How To Prepare Your Retirement In A Failing Economy

By: Simon Smith

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:-
In A Failing Economy Here Are Some Things You shouldn't Do
Bail out. If you are like everyone else and running around selling your stocks and equity mutual funds now you are being really silly. Because the values are very low all you will end up doing is guaranteeing that you will a turn paper loss into a real one. After every recession there comes the next boom. Just like the sun rises in the east and sets in the west you can't change it so you are far better off staying the course during times of economic uncertainty.
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 create opportunities, betting on the markets can easily get you into trouble, especially with the wild swings we're seeing now. Small, measured investments are usually better than large, hasty ones intended to make a quick killing. Be especially wary if you get tips from e-mail, the Internet, or elsewhere for certain stocks, commodities, and other "once-in-a-lifetime" opportunities
Take on new debt. Sometimes it is necessary to take on new debt to make repairs on your home or put your child through college. Be aware that economic downturns most often affect job stability and investment income which makes it particularly difficult to determine the level of debt you can handle. If you must borrow, make sure you have examined all the avenues and risks. Especially when you plan on using the equity in your house.
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.
To create a stable financial future you need to do something different. Do you have a Plan B? I am not talking about working an extra job. Think smarter. I am encouraging you to not scared but to look at starting or ramping your Plan B. It has never been more critical than it is right now to really plan how you earn your income.

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Simon Smith believes 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 .

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