THOUGHTS FROM AN ECONOMIC GIANT
"Government cannot make man richer, but it can make him poorer."
– Ludwig von Mises, free-market thinker and dean of the Austrian School of economics
As we get ready for yet another rate hike by the Fed, we have to keep in mind the damage that has already been done by all of those years of "easy money." The Greenspan years at the turn of the 21st century caused many Americans to borrow recklessly, and caused our personal debt levels to soar to extraordinary heights. It also caused the current housing market bubble. Perhaps worst of all, it’s caused so many Americans to just give up on saving money in favor of luxury cars, plasma TVs, outlandishly expensive vacations — the list goes on and on.
My warning to you is don’t be suckered in by the allure of easy money and credit. Devote yourself to saving and investing, and then you won’t have to worry when the Fed decides to raise interest rates, or when mortgage interest rates climb, or when bank credit card rates surge. Keep your debt manageable, and keep you savings and investment steady. Don’t let the government’s policies make you poor!
Wisdom about money, investing and life can be found anywhere. If you have a good quote you’d like me to share with your fellow Making Money Alert readers, send it to me, along with any comments, questions and suggestions you have about my radio show, newsletters, seminars, or anything else.
Jim Woods is a 30-plus-year veteran of the markets with varied experience as a broker, hedge fund trader, financial writer, author and newsletter editor.
His books include co-authoring, “Billion Dollar Green: Profit from the Eco Revolution,” and “The Wealth Shield: How to Invest and Protect Your Money from Another Stock Market Crash, Financial Crisis or Global Economic Collapse.” He’s also ghostwritten many books and articles, as well as edited content for some of the investment industry’s biggest luminaries. Read more about Jim Woods.
