Lessons of the Great Depression

WINTER PARK, Fla. (Ivanhoe Newswire) -- Comparisons of the current economic crisis to the great depression of the 1930's are everywhere, but few of us actually lived through the depression. These two women were alive back then and remember what it was like to have nothing.

At 97, Mabel Sturges still loves to cook. But now she does it for pleasure, not necessity.

"I learned to be very economical. It seems to me like they aren't as stingy today as they were when I was younger," Sturges told Ivanhoe.

Edna Mae Phillips agrees. At 91, she still manages her own finances based on the principles her parents taught her. Only pay with cash and don't waste anything.

"Your friends who didn't live through that period of time, they think you're kind of cheap and you won't spend anything, you won't give anything away. But they hadn't lived through it," Phillips told Ivanhoe.

Back then, Edna's parents rented out rooms in their home for money. Her late husband raised rabbits for slaughter. She worries that today people don't understand true sacrifice.

"They have absolutely no idea what they're up against if it should go anything like what we had," said Phillips.

Certified financial planner Ana Fernandez thinks our country will emerge from the current crisis stronger. Ideas for safeguards that came after the depression might be the most crucial difference between then and now. Things like the FDIC, social security, unemployment insurance and the housing authority.

"New ideas and creativity tends to be what gets us through the next crisis and there's always growth," Fernandez told Ivanhoe.

Their lessons get us through today, and hopefully today's lessons will make for a better future.

If you would like more information, please contact:

Ana Fernandez, CFP

afernandez@heritage-advisors.com

To learn more about the Great Depression, click here!