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The United States hasn't experienced a depression for three quarters of a century, so there are not many people alive who have personally survived such a severe economic downturn. Although circumstances differ today in that additional financial safety nets were not available in the 1930s, it still pays to be prepared. Read on for some advice on how to survive a depression.
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The United States hasn't experienced a depression for three quarters of a century, so there are not many people alive who have personally survived such a severe economic downturn. Although circumstances differ today in that additional financial safety nets were not available in the 1930s, it still pays to be prepared. Read on for some advice on how to survive a depression.
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Introduction
The Great Depression began with the stock market crash of 1929 and continued for more than 10 years. During those years of great financial hardship, people learned to make do and survive. They raised families and lived their lives while living under very difficult circumstances. In order to survive a depression, you need to adjust your attitude, focus on positioning yourself well within the workforce, and learn to economize in new ways. -
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Step 1: Adjust Your Attitude
- The key to surviving, and thriving, through periods of adversity is to adjust your attitude. If you wallow in misery, you won't be able to take advantage of the opportunities that will inevitably present themselves. Before focusing on anything economic, look within yourself and commit to persevere. Make sure to get exercise and watch your health, as well.
Step 2: Focus on Your Career
- At the height of the Great Depression in 1938, 19.1 percent of U.S. workers were unemployed. This means that 80.9 percent of those who wanted to work had a job.
- If you are fortunate enough to be employed during a depression, first be thankful. Then take the following steps to ensure you remain employed.
- Make yourself indispensable, and make sure your boss knows it.
- Sharpen your skills by keeping up to date in new technologies in your field.
- Even if you are employed, your job could disappear at any moment, so behave as if you are on a job search, keeping in touch with colleagues at other firms, and taking advantage of opportunities to make new contacts.
- Consider taking on a second job, starting a small business, or taking on freelance work to increase your income and build your savings.
Step 3: Reduce, Reuse, Freecycle
- In order to survive a depression, you need to cut spending to the bone.
- The first thing to eliminate is discretionary spending, such as cable TV, stopping for that daily latte on your way to work, and European vacations.
- You may also be able to make structural changes. Do you really need two cars, or could you save on insurance by selling one, for example.
- Be creative, using things you have on hand for multiple purposes. Instead of buying several different household cleaners, substitute vinegar, lemon juice, and baking soda, for example.
- Take advantage of the library for books and DVDs.
- Sign up for a local freecycle group where, in return for passing along items you no longer have use for, you can benefit from items that others are willing to pass on.
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