Hello, hello, hello, and welcome to another episode of Kosmo Unfiltered.

Today, I’m joined again by my man Wes. And we’re gonna be talkin’ about what to do when the economy tanks. 

Did you notice something about that?

I didn't say if the economy tanks. I said when the economy tanks.

You can be damn sure that it’s gonna tank at some stage soon. 

So buckle up, and let’s dive right in.

Oh… and by the way, if you like this episode, please make sure to like, drop a comment, and hit the subscribe button so you never miss a thing.

After all, we make these podcasts for you for free.

Sounds good?

Let’s jump right in!

Here’s Why It Isn’t Your Fault… or Is It?

So me and Wes were talking about this. He said he was reading a book about the great depression.

I can’t remember the name of it, but he told me that it was about what people actually bought during the great depression.

And you know what the most popular commodity was? (Like apart from food and drinks, obviously?)

It was cosmetics.

Like skincare, lipsticks, etc.

And honestly… I was so surprised to hear that… but also kinda expected it.

See, the thing is, I think that we, as humans, buy too much garbage anyway.

Like for example, when me and my wife finally decided that we were going to get out of debt, we decided to put rules in place on what we could or couldn't do.

So the big 2 ones were:

1. No eating out at restaurants 
2. No buying anything other than gas at stations

They were the rules we had, but that was when we started to see a massive difference.

We had to make sacrifices and live below our means.

See, I just think too many people nowadays are simply going broke pretending to be rich. That’s the problem.

Like when my wife and I made this plan, we decided that everything we were going to eat had to come from home, which meant bringing lunch to work and home-cooked meals. No takeouts.

And I don’t know if it’s an ego thing or not, but most people just can’t do that nowadays.

Should We Have a Plan?

Should we have a plan?

Well. I’ve got one.

Once a year, I go to the store specifically to buy beans and rice.

25 pounds worth.

One time every year.

I mean… if shit hits the fan, I don’t think we would have any problem eating that many beans and rice.

I mean, if we don’t eat it, then I give it away to charity.

But I want to keep it just to be prepared.

I’m not saying it’s gonna be that bad, but I just like to be prepared.

I mean, most people are living right on the edge when it comes to money.

Like you know, 7-8% of people are just one paycheck away from total collapse?

Like at the end of the day, if you can’t save money, then you have an issue. Period.

I mean, I know guys who make less than $1500 a month. Still, they save more than a hundred bucks a month.

People just are too entitled. They just think ‘I deserve it’ and say no more about it.

Cash is King

You know, my advice to any young person watching this is: make sure that you have savings!

Like seriously, that’s the number one thing. Have savings. Be prepared for a rainy day.

And I don’t just mean putting some money aside and doing nothing with it. I mean putting money aside and always making the little stash bigger and bigger. 

I would say every month when your paycheck comes in… after taxes, you should put away money first… then buy yourself things.

You can’t really ever have too much savings.

Homework

How much are you currently saving, and what could you do to save more and prepare for when the economy tanks? Let us know on social media @kosmounfiltered!

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