Do you ever find yourself not knowing what to do? Don't follow the herd mentality. Instead ask yourself this simple question - What is the herd doing right now? Then do the exact opposite. These are things you may consider to prepare your Financial Future in a failing economy:-
What You Shouldn't Do In A Failing Economy
Bail out. At this moment everyone is frantically running around dumping their stocks and in equity mutual funds. This is plain silly because the values are particularly low and it is simply guaranteeing that you'll end up turning a paper losses into a real one. Staying the course usually pays off during times of economic uncertainty even with more downside to come. You will only realise the loss if you sell. A Boom always follows a recession. Just like the sun sets in the west and rises in the east.
Stop saving. Dollar cost averaging into your making periodic contributions into your investment accounts, despite where the market is heading is still excellent advice. By making regular contributions to your retirement or savings accounts you are still following a sound strategy and keeping good financial discipline, so there is no reason for stopping them now.
Speculate. While lower prices for investments are around opportunities will abound. Betting against the market can very easily get you into deep trouble. Especially as we are experiencing wild swings now. It is usually far better to make small, measured investments rather than large, hasty ones which are intended to make a quick killing. If you are on the internet be especially wary of tips by e-mail, to sell certain stocks, commodities, and other goldmine opportunities
Take on new debt. Be careful about acquiring new debt. Economic downturns can affect job stability and investment income, making it difficult to determine how much debt you can handle. If you must borrow, say, to put a child through college or make an emergency repair to your home, be doubly sure that you've examined all the options and risks, especially if you're planning to use the equity in your home.
Stop living. Don't over react and stop spending altogether. For example don't putt off doing that maintenance on your car and home. And do not under stop paying your insurance policies as this will have negative consequences if a claim should arise. It is okay to buy gifts on your annual family vacation. While it is prudent to take caution, there's such a thing as over-reacting. It is better to watch what you are spending and adjust if necessary.
You need to do something different to create a stable financial future. What is your Plan B? Taking on extra work is not where I am going here. Think smart. Instead of being scared, I'm encouraging you to look at starting or ramping up your Plan B. It's never been more important than it is right now to re-plan how you make your money.
What You Shouldn't Do In A Failing Economy
Bail out. At this moment everyone is frantically running around dumping their stocks and in equity mutual funds. This is plain silly because the values are particularly low and it is simply guaranteeing that you'll end up turning a paper losses into a real one. Staying the course usually pays off during times of economic uncertainty even with more downside to come. You will only realise the loss if you sell. A Boom always follows a recession. Just like the sun sets in the west and rises in the east.
Stop saving. Dollar cost averaging into your making periodic contributions into your investment accounts, despite where the market is heading is still excellent advice. By making regular contributions to your retirement or savings accounts you are still following a sound strategy and keeping good financial discipline, so there is no reason for stopping them now.
Speculate. While lower prices for investments are around opportunities will abound. Betting against the market can very easily get you into deep trouble. Especially as we are experiencing wild swings now. It is usually far better to make small, measured investments rather than large, hasty ones which are intended to make a quick killing. If you are on the internet be especially wary of tips by e-mail, to sell certain stocks, commodities, and other goldmine opportunities
Take on new debt. Be careful about acquiring new debt. Economic downturns can affect job stability and investment income, making it difficult to determine how much debt you can handle. If you must borrow, say, to put a child through college or make an emergency repair to your home, be doubly sure that you've examined all the options and risks, especially if you're planning to use the equity in your home.
Stop living. Don't over react and stop spending altogether. For example don't putt off doing that maintenance on your car and home. And do not under stop paying your insurance policies as this will have negative consequences if a claim should arise. It is okay to buy gifts on your annual family vacation. While it is prudent to take caution, there's such a thing as over-reacting. It is better to watch what you are spending and adjust if necessary.
You need to do something different to create a stable financial future. What is your Plan B? Taking on extra work is not where I am going here. Think smart. Instead of being scared, I'm encouraging you to look at starting or ramping up your Plan B. It's never been more important than it is right now to re-plan how you make your money.
About the Author:
Simon Smith thinks the easiest way to impliment your Plan B is to start a home based internet internet MLM business. The best thing you can do to start, is learn how you will be rewarded by your internet internet MLM company. It really is a simple business decision .
Posts
No comments:
Post a Comment