Everything is not OK.

Despite what you see on Main Stream Media (MSM) outlets, most of us know the truth about the economy.  The fact is, the US and most other countries are struggling due to the combined effects of slow growth and high debt.  For the past five years this has resulted in economic stagnation as higher taxes and greater regulation take their tool.  As this post over at Zero Hedge states:

The percentage of Americans that have a job has stayed remarkably flat since the end of 2009, median household income has fallen for five years in a row, and the rate of home ownership in the United States has fallen for eight years in a row.  Anyone that claims that the U.S. economy is experiencing a “recovery” is simply not telling the truth.

All this has an impact on preparation activities.  A comprehensive preparation plan will include economic and personal disasters along with the others that we discuss.  Job loss, reduction in hours, unexpected expenses, and other disruptive events are an ongoing reality for millions of people.  The first step in preparing for them is to understand that such events can happen to you with little to no warning.

Here are a few steps you can take to help insulate yourself during these difficult times:

• Cut expenses – reduce money spent on cable TV, phone, and other recurring bills
• Reduce commitments – use extra time for creating more revenue and making preparations
• Protect against loss – get the right kind of insurance to safeguard your assets
• Re-use and re-purpose items – look at ways of getting more life out of products you already have
• Eliminate vices – smoking, drinking, gambling, porn, and other sins cost a lot of money
• Live simply – cut back on dining out and entertainment to focus on necessities
• Become more independent – make and/or grow more of what you need
• Add revenue streams – turn skills and hobbies into extra income
• Acquire marketable skills – become more valuable for challenging times
• Sell or donate unnecessary items – make money and create space
• Increase your network – engage other who have skills and contacts that can help you

The good news is that bad times don’t last forever, eventually things will change.  However, we are still in an economic storm that will continue to wreak havoc for years to come.