The floodwaters of the economic tidal wave are rising quickly, and it’s up to everyone to plan for their own personal finance survival. Nobody is going to do this for you, despite the efforts of the government and the plan to submit a financial incentive package that approaches $1 trillion. People generally tend to assume that the government has their best interests in mind and will protect them from financial disaster. It’s a nice thought, but it’s not real.

You only need to look at how the government manages is its own personal finance affairs to understand that we cannot depend on it for help in correcting our personal financial woes. With a national budget deficit of almost $11 trillion, and the continued expenditure of money that we simply don’t have, the government sets the standard for credit excess. We are spending several billion dollars a month in Iraq, have pledged $700 billion to the financial industries, Detroit is looking for another $35 billion, and now we’re talking about an incentive package of almost $1 trillion.

Where does this money come from? Clearly the government does not have it in a bank account somewhere, so they borrow it–from the Chinese. China has its own set of problems however, and this past year more companies in China went bankrupt than in their entire history. Furthermore, China is the planet’s largest communist country, and it makes one wonder how they rationalize doing business with our capitalistic society. The scary fact is that should China decide to pull the plug, our economy would come tumbling down.

The bottom line is that you need a strategy for personal financial survival. You should look at all aspects of your personal finance and ensure that you’ve done everything possible to survive these coming treacherous economic times. From your income to your taxes to your wealth creation and maintenance strategies, leave no stone unturned in evaluating your financial future.

And make sure you know what you’re looking at. Many people have learned everything they know about finance and money from people who were not all that successful with finance and money themselves. This might be your parents, your family, or your friends, but before you rely too heavily on the advice you’ve received, make sure that the people who are giving it to you understand what they’re talking about. If your financial education is deficient in any way, take steps now to correct it.

Tags: personal finance

Label: Personal Finance Survival Strategies