Follow Your Elders
In these economic times it is imperative to rethink how consumers spend money. Two of the biggest steps that consumers can do to help insure a healthy economy for the local area and their region is to review where they bank and where they spend money. Regardless of the failed promisses that come out of Washinton DC consumers can make a huge impact on the health of their local economy by changing two consumer behaviors.
First, they shoudl evaluate where they bank. If consumers are banking with National and International Banks they are hurting their local economy and the US eceonmy in general. Depositors should pull their money out of the self-serving, gluttonous behemouths like Chase, Bank of America and others and open depository accounts in local and regional banks as well as local credit unions. Not only will the depositor make a higher interest return on their deposits but their deposits will continue to fuel the local economy because the regional banks and credit unions are making consumer and real estate loans in their areas. Unlike the big banks who take taxpayer money and buy banks in China and other Asian countries and invest in foreign businesses the regional banks and credit unions are lending locally to improve the economic conditions of their region. Be a true patriot and review where you bank.
Second, follow the lead of your elders as they change their consumer spending habits. Seniors and Boomers are increasingly buying local as opposed to buying from national companies because they know that to keep money in the local economy helps their neighbors and helps stabelize the local real estate market. A researcher with the nonprofit Institute for Local Self-Reliance, Stacy Mitchell, reports that for every $100 that is spent in a local business over $45 stays in the local economy. For every $100 spent with a national business only $18 stays in the local economy. Consumers need to give that some thought as they spend money with businesses in their community.
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