I know the economy is a big bummer with high gas food prices, less or no money but.. what should we do?

Question

So should americans especially the young people like me, 23 yrs male, should start saving money like homes, apartments, cars, etc (but how much for a rainy day?) so we 'll always have money since the economy is bad right now.

Answer 1

Put at least 25% of your monthly paycheck away. The economy will stabilize as soon as the elections are over. Gas has hit a brick wall and investors are in panic sell mode. it has come down 16 dollars a barrell in two weeks. Now those who hoarded it are feeling the impact of ulternative energy trumping their little greed game and supply is running over so here they sit on 148 dollar a barrell oil while it goes down 6 dollars aevery three days now. I hope we see then jumping out of windows in wall street commiting suicide.

Answer 2

You need to get some perspective from someone a little older who lived through the last two recessions. Things are not as bad as the newspapers make them out to be.  Assuming we are even in a recession now, they tend to last for fairly short periods. The sky is not falling.

Answer 3

Very simple! Be smart and conserve.

Set your priorities right. Take very simple economical measures. Absolutely refuse to buy which is not necessary and buy which is absolutely necessary and from place where the deal is better. Use gas economical transportation and for the necessity only. Use bicycle where ever possible. Plant a victory garden to meet your needs of vegetables, herbs, etc., and if possible plant fruit trees as well. Conserve gas and electricity. Turn off the un-necessary extra lights. Turn off your air conditioner when gone to work and or college. Put your water heater to a very low level to have only room temperature bath and for washing clothes. Sun dry the clothes. Make best use of day time or work and night for sleep. Buy food wisely and to make the diet balanced bit do not compromise with your health. Can prepare meals at home. Do not spend money for junk food. The prices will come down when the customers get wise and refuse to have their hard earned money sucked by the price gougers.

Hope this answers your question and helps.

Answer 4

That's one way to look at it. However, one of the reasons why the economy is in the pooper is because no one has any money to spend. It's the LACK OF SPENDING that causes a lull in the economy. It goes like this:

People earn money-->People spend money-->Businesses earn money-->Businesses hire more people-->People earn money.

The cycle repeats itself. So spending money is actually what's supposed to help the economy.

However, what with gas prices and the sad, sorry state of the country as it is now, I would say that, in addition to spending A LITTLE money, people should vote for any candidate who isn't a republican.

Answer 5

It never hurts to save.  You never know what could happen.  You could end up in the hospital, your transmission gets busted or something.