At the beginning of the first financial testimony in Ladson, South Carolina, you think that this man has had a smooth ride through life. But 7 years ago was a horrible time for him as he lost his job and struggled to pay his mortgage. He almost lost his house too but decided to borrow from his 401K to make the mortgage payments. Miraculously after going through such a hard financial struggle he didn’t all into debt. His debt antidote was simply not having debt before he met his crisis. Although he had to take money from his 401K and pay tax on it, the money was still his. He claims he has no savings now but I believe he ended up better than most others in the field of construction. the 2008 housing crisis turned that sector upside down and many still have not quite recovered.
The second testimony is much like the first. Although the man did hae debt when he lost his job it wasn’t much. He was able to get employed relatively quickly because he says he still didn’t have a lot of debt coming into his new job. For those who are willing to listen, he gives the following advice
Just because you have money now, doesn’t mean you’ll have it tomorrow. Spend wisely and save wisely.
What comes to mind is that both people would have savings right now if hey had been maintaining a large Youtube channel. We relish the thought of a hole in the back yard producing a steady flow of oil. This is exactly what a Youtube channel is when you keep working at it. Try niche subjects like making kites or growing bamboo. the smaller the niche, the better so you don’t come against a lot of competition. Those of you who want to keep your 401K during the next crisis should start thinking about what I’ve said. Acting now could even keep you from being homeless when the world’s economy falls over the cliff.