Is it your patriotic duty to rescue the economy?
As I watch TV and listen to the radio lately, I have been hearing a lot about stimulus packages and the importance of spending our way back into financial health. The implication of these messages is that it is our job to spend ourselves out of a recession and that it is your patriotic duty to help by spending as much as you possibly can.
I have a somewhat different perspective. I believe that it is NOT our patriotic duty to spend, spend, spend or to single-handedly pull the country out of these difficult financial times.
But I think that it is our patriotic duty to manage our lives with personal and financial responsibility so that we can withstand difficult times and contribute to the success of our nation.
One of the biggest reminders I have gotten over the past few difficult months is the importance of having a sensible financial plan that allows you meet your goals. A big part of that plan should be to maintain adequate emergency funds and to have enough liquid assets to withstand difficult financial times.
As you receive “stimulus” checks, remember that it is NOT your duty to run out and immediately spend it. It is your patriotic duty to use that money to get yourself into a solid and responsible financial situation. If we all act responsibly, the US will be much better off.