Perhaps you’ve heard about The Great Recovery and you’re looking to get involved. You want to know how you can do your part to steer the economy in the direction of success. Remember, the economy isn’t successful because of some piece of legislation that Washington puts forth, it’s the people that make the real difference. Here’s what you can do to get started!
What is The Great Recovery?
Last night I watched a video of Dave Ramsey giving his speech about what The Great Recovery is and how we can get involved. It was largely a communication to leaders – trying to compel them to reach out in their communities and churches to get people to take action.
Dave made the excellent point that any recovery of this great nation begins with us – with YOU! He explained that by finding better ways to handle our money, we could change the economy from the ground up and cause a shift in the way our nation handles its finances.
I agree with Dave when he says now is the time for a great recovery. I don’t know about you, but what’s going on in Washington right now is just plain scary. With the president saying “we have now run out of time [to get a deal done on regarding the debt crisis in America],” now is the perfect time to change America from the inside out.
So The Great Recovery is a movement – not about Dave Ramsey – but about getting this nation back on track. Sure, the promotional materials involve Dave, but the heart of the message is about recovering our own individual fiscal health to secure the fiscal health of America.
The First Steps to Recovery
If you want to know how to heal your personal finances, you’re going to have to start with a plan. Dave Ramsey’s 7 Baby Steps is a great plan we have been on during the past two years. We’ve paid off all our non-mortgage debt, built our 6 month emergency fund, and are starting to fund retirement and college.
But there are some “steps before the steps” I think everyone should know about. Let’s start from the beginning:
1. Assess your financial situation.
To get to where you’re going, you have to know where you’re beginning. Many people try to aim for a goal without understanding the state of their finances. Don’t do that! Assess your financial situation and understand a few key things:
- How much money you’re spending month to month.
- How much income you’re actually bringing in every month.
- The value of your assets, liquid cash, and debts.
2. Design and implement a budget.
If your previous spending and income wasn’t working for you, change them! Cut spending wherever you can and find a job that will improve your financial outlook. Look for jobs that pay commission or tips.
Also, look for better ways to manage your money. Find a bank that pays you to bank with them.
When you’re designing your budget, make sure to do so off of your historical spending, and try reducing your spending by 5 or 10% per month until you find a good balance. This is a slower approach that will help ease you into a frugal lifestyle.
3. Learn how money works and follow solid principles.
Last week on ChristianPF I wrote an article about how money works. In it, you’ll find some common sense solutions to everyday financial issues. Remember, to participate in The Great Recovery, you can’t just check some magical boxes and be done. It’s a lifestyle. You have to live differently over a long period of time.
Are You Joining The Great Recovery?
I hope so! I know that I’ve been participating before Dave officially launched it – and so have countless Americans over the years. This movement has been moving for some time; we just have a name for it now. Tell your friends to get on board. Change your life and they’ll ask what you’re doing right!
What are your thoughts on The Great Recovery? In what ways are you going to get involved?