My MLM Dream Team

Smart People are Planning Their Future

Don’t get caught in the “herd mentality”. A simple question to ask yourself when uncertain what to do – “What is the herd doing?” And then do the exact opposite. Here are a few tips to prepare your Financial Future in a failing economy you may find useful:-

What You Shouldn’t Do in a Failing Economy

• Bail out. Right now everyone is running around dumping stocks or equity mutual funds now. This is silly as the values are especially low and it is simply guaranteeing that you’ll turn paper losses into real ones. Even if there’s more downside to come, staying on course often pays off during times of economic uncertainty. You’ll only realise a loss if you sell. What happens after a recession? A Boom. What happens after the sun sets in the west? It rises in the east.
• Stop saving. Those regular contributions you’ve been making to your savings or retirement accounts are an important part of good financial discipline, and there’s no reason to stop them now. The strategy of dollar-cost averaging your investments–making periodic contributions to your accounts, regardless of where the market is heading is still good advice.
• 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. 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. Although these times demand extra caution, there’s such a thing as over-reacting. Whether it’s buying gifts for the holidays or taking your family on vacation, life has to go on. And some cutbacks can have negative consequences for your wallet, such as putting off maintenance for your house or car or canceling insurance policies. So don’t overreact. Instead reflect carefully and, where necessary, adjust.

What You Should Do in a Failing Economy

• Get your finances in order. There’s never been a better time to make a budget and start paying down your debt, credit card and otherwise
• Rethink your plans to retire. If you’re expecting to retire soon, consider holding off for a while, if possible, until things calm down. That will give you time to reassess and, if need be, modify your plans
• Speak with your financial adviser. With end-of-the-year tax planning an annual ritual, now is a good time to make an appointment with your tax adviser no matter what the economic outlook. He or she may have some advice on how to tweak your finances as you ride out the current storm.
• Consider a Plan B. 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.

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Start preparing for the emergence of “Grassroots Capitalism” today.

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