I am fortunate in that I don’t have too many people asking me for money. Throughout most of my lifetime I’ve actually only been hit up for money about a dozen times but….
I don’t know what it is but I have a deep sense that something is wrong out there. I have a strange foreboding that something bad is about to go down. I don’t know what that may be but I’ve recently made the decision to go ‘radio silent’ with many family and friends.
What got me thinking down this line initially was something I read on the internet from a wise “senior” who made some interesting points about what not to do when you get older and closer to retirement. I don’t remember the complete list but a few points were:
- Don’t let anyone know or find out that you have money. Anyone that hits a hardship will come to you first because they think they’re entitled to your money.
- Don’t lend money to family or friends unless you’re willing to assume you’re never going to get that money back and don’t plan on resenting them for it.
- Be cautious, skeptical, and downright rude (if you have to) when anyone comes to you with an incredible opportunity that is too good to be true and just say no.
On #1 above, I do recall during the GFC, I did have a few family members hit me up for money. At the time, I too had lost my job but I have always kept huge cash reserves for such events and my expenses were low back then since I had no debt or mortgages and continue to have minimal debt although inflation is driving up some of my expenses like insurance and property taxes.
On #3 above, I recently had a friend visit wanting to collaborate on some business opportunity. He gave me some specifics and I honestly don’t have the time or energy to start up a new business that I’m not 100% thrilled to do. I also told them that we are approaching an age where capital preservation is far more important than speculative returns. I countered with a different business idea and we’re still taking but who knows where that will go.
I expect for the U.S. economy to plunge into a recession later this year or sometime next year. I hope it doesn’t but the fact that I got laid off earlier this year and the only times I’ve ever been laid off were when there was a major catastrophe in the economy makes me think we are due for some economic disaster.
If and when that disaster comes, I fully expect to be contacted by friends and family for help but initiating radio silence now will make those conversations more awkward for them. Not calling or talking to me for months then suddenly hitting me up for funds won’t go down well. Of course, everyone knows I am unemployed so that may help but I know how over-leveraged many of these people are and I can’t save them.
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Do you feel that sense of dread? Let me know in the comments below.