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For the last few years it seems that all the talk in the news has centered on the economy. Buzz words such has underwater mortgages, staycations, stimulus, loan modification, and strategic default have become a common part of our vocabulary. This has caused a lot of worry and fear within people at what others are experiencing. Despite all this doom and gloom on our TV and internet there are those who are actually prospering during this time. So the question really should not be how the economy is doing, but rather how is your economy doing?
The reason why we need to ask how our economy is doing and not how the overall economy is doing is that we tend to focus on and get scared by factors that are outside of our control. The foreclosure rate in Las Vegas and Phoenix do not impact you trying to sell your house if you live in Ohio. High unemployment does not directly affect you if you are employed nor should it detract you from searching for a new job if you hate your current job.
The key to getting your economy under control is to have a plan of action. You first need to get out of debt by developing and sticking to a budget which your family agrees with and that allows you to pay off debt using the debt snowball. Next, after getting out of debt, you can start to build a fund for emergencies that will help you get through though times such as a job loss. This will then enable you to set long-term financial goals so you can build wealth. Believe it or not, but there are people are doing well despite the tough economic conditions and so can you!
The point is that you can not control the economy, but you can control yours. When your economy is thriving, a downturn in the stock market or a drop in home values does not worry you as much. My family has sacrificed and when people ask how our economy is doing, we can honestly say pretty darn well! So what are you doing today to improve your economy?