Читать книгу Financial Security For Dummies - Eric Tyson - Страница 16

Economies go through cycles. Good times and periods of growth and more jobs are inevitably followed by downturns and times when more people lose their jobs or face reduced salaries.

The COVID-19 pandemic and government-mandated shutdowns in 2020 quickly threw millions of people out of work, especially in the travel, retail, and restaurant businesses. Stocks cratered and suffered one of their steepest declines in modern history. The stress level was palpable.

The 2008 financial crisis was another period where lots of people lost their jobs, and stocks and real estate prices suffered large declines in most areas. Economic problems unfolded over multiple years, and the recovery was slow.

Over the generations, there have been plenty of other economic and financial crises. I discuss those and what can be learned from them in Chapter 2.

In addition to crises in the broader economy or society, plenty of people are hit with a personal or household-specific crisis. These can include things such as:

 Job loss or reduced employment income

 Medical problems

 Caring for an elderly relative

 Divorce

 Death of a spouse

I cover these in Chapter 3.