A New Hope: Jedi Master Yoda's Guide to Surviving a Recession

Posted by DebtKid :: May 22, 2008 @ 1:03 pm

What can Yoda teach us about surviving a recession? Plenty, as it turns out. The Jedi Master's teachings reach way beyond just defeating the Dark side of the force. Yoda for President in November? A good idea, this might be.

Take lessons from Chewy

"Go, I will. Good relations with the Wookiees, I have."

Without Chewy keeping up maintenance Millennium Falcon flying, would the Empire ever have been defeated? Unlikely.

A good mechanic isn't cheap, but a basic auto mechanics class at a local tech school or community college could save you hundreds each year. Plus, actually knowing what you're doing beats banging away with a wrench hoping the hyper-drive will kick in.

Farm like a Skywalker

"How you get so big, eating food of this kind?"

Yoda didn't like Luke's processed food. Maybe he knew the environmental impact it had, or that it just tasted like crap.

A simple vegetable garden can pay dividends in fresh produce all summer long. Beans, tomatoes, onions, all easy to grow crops are these. Forget trips to Whole Foods; just turn your yard into a garden. Not only is fresh produce good for your body, it can also be a frugal way to feed those young wannabe Jedi rascals running around your house.

Don't predict loss

"Careful you must be when sensing the future, Anakin. The fear of loss is a path to the dark side."

Even mighty Jedi warrior Yoda could not always predict the future. You think you have a chance?

Don't stop putting money in your 401K or other investments because you fear a market collapse. You never know when the market will turn and you don't want to out of the game when it does.

Always have an escape plan

"Meditate on this, I will."

If you got laid off next week, would you be prepared? Yoda trained over 800 years as a Jedi. You don't need that much preparation, but a few solid hours of scenario planning will do.

Save up 3-6 months of expenses. Pay down debt. Polish and update your resume. These tips should be part of your plan in case something goes awry. You need to be prepared for a financial crisis. The last thing you want is Boba Fett knocking on your door.

Call on your allies

"Help you I can! Yes, mmMMMmm!"

Before Yoda's self-exile, and even after his death, he had a network of Jedi to keep him informed of events and give input. What does your network look like?

Keep in touch with old colleagues and friends, even if it's just via a quick 5 minute phone call or Facebook message. Try to contact at one to two old co-workers or friends a week. You never know when you might need to ask for a favor. Likewise, helping others in your network is always good galactic karma.

Don't let fear paralyze you

"Fear leads to anger. Anger leads to hate. Hate leads to suffering."

Yoda knew the power of fear. Like many great leaders of our time, Yoda knew that fear can cause us to make unwise decisions.

Even if the economy goes into recession, the majority of American's will not be losing their homes, their jobs, or ending up in soup lines. If you prepare yourself, financially and mentally, you'll be just fine. Don't let fear cloud your judgment and keep you from living your life to the fullest.

Forget the fancy vacation. Go camping with the Ewoks

You must feel the Force around you. Here, between you, me, the tree, the rock... everywhere!

Hit the great outdoors this summer for a financially savvy and exciting vacation. Camping, fishing, swimming, smores, campfires... tons of fun can be had within national parks across the country.

With the dollar still in the tank, there's no need to travel abroad this year. If camping isn't your thing, consider taking a week off to just spend around your own town. Turn off your cell phone, put away the iPhone and take your kids out to throw the ball around. The little Ewoks will keep you busy all week.

Pay down your debts

"Train yourself to let go of everything you fear to lose."

Han Solo's debts almost got him and his friends killed at Jabba's palace. Being under the sway of ludicrously high interest rates on your credit cards make not get you killed, but it sure isn't a great way live.

The Dark side of the force (Credit Cards, Banks) wants you paying high interest rates forever. Turn away from the Dark side! If you need to borrow money, get rates as low as 7.88% at Lending Club. You can even get loans for up to $25,000. Now surely that's enough to pay off Jabba and maybe even upgrade your T-16!

Miss something, did we?

Share your best Yoda-inspired tip for surviving a recession in the comments section!