I think there is great opportunity still out there. 50 years ago many looked to succeed by landing a high paying factory job with generous benefits and a pension plan. Due to various reasons, that is a more and more rare opportunity today. I think that the opportunities nowadays favor creative thinkers and risk takers. There is also a great chance of failure for new business startups. I like Ron Paul, but he has been predicting financial collapse for 25 years or more if memory serves me right. Eventually the prediction will come true, but being prepared should include surviving and thriving in prosperous or normal times as well as during depressions. Although Trump railed against Goldman Sachs during the primary, he appointed five or so former or current GS employees to his cabinet. The banksters are always successful in grabbing control of the ship of state, and they are certainly looking out for the interest of the super wealthy. The US economy today stands on the ability of borrowers to repay debt. There are still many hardworking and responsible individuals and businesses who are a solid bet to pay off mortgages and small business loans. However, there are overzealous lenders such as auto finance corporations, furniture companies, the government with its Student loans, and many more. Many of these loans will never be paid off. I believe the credit worthiness of our nation as a whole is gradually declining. Eventually it will reach another crisis event like 2008. Remember this motto “Privatize the profits, socialize the losses”. This will again be the method of resolving any future financial crisis. In light of this fact, I believe that it is wise to work toward owning assets that can produce revenue and income in good times, and will still be needed during a time of crisis. On another forum that I read, a man inherited GM corporate bonds from his parent’s estate. Years ago, those bonds were thought of as one of the most rock solid investments available. In 2008 with the GM bankruptcy, corporate bondholders were repaid in full, but individual bondholders either lost all or a significant percentage of the value. This is what will eventually have to happen with 401k’s, and bank deposits in excess of a certain amount. It is probably a mistake to plan on a collapse happening in the immediate future. I have two friends who made major financial/family wellbeing mistakes by planning on an immediate collapse.
Statistics: Posted by tidewaterva — Fri Jan 27, 2017 9:39 pm