7 Frugal Living Lessons From The Great Depression Era
29.2 هزار بار بازدید -
8 ماه پیش
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7 lessons we can learn
7 lessons we can learn from the Great Depression about money and frugal living!
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Books I'm Reading
The Dawn of Everything: https://amzn.to/3DZiaeI
Who Moved My Cheese: https://amzn.to/3E0TNgF
Outlier: The Story of Success: https://amzn.to/44gJxvF
Chapters
00:00 Start Here
01:02 Debt Will Eventually Catch Up To You
02:36 If Things Seem Too Good To Be True, It’s Because They Are
04:13 Expect Good Times To Eventually End
05:38 Be Careful With Where You Put Your Money
07:11 Living Below Your Means Is The Only Sustainable Way To Live
08:42 No Matter How Little You Have, The Power Is In What You Do With It
10:11 Be Adaptable
We can learn a lot about money and spending habits from history. In this video I combine my passions of history and frugal living and explain 7 different lessons we can learn from the Great Depression.
1. Debt Will Eventually Catch Up To You
Before the Great Depression began, there was a time of economic prosperity called, "The Roaring 20s." This was a time when there was a huge shift in how people spent money. Before people would save up their money to buy something, but in The Roaring 20s people has access to receiving credit from banks and stores. This created the rise of modern consumer culture where people were more careless with their spending and took on a bunch of debt. Eventually, this caught up to people and they were unable to pay back their debts leading to the financial crisis.
2. If Things Seem Too Good To Be True, It’s Because They Are
Not only were people buying stuff in The Roaring 20s, but a huge amount of people began investing in the stock market. From 1922 to 1929, the stock market increased over 200% and people were investing a lot of money and investing money on margin. Eventually people started to realize that the market was overvalued and everyone started to withdraw their stocks. This created the market crash of 1929 leading to the Great Depression. Stocks became worthless, people lost their life savings, and faced a huge amount of debt. All the hype of the Roaring 20s was too good to be true.
3. Expect Good Times To Eventually End
Once the market crashed in 1929, life changed drastically for people, which was something no one expected. When times are good we often think they will last forever and spend carelessly, don't budget, and don't save for the future. Then when times get bad we are not prepared for it. All good things eventually come to an end and the people that hurt the most during a financial crisis are the people who did not prepare when times were good.
4. Be Careful With Where You Put Your Money
Once we entered hard financial times, people began rushing to the banks to withdraw their money; however, the banks did not have their money and many people lost their life savings. Eventually, however, the government created the FDIC, which secures our money. And although we have this organization, we can still face moments when we could lose all of our money like when FTX filed for bankruptcy. It is important to make sure you keep your money in a safe place.
5. Living Below Your Means Is The Only Sustainable Way To Live
We went from abundance to scarcity in this period of history, but neither of these ways of living are sustainable. Eventually when you live in one extreme you will live in the other. It is important to find the balance of living a frugal life where you are living below your means.
6. No Matter How Little You Have, The Power Is In What You Do With It
In the Great Depression, people were forced to be extremely cautious with their money because money was scare. People learned that the power of money is not with how much you make, but it with what you do with it. If you are frugal with your money, you can make it go a lot further.
7. Be Adaptable
The final lesson of the Great Depression is to simply be adaptable. During this moment of history people had to adapt in order to survive. And no matter what period of time you live in, you will face some hardship in your life, but what's going to determine how it turns out is your ability to adapt. Frugal living is a tool that allows us to adapt to whatever life throws at us.
Also...if you read this, let me know in the comments. I'm curious to see if anyone reads this! (I doubt it)
**Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **
If you would like to support my channel!: https://www.buymeacoffee.com/williamsauQ
Mint Mobile (save on your cell phone): https://mint-mobile.58dp.net/rn6rJQ
Books I'm Reading
The Dawn of Everything: https://amzn.to/3DZiaeI
Who Moved My Cheese: https://amzn.to/3E0TNgF
Outlier: The Story of Success: https://amzn.to/44gJxvF
Chapters
00:00 Start Here
01:02 Debt Will Eventually Catch Up To You
02:36 If Things Seem Too Good To Be True, It’s Because They Are
04:13 Expect Good Times To Eventually End
05:38 Be Careful With Where You Put Your Money
07:11 Living Below Your Means Is The Only Sustainable Way To Live
08:42 No Matter How Little You Have, The Power Is In What You Do With It
10:11 Be Adaptable
We can learn a lot about money and spending habits from history. In this video I combine my passions of history and frugal living and explain 7 different lessons we can learn from the Great Depression.
1. Debt Will Eventually Catch Up To You
Before the Great Depression began, there was a time of economic prosperity called, "The Roaring 20s." This was a time when there was a huge shift in how people spent money. Before people would save up their money to buy something, but in The Roaring 20s people has access to receiving credit from banks and stores. This created the rise of modern consumer culture where people were more careless with their spending and took on a bunch of debt. Eventually, this caught up to people and they were unable to pay back their debts leading to the financial crisis.
2. If Things Seem Too Good To Be True, It’s Because They Are
Not only were people buying stuff in The Roaring 20s, but a huge amount of people began investing in the stock market. From 1922 to 1929, the stock market increased over 200% and people were investing a lot of money and investing money on margin. Eventually people started to realize that the market was overvalued and everyone started to withdraw their stocks. This created the market crash of 1929 leading to the Great Depression. Stocks became worthless, people lost their life savings, and faced a huge amount of debt. All the hype of the Roaring 20s was too good to be true.
3. Expect Good Times To Eventually End
Once the market crashed in 1929, life changed drastically for people, which was something no one expected. When times are good we often think they will last forever and spend carelessly, don't budget, and don't save for the future. Then when times get bad we are not prepared for it. All good things eventually come to an end and the people that hurt the most during a financial crisis are the people who did not prepare when times were good.
4. Be Careful With Where You Put Your Money
Once we entered hard financial times, people began rushing to the banks to withdraw their money; however, the banks did not have their money and many people lost their life savings. Eventually, however, the government created the FDIC, which secures our money. And although we have this organization, we can still face moments when we could lose all of our money like when FTX filed for bankruptcy. It is important to make sure you keep your money in a safe place.
5. Living Below Your Means Is The Only Sustainable Way To Live
We went from abundance to scarcity in this period of history, but neither of these ways of living are sustainable. Eventually when you live in one extreme you will live in the other. It is important to find the balance of living a frugal life where you are living below your means.
6. No Matter How Little You Have, The Power Is In What You Do With It
In the Great Depression, people were forced to be extremely cautious with their money because money was scare. People learned that the power of money is not with how much you make, but it with what you do with it. If you are frugal with your money, you can make it go a lot further.
7. Be Adaptable
The final lesson of the Great Depression is to simply be adaptable. During this moment of history people had to adapt in order to survive. And no matter what period of time you live in, you will face some hardship in your life, but what's going to determine how it turns out is your ability to adapt. Frugal living is a tool that allows us to adapt to whatever life throws at us.
Also...if you read this, let me know in the comments. I'm curious to see if anyone reads this! (I doubt it)
**Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **
8 ماه پیش
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