Bankruptcy is considered a lagging economic indicator. Bankruptcy can reflect a specific economic time of hardship and how often these hardships happen. Bankruptcy can also indicate the kinds of economic things currently happening to you and a society, providing information that may help you correct your financial situation before it ever happens. Here are the top 3 economic things you can do to prevent bankruptcy.
Develop good work ethics early on in life.
Being on time for work, staying on task, being loyal to the people you work for, being honest in your dealings with your employers and customers, being present for work, being competent in the tasks given, being steady and reliable, keeping a clean hygiene, and keeping a friendly countenance are just a few of the economic things you can do to keep your job. These economic things should begin early on in your life.
All of these basic economic things do not go unnoticed, even in today’s economy. Loss of income is the number one cause of bankruptcy. If you consistently do not have one or more of these economic qualities, you will most likely lose your job.
Learn to budget your money.
One of the main economic things young adults fail daily in is not living within their means. America’s temptation is to live the American Dream before you earn the right to do so. The “push button” society you have grown accustom sets you up for economic failure. When you allow impatience to skew what you think is yours through the right of passage, wanting economic things right now might tempt you to take short cuts. These actions, inevitably, might drive you to poor work ethics and credit ventures.
When you live on credit, you had best be prepared to pay for your credit venture or experience bankruptcy. A budget provides you with the means to properly handle your existing income. One economic truth states when your expenses are more than your income, you will go into debt. Going into debt is one of the leading causes of bankruptcy. Budgeting income and the discipline to maintain a budget helps to prevent your going into debt.
Continue to educate yourself and your family.
Developing a work skill is only part of the education process necessary to learn to provide for yourself and your family. Learning what you like and want to be early on in life is very important to you learning how to provide. You, like the rest of us, are not born with the skills to provide for yourself. Those economic things are learned like any other economic endeavor. Liking what you do to provide for yourself and family is very important in sustaining the desire to do so.
Things change on the economic horizons, and keeping up with the changes is important to your economic survival. That means there will always be a continuing education of learning about economic things and how they apply to your life. Those who do not keep up with the changing times, usually fall by the wayside. Those are the ones who have a harder time being employed. A loss of income can result in bankruptcy. Keeping up with times by keeping you and your family educated can help you prevent bankruptcy.
- Why Bother to File Bankruptcy? (betterbankruptcy.com)
- Collections, Charged Off Debt, and Bankruptcy (betterbankruptcy.com)
- Debt Settlement, Collection Agencies, and Your P&L Before Bankruptcy (betterbankruptcy.com)
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