It’s been over 10 years since we went through the Great Recession. At the time, there were a lot of dire predictions about what recovery would mean for the US and the rest of the world.One of the countries most impacted was Iceland. What has happened to Iceland in the ensuing years?
Tourism is credited for providing the impetus to their economy and now they are facing economic issues of another type – growth and all that goes with it. Things like raising costs, raising salary costs and too much demand for resources.
Most countries welcome those kind of challenges, though, because it’s a sign of growth. And it’s definitely not what people expected when this all happened.
A friend of mine is taking a year to travel Europe with her location independent business. She’s spent the last few weeks in Greece, partially to see how they have recovered from their own crisis. You may remember the dire warnings for the economy of Greece back in 2010. It seemed there was no way they were going to pull out of it.
And yet, somehow, they have. The European Union (EU) stepped in to take over the debt payments for Greece, in exchange they had to adopt some severe austerity measures. That put the country into a recession that they only pulled out of in 2017.
My point, though, isn’t about politics or wide sociological changes. I want to talk about you.
What would you do if a recession hit here? What if you found out that inflation ate away your pension (current or future) or your income? What if you got downsized from your current job? What if your business got hit with loss of customers and contracts?
That’s when I like to look at what other countries have done and Greece is a great model. The austerity models mean that the “pensioners” lost the certainty of retirement. They had to take a low paying job just to cover the necessities of life. Most people work 2 or even 3 jobs. Some set up stalls in local market to sell goods.
If something like that happens to your family, do you have a plan?
We have the opportunity now to prepare and, if you know how to take advantage of tax breaks you may even be able to get that preparation with a government subsidy.
Tax law is written to reward certainty people and certain behaviors. You can rail against the system or you can learn how to play the game.
That’s what we do.
Teach people how to legally take unfair advantage of the tax laws to build economic freedom for themselves and their family.
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