I found this one in my archives, and I started writing it a while ago, having no idea what 2020 would bring. Please read it with that in mind. It is about Personal Financial Doomsday.
One of my favourite Star Trek episodes is The Doomsday Machine, where a robot is let loose to destroy both sides in a long-past war. There was much overacting and emoting by both William Shatner and William Windom, but I liked it.
We are not in a Doomsday scenario right now (COVID19 Pandemic), but we might be in a big mess in the financial world (on the Macro Economic side of things).
2008 showed that things could go off the rails badly, but now we live in entirely uncharted waters. I worry, this is going to be a very long mess, so we shall see.
I think the financial apocalypse I was thinking of is at a personal level. As we have learned from a few financial books, the personal finance apocalypse can happen much more quickly than we think.
- Your health failing suddenly is more likely than you hope, as I learned in my Movember story. There are other more catastrophic health issues that can arise, and that can easily trigger a personal finance failure.
- Simply losing control of your debt load, or maybe a sudden increase in interest rates, is the most likely financial doomsday. The interest rate sudden jump is not out of the question, but I suspect governments are fighting against this, knowing the impact it might cause, financially.
- The ultimate doomsday of course is our own demise, but then again, your financial concerns are over then as well.
- Losing your job can be another financial apocalypse, that many folks have a hard time recovering from.
The best way to avoid a Financial Doomsday is to be ready with a financial plan that considers the Risks possible. Is there a financial apocalypse likely globally? We shall see is all I can say.
I do know that a personal financial doomsday is more likely than most of us wish to admit.
The Big Financial Snit ?
One of my favourite apocalyptic shorts from the NFB, the Big Snit.