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Suppose for the moment you’re going to jail in three months. It doesn’t matter why you’re losing your freedom, and it doesn’t matter how long your exile from civilian life will last. All that matters is that you’re going to jail and as soon as you arrive there, you’ll be potential prey.
Now I have a question for you. What will you do in the three months prior to the start of your sentence to reduce your vulnerabilities?
If you answered “workout, improve my fighting skills, and watch ex-con YouTube channels so I understand ‘the code’ of prison life,” congratulations. You’re admirably doing your due diligence and making yourself less of a target.
Quick aside. About a year ago, I came across a YouTube channel called Fresh Out. Fascinating stuff for the armchair sociologist. Check it out when you get a chance.
Is the Economy About to Kick Your Butt?
The national debt is over $23 trillion. Our economy is supposedly humming along with record-low unemployment, but the federal deficit this year has eclipsed one trillion dollars. How is that possible? The last time the economy was kicking butt—during the Clinton presidency—we ran budget surpluses.
I’m not an economist, and I don’t play one on television. I’m just a little ol’ country blogger from North Carolina. But something’s wrong. I look at my fellow Americans and I see too much indebtedness, too much dependency on coerced charity (i.e., government welfare and subsidies), and too much moral decay (i.e., crime, drug use, out-of-wedlock births, idleness, cronyism, etc.). And for the life of me, I don’t see how our second- or third-rate culture can long support a first-rate economy. At some point, deficit spending and ridiculously low interest rates will no longer be able to prop up the underlying rot and our economy will implode.
Quick aside. For a jarring look at the state of our culture, check out the following:
What to Do
I don’t know when another 2008-like recession is going to punch us in the face. It could be next year. It could be five years from now. But it is coming. And much like the darkest elements of prison life can be mitigated with proper due diligence, so too can the darkest elements of a brutal economic downturn. But you got to do the due diligence now, while things are good and the prep time is ample.
So what is proper due diligence for the pending mother-of-all recessions? Good question. I spent a good 15 minutes pondering that question, and here’s what my fertile mind came up with.
Get out of debt. The less debt you have, the less likely you’ll get crushed by an economic tempest. Focus on student loan debt first. That debt isn’t dischargeable in bankruptcy. Then go after consumer debt. And then, if at all possible, pay off your house. The cost of living is incredibly reasonable once you’re completely debt-free. In most parts of the country, you can get by on a ten dollar an hour job.
Build a twelve-month emergency fund. The larger your emergency fund, the better you’ll be able to handle either a prolonged bout of unemployment or a nasty pay cut.
Learn at least one new job skill. Learning one new job skill, especially if it’s related to your current job or field, just might make you layoff proof. And if it doesn’t, it will surely help you in your quest for another job should that unfortunate need arise.
Develop a humble mindset. Right now, you might be a well-paid professional. Once the mother-of-all recessions comes, however, you might find yourself working the grill at a Waffle House. And that’s okay. All work is honorable (providing it’s lawful and ethical, of course). And as soon as you realize that you’re not above menial work and menial comforts, the better you’ll be able to handle whatever indignity the next economic downturn throws your way.
Create a jettison list. Everyone adorns his or her life with luxuries—that is, everyone wastes money because wasting money is one of the things that makes life enjoyable. But come the mother-of-all recessions, wasting money will no longer be tolerable. So now’s the time to make a list of the luxuries that you’ll need to jettison once the recession arrives. Here, for example, are five things Mrs. Groovy and I would jettison if the economic situation got really dire:
- Travel
- Gift-giving
- Landscaping
- Dining out
- Streaming television
Final Thoughts
Okay, groovy freedomist, that’s all I got. What say you? Am I being overly pessimistic? Or am I offering very sage advice? Let me know what you think when you get a chance. Peace.
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