Editor's Note: There is only one real way to create wealth and that is to build something. If you take $50,000 worth of lumber, metal and glass and combine it with $50,000 worth of skilled labor you can come up with a $150,000 house. You have in effect created $50,000 out of thin air. Or by machining a $2.00 lump of metal you can create a $20.00 gear or a $200 watch. It all depends on the skillful application of technology to raw materials. Everything else is just rearranging deck chairs on the Titanic. In the short term, rearranging deck chairs can be very profitable for an individual but it doesn't "create wealth" it simply transfers it from one person to another. The rapid pace of … [Read more...]
How to Handle an Economic Implosion
I came across some research on the subject of worry. Here's how it was presented: Things People Worry About: things that never happen - 40% things which did happen that worrying can't undo - 30% needless health worries - 12% petty, miscellaneous worries - 10% real, legitimate worries - 8% Of the legitimate worries, half are problems beyond our personal ability to solve. That leaves 4% in the realm of worries people can do something about. I thought about our gigantic national debt and weak economy. These seem to fit into both subcategories of "real" worries. You can't do much as an individual to solve the nation's debt and economic problems, yet you can prepare for a … [Read more...]