Yesterday, I spoke to a family member who was sharing stories of wealthy Floridians who have lost their shirts in the real estate market and are ready to throw in the towel. Their lavish lifestyles have come to a screeching halt as they try to figure out whether it’s even possible to bail themselves out.
As he was talking, I was thinking of something my husband said years ago. It’s easier to do without when you’ve never had much in the first place than to be rich and lose it all.
Think about it….The people who have always struggled to make ends meet will probably survive this latest economic crisis better because they are conditioned to cutting corners and living frugally. It will be tough on them but they will get through it. And the amazing thing is no matter how little they have they are the type of people who will still dig into their pockets and donate something to help someone less fortunate.
The wealthy are bemoaning their fate because suddenly all the luxuries are being pulled out from under them . They don’t have the coping skills to adjust their lives accordingly. Many of them saw this coming but did not change their lifestyles until it was too late. Now they’re losing their homes, cars , boats, vacation homes etc…
In the long run, I believe it will be your average guy who will have an easier time getting through our country’s latest economic crisis.