Dear Friends and Colleagues,
Undoubtedly, in this new economy that financial experts say we'll probably have to live with for the next three-to-five years, many of us will have to make the transition from our credit card lifestyle to one more like the 'cash and carry' lifestyle that our parents and grandparents knew.
Now that we're feeling the pinch of a sluggish economy, a lot of us have become more acutely aware of how high our credit card interest rates are and how low our savings and money market interest rates are. And since gas, food and taxes are not likely to go down any time soon-in fact, they're much more likely to go up-it's best we adopt some old-fashioned values in a hurry. Some of us should look back appreciatively at our parents and our grandparents and remember how measured and retrained they were about money. Theirs was a time when being frugal wasn't a dirty word. It was just common-sense.
Certainly the seniors who are now over 82 all remember the Great Depression and the hardships of World War II. Necessity made them learn to economize, and, of course, many of them continued to live according to those values throughout their lives, even when they no longer needed to. The old adage, "waste not, want not" still applies for many of them though, and can, undoubtedly, be the foundation for a happy life, imbued with the virtues of gratitude and modesty, for many of the rest of us.
Check out our featured article of the month, "10 Things Your Grandparents Know About Money (That You Don't)."
Shirley Cohen
Founder & CEO
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Home Sweet Home Care, is a full-service home care aide agency serving the San Francisco Bay Area since 1990.