Comments on: 8 Critical Steps Every Family Should Be Taking to Prepare for the Next Financial Crisis

By: Tommy

Tommy — Mon, 19 Jul 2010 04:44:08 +0000

I really like your posts, and there very common sense approach. I never did jump into having to have all the new gadgets as they came out. I have never owned a new car, and never will. I find that I can purchase a used one, and not worry about high payments & all that insurance you have to pay. I buy alot of things used. My home is an older home with 2 acres of hillside, thankfully it is paid for, has been for about 10 years now. My home is in the country, so therefore I also raise a garden and raise a few animals. I have learned how to butcher myself, and to preserve what I grow. For 18 years I have worked 2 jobs. Which ends up being working 7 days per week. When I have the day off from 1 job, I still normally work the other job. I still use dial-up internet service, I feel its better to pay $6.95 per month than paying $59 per month for Frontier DSL. I have co-workers complaining because their DSL has been turned off because they could not afford to pay it, so instead of adding to the bills, I try to limit my bills. I have never had any interest for a credit card. I have always been taught that if you can’t pay for it when you get it, you really don’t need it. I have stuck to that philosphy my enitre adult life.

By: Screw Them Because They screwed You! | LordBrettSinclair.com

Screw Them Because They screwed You! | LordBrettSinclair.com — Mon, 12 Jul 2010 12:01:11 +0000

[...] able to get a job and if you have to. However, in the new economy today we must all consider different income streams and options so as not to put all our eggs in one basket. The prospect of starting a new [...]

By: Matt Bushendorf

Matt Bushendorf — Thu, 08 Jul 2010 22:01:25 +0000

Frugal Dad-
We really like your advice to protect your family. It is important to take action to prevent disaster. When it comes to your credit and protecting your family, it’s important to know that minor children need credit protection, too. As your kids get older, understanding how credit works will be a big part of successfully managing their finances. It seems like the last thing you would think about with a younger child, but every year minor children are victims of identity theft. At Experian, the parent company to freecreditscore.com, we offer a service that protects your family with services such as credit monitoring, e-mail alerts and fraud resolution. For more information, check out at http://www.familysecure.com. If you have any questions or want another source for more credit info please visit our social sites at Facebook.com/FreeCreditScore.com and on Twitter @FCSdotcom.

Matt Bushendorf
Customer Care at FreeCreditScore.com

By: » Should There Be More Economic Stimulus Payments? | Saving to Invest

» Should There Be More Economic Stimulus Payments? | Saving to Invest — Sat, 03 Jul 2010 02:30:54 +0000

[...] 8 Critical Steps Every Family Should Be Taking to Prepare for the Next Financial Crisis @ Frugal Dad. The title says is all as we approach a critical inflection point in our economy. To me, building a second or alternative income stream is key in case your day job disappears like millions of others. [...]

By: Andy

Andy — Sat, 03 Jul 2010 02:16:53 +0000

To me, building a second or alternative income stream is key in case your day job disappears like millions of others.

By: finallygettingtoeven.com

finallygettingtoeven.com — Sat, 03 Jul 2010 01:32:06 +0000

It is amazing that I have friends that in spite of everything they see going on around them today are still walking with their blinders on. Some people believe that they are ‘un-touchable’ and while they might in fact end up being the lucky ones in the end there is also the very real possibility that they might be in for a rude awakening. Everyone should plan for the worst and be ready for anything and that does not mean they need to run around worrying about ‘doomsday’, but to just be aware and ready.

By: Frugal Dad

Frugal Dad — Wed, 30 Jun 2010 14:28:41 +0000

Ha! I consolidated the final steps, and wound up with one less step than I originally intended. Thanks for catching that – I’ll edit to read “5-8.”

By: LRGCHE

LRGCHE — Wed, 30 Jun 2010 14:26:33 +0000

I’m still looking for #9…
In #5, the first line says “but continue to work on items 5-9 concurrently”

At any rate, love the article!

By: jo

jo — Tue, 29 Jun 2010 13:14:02 +0000

I agree that the worst is yet to come, and we have also been contemplating on living abroad, however, we don’t know if we still have to file income taxes for the US even though we are no longer living in the US. We were born in another country and have become US citizens and our children are natural-born citizens. We own some property abroad and would be able to live off the land for far longer than we are able to in New England. We’ve come to the conclusion that if the US is becoming more socialized than Europe is which makes the US a less desirable place to live in. I really don’t think that the american people get it and by the time they do it will be to late.

By: Squirrelers

Squirrelers — Tue, 29 Jun 2010 01:06:41 +0000

Very good article.

This financial “situation” we have all navigated through has certainly made an impression on me. I think that there have been some learnings from this that will stay with me for a very long time.

My take is that you should save money while you can. Whether young or old, if you’re healthy enough to earn money and save, take advantage of your window of opportunity. Save early and often.

To that point, I also think that 3 months is not even a minimum for an emergency fund. 9 months would be better, in my opinion. You just don’t want to be underwater financially. As Warren Buffet is reported to have said, Rule #1 is don’t lose money, Rule #2 is don’t forget Rule #1.

That said, we can also have fun too. Even if one takes a bunker mentality, it’s always good to appreciate what we do have, and enjoy life to its fullest.