Are you really in control of your financial future? Every turn the economy takes, anywhere on the planet, changes your financial future. The game is always changing; it’s evolutionary. There’s an evolutionary paradox called the curse of the Red Queen that states, “What worked yesterday is unlikely to work today.” Another way to put it is you cannot continue to do the same thing and expect a different result, which is the definition of insanity.
When Alice was playing chess in Wonderland, the Red Queen kept changing the game whenever she moved. The same thing occurs in the financial world. The financial crisis of 2008 brought on by the housing crisis, nearly crippled our economy and had a ripple effect worldwide. So, what can you do to create your own financial future in spite of a constant changing world? Create stability.
Start by working to create a stable income. Then, working with a budget, live on less than the amount that income provides after taxes. Sure, we all had to downsize and that’s what is needed. Do more with less and get by with a little help from our friends, as the song goes. Seeking relief from debts, whether it be through paying them off or filing for bankruptcy protection, is the first step toward a financially stable future. After that, staying out of debt should remain a priority.