I was interested in watching the Democratic debate this week to see how Mayor Bloomberg would fare, and to learn more about him. Would he instill in me the passion I’m looking for in a candidate – integrity, respect, candor and respect for our what our Country stands for – honor, integrity and a calling to ensure the constitutional freedoms bestowed upon all Americans?

I was disappointed, as were many. For one, I did not get to learn anything about him. The debate became nothing more than watching attack dogs seeking to draw blood. Beyond that, however, I was appalled at the Mayor’s apparent lack of preparation. Wasn’t it safe to assure that the issues of the non-disclosure agreements and claimed remarks about women would be fodder for the prey of the other candidates? Of course it was – and the Mayor should have been prepared. Hopefully, he will learn from his mistake and do better on the next go-around.

I could suggest how he should have responded, but this blast is not intended for that purpose. Instead, I want to emphasize that “being preparedandlearning from your mistakes” are two keys to success. We face an uncertain economy. Yes – some numbers are strong right now, as in the employment figures, but others are not. Consumer debt is at an all-time high and rumors have it that credit card companies are getting ready to cut back available credit. (Read my blast last week about the change in the FICO scoring system as a refresher). On top of this, there has been a lot of press on how people are now underwater on their car loans. Some dealers are even encouraging consumers to take out a new car loan or lease and then default on the vehicle that is underwater. Add to this – the soaring deficit, uncertainty over the Coronavirus and the future political spectrum – and it is safe to say – the future may hold some downturns.

This is where “be preparedandlearn from your mistakes” comes in to play. When the economy turns south, and a recession does come, available credit on credit cards will evaporate, as will overtime and many jobs. Preparation means you need to have a “cash stash” so that when trouble comes and you can’t “charge your way out of it,” you have cash to pay for essentials.

History does repeat itself, and we learned a lot from the Great Recession and traumas faced from 2008 – 2014 (and in some respects still ongoing). We learned that the banking industry will take your credit and the government will save the banks from financial ruin and offer us – the consumers – weak assistance programs that are administered by the villains who cause the crisis. My point is, we know what is going to happen. We’re just not sure when – so now is the time to prepare!

If you have too much debt, and too much credit card debt, you need to take action. Want to learn how? Attend our FREE Seminar this Wednesday, March 4th – “Bye bye credit card debt — hello happiness!” We will remind you what we learned from the past so you will be prepared for the future. Details are below.

Oh – my message for Mayor Bloomberg: I realize you don’t have to worry about credit card debt. But please – for those of us who are thinking about pulling for you – learn from your mistake and be prepared!

Have a great week,

Ken

P.S. Did you know that THAV GROSS offers free consultations for business, financial, and tax problems? Call us anytime – (248) 645 – 1700 or CLICK HERE to send us a message.