5 life lessons from the recession
Whether you lose your job or not, this downturn will almost certainly mold your ideas about money. And if you learn what hard times can teach, it’ll serve you well in the years ahead.
The Great Depression famously shaped, and in some cases warped, the “Greatest Generation.”
Many of those who lived through that economic cataclysm developed lifelong habits of thrift. But some became hoarders, unable to shake an overwhelming fear of deprivation that those years instilled.
Many became risk-averse and suspicious of debt. But some became so disillusioned with the financial world that they never invested again and eschewed all debt, including loans that might have helped them get ahead.
This recession will shape you, as well. Rather than give in to fear, paralysis and cynicism, though, I hope you’ll learn these important lessons from the economic cycle, which should serve you well in the years ahead.
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