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Begin with the Serenity Prayer
"God, grant me the serenity to accept the things that I cannot change, the courage to convert the things that I can, and the wisdom to know the difference."
Regardless of personal faith or religious affiliation, nearly everybody can retell to that straightforward prayer. The wisdom is particularly relevant during spellbinding economic times. Headlines broadcast rising concerns about the price of gasoline, airlines eliminating routes and raising prices, and the Hp lay-off 24,600 employees. The financial world is rocked by announcements about Aig, Merrill Lynch, and Lehman Brothers. Stocks, housing prices, and consumer confidence have tumbled faster than a Cirque du Soleil troupe on a double shot of espresso. With so many financial pillars falling, it is difficult, if not impossible, to avoid reeling from the pressures of the collateral damage. A someone does not need to lose a job to feel the pinch when others do, and the amount of population seeing for new opportunities is steadily rising.
You may have some power over your tour arrangements, but small personal power over the price of fuel. You may have power over the stock or relinquishment funds that you have selected, but small personal power over Wall Street. You have some power over the decision to buy or sell your home, but small personal power over the housing shop values. You have some power over the money that you spend, but may have small personal power to swiftly impact the amount of money that you owe. Do you have the courage to convert what you can, the serenity to accept what you cannot change, and the wisdom to remind yourself of the difference?
Don't waste your time to panic over the things that you cannot change. Rather, spend your time to value and adjust your plans for those areas that you can impact.
Stocks
Did you spend in stocks when the shop was rising? Did you enjoy watching your money grow while you casually read the morning paper and sipped on a cup of coffee? Did you pat yourself on the back for having the wisdom to take the right stocks, and to have the patience to watch them grow and growth in value? If so, what active role did you play in contributing to the continuous growth of those stocks? More than likely, you watched them grow, and you watched them decline. If you do not immediately need the liquid assets for some other emergency, then please return to your coffee and morning paper to await the passing of this season. As with nature, autumn and winter are a valuable making ready for spring and summer. If you missed cashing out your investments at the peak, then it may be in your best interest to wait for thaw of the financial market, and look forward to watching the renewed growth.
In the meantime, keep an eye on any stocks with high risk, just to make sure that you do not sense the frost bite and icy cold finger of fate that touched such giants as Aig and Merrill Lynch. It is unwise to move stocks to get away from an investment, but a very wise move to exchange in the direction of a good investment. In other words, do not run hastily from a risky position, but rather move intelligently to a good one.
Mutual Funds
Hold on for the recovery. If you move when things are down, then you experienced the decline without giving yourself the opening to sense the rebound. As always, if you are not a pro financial advisor, then find one that you can trust to give you the advice that you need. You would not even think about doing brain surgical operation on yourself, so why would you achieve surgical operation on your own financial future?
Bonds
Treasury Bonds and Government Bonds do not offer fast spellbinding overnight success or excitement. Treasury Bonds, unlike James Bond, are not sexy, and do not supply the exhilarating adrenaline rush of extreme risk with potential for flashy rewards. What you do have is a small more safety, a small more security, and a small more confidence that your venture will not be traded, bought out, or suddenly bankrupt. There are times that the tortoise may not keep pace with the hare, but when it comes to your retirement, you authentically do have the option to place your bets on both the tortoise and the hare. Put some of your money on the tortoise to finish, and the hare to place, and you have more than doubled your odds of winning.
Real Estate
If you can pay your mortgage and are happy in your home, then why are you worried if the housing prices decline? If you lived in your abode and experienced the unruly and exorbitant increases of housing prices for the last decade, did it authentically convert your proper of living? If you did not already sell your home, was your lifestyle raised at the same rate and pace of the housing market? If the rising prices in housing did not heighten your lifestyle, then the adjusted balancing of the shop is not going to harm you either, so chill out.
On the other hand, if you accidentally bought into the housing shop when it was at the peak, then you may have to wait a small while for the rebound to come back and exceed the levels of a year ago. Reassure yourself that real estate can sometimes be a long term investment. Land is the one thing that nobody can make any more of, so there will ultimately be interrogate for it.
Mortgage
If your lender fails, you still need to pay your mortgage to the firm that takes over rights of the mortgage. If you receive an unexpected consideration that your mortgage has been transferred, be cautious and investigate to confirm the exchange of ownership. Don't let a scam artist take benefit of you during a period of uncertainty, but always make sure that you know where your money is going.
If your financial situation appears unstable or threatening due to the terms of your loan, then this is a very good time to address your concerns and value your mortgage with the lender. While some banks and financial institutions allowed greater risk in modern years, the current concerns have located a mutual concentrated commitment to accumulate profitable loans on good credit, and assure that mortgages can be paid. If you are concerned, then schedule a meeting to discuss options with your lender and express your interest in refinancing at lower rates. The lender wants your money, not your home, so you are already starting your conversation with common objectives.
Retirement Accounts
Retirement plan assets are protected, even if the plan sponsor fails. The good news is that your plan is probably not going away, although it is potential that the value of your plan may be doing a disappearing act. This disappearing act is far from magic, and not nearly as entertaining. The risk and repaymen of many 401K accounts is intertwined with stock shop performance, so you may be in for a bumpy ride. Furthermore, like communal security, there are peaks and valleys of generations contributing to funds and withdrawing funds. Your crystal ball has as much opening of being spoton as the magic eight ball. Don't put all of your eggs in one basket, because although the basket may not go anywhere, there is no guarantee as to how many eggs will be left in it. Keep a few of your eggs in other safe places, just in case.
Savings Accounts
If your savings account is in an Fdic insured bank, your funds are protected up to 0,000. If the fund that insures the accounts fails, the government covers the balance up to 0,000. If you have more than the maximum insured amount in your savings, perhaps you should think keeping funds in any separate Fdic insured banks. It may be a good idea to use more than one bank or reputation union to hold adequate funds to pay the bills for a short period of time, in the unlikely and unfortunate event that your traditional bank temporarily suspends access to funds for some reason. Fdic security does not cover money shop mutual funds.
Insurance
Aig received much attentiveness and immediate government intervention when it made headline news. In the event that an insurer does go bankrupt, the state regulator takes over to make sure that policies are honored. In fact, the consumer insurance subsidiary of Aig was never in trouble, so consumer insurance plans were not as risk.
Credit Cards
Now this is an area that you should authentically pay attentiveness to, and plan accordingly. Banks will issue more reputation cards in an endeavor to growth profits. These reputation cards are targeted at population with good reputation records, but they will come with much higher penalties and increased fees. In a weaker economy, as personal finances are impacted by job transitions, reduced access to loans, or if your profession relies on transactions (sales, real estate, construction, entertainment, etc), it may become increasingly difficult to pay down reputation card debt due to reduced income.
Review your bills each month to rule if there are some monthly recurring charges to your reputation card that can be cancelled or reduced. If you are carrying a balance forward, make a plan for the amount you will cut your balance each month. Set a date to pay off your reputation card completely, and hold yourself accountable to that date. Start paying with cash, when appropriate, and make a journal of your transactions. cut your confidence on the convenience of reputation cards for personal use until the economic storm has passed.
Remember that your reputation Card payments impact your overall reputation score. As the economy tightens, it is incumbent upon lenders to act responsibly and to limit the access for loans and mortgages to individuals with good reputation scores. Lower scores mean higher down payment or rates. Don't let a lack of attentiveness to reputation Cards become a costly impediment to other important purchases or transitions that you make want or have to make in the future. Moving, selling, or buying a home may be in your future, so don't let the reputation Cards slip beyond your operate now. Even if your reputation Card firm fails, your history and debt remain, and are transferred to another company.
Borrowing Money
To put it simply, this is not a good time to borrow money. Banks will be eager to lend, but only if the bank believes that you have good reputation and that the bank has the capability to profit from your loan. If the bank is assured of production profit, it is money arrival from your loan, and out of your pocket. If you are inspecting borrowing money as a way to get out of a hole, like paying off reputation cards, then have a plan on how to get out of the hole that is created when you take out a loan. Digging a hole to use the dirt to fill another hole is only a temporary solution, and may have unpleasant strings attached.
Recession
The threat of retreat is the constant beating of a drum. Although we may not always see it, we hear it all colse to us. There are many contributing factors to this economic illness, so there is no single medicine to cure it. As an individual, it is not something that you can change, so it takes serenity to accept it. Be ready for the ways that it can impact you personally and professionally. Professions that rely on transactions may slow as liquid assets dry up. Real Estate, construction, travel, and entertainment have already been visibly affected, and this trend will continue at least into the first half year of 2009. Professionals that rely on these transactions will have to adjust, and so will all of the businesses that rely on these individuals as consumers. You cannot convert that either. However, you can make personal decisions and plans that will impact your immediate financial security, and your long term investments.
Conversely, during times of retreat and economic turmoil, individuals often turn to low cost alternatives to boost morale and self-esteem. While housing sales are in a slump and investors are rattling sabers on Wall Street, the lesser luxury items are in higher demand. Make-up, lipstick, diet foods, and small personal luxury items sales are still strong. Cell phones, iPods, and low cost consumer electronics help us forget about the incessant beating of the retreat drums, at least for a small while. There is nothing wrong with feeling good about yourself as the world colse to you screams of panic. You can be serene, because you know what is within your control, and you are production plans for it.
It is highly recommended to seek the recommendations of licensed financial advisors. Do not make decisions based on haste, remorse, or fear. Make your decisions based on an educated balance of immediate needs and long term security. Like the seasons, real estate, the stock market, and the economy will return and flourish in due time. Your goal is to weather the winter storm and be ready for the next summer.
This report is not intended to render legal or financial advice. If you need legal advice, you should seek the services of an attorney. If you need financial advice, you should seek the services of an accountant or licensed financial advisor.
Words of Wisdom
"Most population get curious in stocks when everybody else is. The time to get curious is when no one else is. You can't buy what is favorite and do well."
- Warren Buffet
"We have seen a valuable growth in interrogate from senior executives over the Usa and in Europe who wish to leave the corporate world and become independent small firm owners, franchise owners or equity partners. While stockholders are pushing hard for corporate re-engineering, executives are facing a job shop where it takes on mean 1-year to find a new administrative job that may last at best, for only 2-years."
- Richard P. Driscoll, Jr. Chairman & Ceo, The administrative relationship Llc
"While the Internet is becoming cluttered with volumes of meaningless data, it has become valuable to deliver clear crisp communications in a matter of seconds.With the objective of presenting the alternative of independent firm rights to corporate senior executives who are inspecting a career change, we have worked diligently to both educate and inform."
- Warren Denby, Chief Marketing Officer, The administrative relationship Llc
"I believe that banking institutions are more risky to our liberties than standing armies. If the American population ever allow incommunicable banks to operate the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up colse to [the banks] will deprive the population of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
- Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin, 1802
- John Mehrmann, Author of The Trusted Advocate: Accelerate Success with Authenticity and Integrity
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