As I watch part of my portfolio wither during this worldwide financial meltdown, I have to ask the question, “Didn’t anyone see this coming?”
Apparently Peter Schiff did…back in 2006. Schiff points to the low savings rate of the United States as its worst malady, citing the transformation from being the world’s largest creditor nation in the 1970s to the largest debtor nation by the year 2000.
Fortunately, it appears at least other investments I made will weather the recession we find ourselves in. And yet, I have resumed saving my hard-earned money like my life depends on it. Certainly my quality of living does.
Do yourself a favor and watch this video. A penny saved IS a penny earned.
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