My dear readers - 5
I’m calling this letter “The All-American Steak-out (Not)” in honor of what has become the most devastating economic time since the great depression.
Needless to say, we are NOT eating a lot of steak out.
Perhaps you’ve noticed many restaurants suddenly closing their doors with nary a notice to customers or employees?
Or, for those stalwart souls who keep their restaurants running, the menus have changed: fewer selections and higher (much) prices.
A glass of wine?
Get this, I paid $9 for a glass of the house wine in one of my favorite haunts, recently.
Haunt is indeed the word – I am haunted right out of it and most restaurants for some time to come.
Now for the subtitle of this little diatribe of mine:
How to Out-Steak and Survive a Tumbling Economy.
Onward with our adventure:
I’ve compiled a medley of techniques, ideas, and suggestions to help you keep your financial feet on the ground during this turbulent time:
- Destroy all credit cards:
No more living on credit, gang.
That’s how this whole thing began!
What you can’t pay cash for, you simply don’t get.
But what’s cool is that you’ll be able to sleep at night while Joe Blow down the street who went and bought it on credit will lay awake nights wondering how he’s going to pay for it. - Discontinue all services.
From now on, shovel your own driveway, mow your own lawn, clean your own house, sew on your own buttons.
Think of the exercise, the fun, the Zen!! - Drastically cut your entertainment budget.
Now, mind you, I’m not saying to cut out entertainment, I’m just saying to cut the budget.
I mean: forgo the five-star restaurant for a five-course home-cooked meal. Quit your movie outings and get Netflix instead.
The midwinter Caribbean cruise?
Nope – go buy a palm tree, sunlamp, and mix up a pitcher of pina coladas.
Summer in the mountains?
Take the kids to the local climbing wall instead. - Keep your car:
forever!
Well, this is a bit of an exaggeration, but the days of a new car every other year or so should be GONE!
Should be no problem as long as you keep your car in good condition and keep up with the every 3,000 mile oil change, new tires when needed, and so on. - Downsize.
Do you really need that monstrous house in the ritziest suburb around?
We drove up to a disgustingly big house one day and my daughter asked me, Dad, is this really necessary?
Keep it simple, Simon (and Sally) and get what you need – no more, no less.
By the way, as a preview to a complete overhaul of the current tax system, I invite you to download my report “Done with Cash” for free.
Tags: Banking Crisis, Corney's Model, Financial Crisis, Geithner, IRS, Stimulus Bill, Taxes
