August 12, 2010

Surviving Long-term Unemployment

Lately, an increasing number of news reports highlight the increasing number of people who've been unemployed for more than 99 weeks and no longer receive unemployment checks. Most of them are in their 50s and 60s, and some will never find another job.

How do people survive such a situation without government help? Hopefully they've always set aside money for a rainy day and paid off all their debts including their mortgage. If they have, and are also willing to pursue self-employment (even on a very small scale), they'll be alright.

Paying off all debt and setting aside money for a rainy day are key survival skills that all of our children should be taught. It's one of the most important things we can teach our kids, whether or not they learn about it in school, so that they can thrive in the 21st century.

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