Great Depression – Lessons Not To Forget

 

Of the many tragedies which have struck our nation through the years, the Great Depression of was the longest lasting and in many ways the most severe.

Few people made it through those trying years without feeling its impact. Millions of families lost jobs and homes, and even those who lost neither one often felt the pinch of hard financial times.

But even in the midst of those trying times, there were those who emerged victorious. Mostly, those were people who did not let the circumstances get them down, but instead sought ways of overcoming it. A large number of today’s well-known corporations were founded in those years, attesting to the indomitable spirits of their founders

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1. Make things last

We live in a largely consumer society, always buying the latest and greatest of everything – cars, clothes, toys. But when you don’t have money to replace it, you need to make do with what you have.

Not only that, but you need to make sure that what you have will last as long as possible. That means properly taking care of everything. ………..

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3. Don’t pay someone to do what you can do yourself

A generation ago, most young men grew up learning some basic auto mechanics, carpentry and plumbing from their dads. By the time they moved out of their parents’ home, they’d have their own tool kit, filled with a combination of their father’s pass-me-downs and a few new ones that they’d bought on their own. They were proud of their ability to do things on their own

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6. Avoid buying on credit

Credit kills during a financial downturn. Those who lost fortunes in the Great Depression were those who had bought everything on credit. When they couldn’t pay, their creditors came to repossess what they had bought. Many went from rich to poor in the blink of an eye.

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7. Avoid self-indulgence

In the last 20 or 30 years we’ve been faced with a new phenomenon here in the United States — that of buying indulgent foods. We think nothing of spending $7 for a cup of coffee or an ice cream. Yet, it wasn’t all that long ago that we wouldn’t think of doing such a thing, except for the most special of occasions.

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9. Keep your chin up

No matter how bad the situation is, you can always do something to make it better. I mentioned earlier that there were many great businesses which were founded during the Great Depression. That wasn’t an accident. These were men and women who spat in the eyes of destiny. They decided that they weren’t going to become part of the depression and made some bold moves. But they had the guts and the drive to make it happen.

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Article source: Off The Grid News
Image source: same as above