In all seriousness, when you read the economic/financial fundamentals laid out like this — http://j.mp/bAMFgv — how do you not #PANIC?
In all seriousness, when you read the economic/financial fundamentals laid out like this — http://j.mp/bAMFgv — how do you not #PANIC?
I’ve been getting ready for the last two years. I got rid of all of my debt except my house and start saving. Which is why when I got laid off last year, I was able to make ends meet as a substitute.
Did you do anything particular with your savings, gahrie? Sock it away anywhere to earn interest?
I’m about to make my last student loan payment, after which I will be debt-free. Now is as good a time as any to start saving as opposed to just not spending.
Where to logically invest these days is a tough question. How long term are you looking at is the main question to ask yourself. How much access to the money do you want is another.
I would absolutely suggest just take whatever the student loan payment has been and start socking that away for yourself instead; that’s saving that you won’t even feel.
Beyond that it’s hard to really say what is right for you. A money market account with a reputable bank is a good thing to have at least a few months worth of income secured. It’s a good first step. After that your goals and your situation and the position of the markets then make it a difficult question to answer. Do you need to save for down payment on a house? or replace a car? Or are you just thinking about retirement. These are honestly questions for a financial planner.
Why don’t I panic? Because panicking won’t help 🙂 Because there is very little I can do about it beyond being reasonably intelligent with my spending choices and perhaps maybe with who I vote for? I have more important things to worry about, like what to have for dinner tonight 😀
David K is *almost* right …
It doesn’t help to panic …
What *does* help is to look around for those who have predicted this accurately and successfully and for those whose accuracy and predictions have been failures – then start paying attention to those who have made accurate predictions, and STOP paying attention to those whose predictions have been failures …
In November, we have the opportunity to change the leadership which is driving us deeper and deeper into the swamp … it *is* possible to learn from history …
“In November, we have the opportunity to change the leadership which is driving us deeper and deeper into the swamp … it *is* possible to learn from history …”
So you believe we should bring back into office the party that created this mess? Dream on Alasdair.
Actually, David, you have it almost completely reversed, as is your wont …
I wish to see the Leaders of the 110th Congress and the current 111th Congress and the prior 110th Congress thrown out of office so that we can get back into power the sorta-amateur-spendthrift party which was in control during the 108th and 109th Congress … since those Leaders make the 108th and 109th look like Scrooge by cmparison …
So, the reality is that I wish to see the party that created this mess thrown out of power … it is *you* who would prefer to see them brought back into office …
Much obliged, dcl. I’ve no need of a house and I don’t want a car (war public transportation), so the saving would be all for retirement. None of my last three jobs did anything with 401k or retirement benefits, and I don’t anticipate any future gigs being more generous.
Not that I expect to be able to retire, of course, but it’s nice to dream.
No problem, finding a financial planer you can trust can be difficult but it’s worth talking to one at least every few years to assess your situation. Especially if you don’t feel completely comfortable making these kinds of assessments on your own. Working with reputable companies or people is important, they don’t have to be big, but they absolutely need to be trustworthy. Some investment firms include financial planning, like Fidelity or Vanguard (No endorsement, or disparagement is to be inferred or implied from this) weather you are willing to trust them or weather and independent planner is right for you is absolutely up to you, there are some that simply charge a fee for advice, but there are others that may charge a fee but get a commission when you invest in something etc. So know who you are talking to. Just remember to do your research, and know what you are investing in and why, if you don’t understand have them explain again, if you still don’t understand, find someone else. And don’t keep all your eggs in one basket. That might be hard at first, but you wan’t to be diversified, with different investments for different purposes in different places and different types of investments.
Like I siad before, there are too many variables to say for sure what you should do, starting to save money into accounts that get more interest than a simple savings account is a good first step. Once you have a cushion is when things start getting more complex very quickly.
planner not planer, doh, time for coffee this morning…
@Alasdair
So Bush just sat there in the Oval Office and let Congress run the country? He really WAS the worst President ever. Your myopic and partisan view of how the country is governed makes it impossible to take anything you say seriously.
David K #11 – Civics 101 – Federal Budgets and other Federal Legislation are a responsibility of Congress … the President gets to spend what Congress appropriates … when Congress chooses not to appropriate, you get situations like the end of the Vietnam War, when Congress defunded efforts there (and we now know the result) … when Congress passes legislation like the Porculus Bills and like ObamaCare, smart business folk draw in *everything* and tread bvery carefully due to uncertainty …
So – yes, Bush did indeed carry out what Congress gave him to carry out – as required of the President by the Constitution … now, if Mr Obama would do the same, we would be better off …
I will point out, again, again, again, that you choose ad hominem because you are not able to give reasonable rational response …
Still, just in case you wish to try – how do you rationalise that the 111th Congress and Obama aren’t responsible for the current economic situation with deficits in the trillions of dollars ? How, O Paragon of Sagacity, is the past 18 months *still* all the fault of the Eeeevil Boooosh (TM) ?