 in Daily Blog
Tags: , , , , ,

No one wants a recession.  No one wants to fall on hard financial times.  No one wants to lose their job.  But sometimes these things are inevitable.  Things can go from bad to worse in a hurry, and if we are not paying attention to the warning signs we can run into trouble in a hurry.  We have lived in a season of prosperity that seemed to lull us into thinking there will always be a tomorrow that will bring more opportunity, more stability, and more time to fix whatever mess we find ourselves in.  This recession hopefully is a wake up call not just to the Banking sector and Automotive sector, but to all of us.

I am sure the Auto sector has seen these problems coming for some time now, but they did nothing to prepare for it.  They didn’t do the necessary restructuring or refocusing necessary to carry them through.  So now they are looking for some kind of help to keep them from falling apart altogether.  This is hopefully a wake up call for all of us.  If we continue to go into debt, buying things on credit and spending beyond our means, hoping that in some way the prosperity and growth in America continues so we can afford the things we buy today tomorrow, we will wind up in the exact same place as the Big 3.  If you haven’t started thinking about reducing your personal debt, do it now.  If this recession worsens and more companies begin lay offs, what is your plan?  Do you have savings?  Is there a way you can make ends meet?  If you are buying on credit today, what happens when and if the income you count on tomorrow dries up?  It is time for all of us to take a closer look at how much we bring in and how much we spend every month.  It is time for us all to develop better personal financial accountability.

If you find yourself in a good and stable financial situation during these times, congratulations!  You have bucked the trend of this consumerism and “buy now, pay later.”  That is a feat in and of itself.  But it doesn’t end there.  Begin looking at ways you can help others.  So many people are in such great need, now is the time to step up and help more.  Many non-profits that exist to help those in need are struggling.  Now is your time to take the blessings you have been given and put them to use to benefit others.  You may be able to help show someone how to get out of debt.  You may be able to give more to the organizations in the best position to help those that have lost their jobs, their homes, their hope for the future.  Giving of your time, your knowledge, your finances is such a huge blessing for both you and the recipient, you will not be sorry.  It will be a wise and gratifying investment!

Have you thought about your current financial position?  Are you continuing the habits that may spell disaster – spending more than you make?  Are you knocking down your debt trying to be in a better position if things do not improve?  Are you leveraging your good position to help others if you find yourself in a stable financial place?

This recession is not a good thing, but if it helps us refocus and restructure our current financial position bringing health and stability to our future financial position, maybe some good will come of it.  Learn the lesson from the Big 3, and change before it is too late.

  1. aroundsolong says:

    When my parents cleaned out a great aunt’s home when she died, they found drawers full of soap and string and rubber bands–this hoarding a result of her living thro the Great Depression. Drawers full of fear. The recession seems to be doing us some good: helping us to “count the cost”, reevaluating our values and priorities. Not a bad thing. Don’t you think scripture is a good place to turn when reevaluating…being “wise as serpents but gentle as doves” (planning) yet knowing that God that provides for us (trust) as we “co-operate” with him and take personality responsibility too?

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