Confusing times, are these not? However, I'm here to tell you they don't have to be.
You can turn your own personal financial situation around. And this is where I would like you to begin: I want you to start looking ahead, not behind.
What do I mean by that?
Stop looking in the rearview mirror. It doesn't matter anymore, people! If your 401(k) is down in value, if your home equity is down, there is nothing you can do about what has happened to you.
Look at what you have and make a decision about what you have right here and right now, so you can take the appropriate action - so you don't see what you still have go down the drain.
So, what should you be doing with the money that you currently have? Or possibly even the money that you don't have?
Let me see if I can help you here. Number one, if you happen to owe money on a credit card, and you don't have an emergency fund, can you continue just to pay the minimum on your credit card debt? Yes, but save for an emergency. 'Cause if you lose your job, chances are they're going to close down your credit cards anyway, and then what are you going to do?
If you happen to be investing in a retirement account and you have at least ten years or longer until you need this money, don't stop investing here. Continue to invest little by little by little. You're not going to outsmart this market. You're not going to be able to time it. So if you just keep going, years from now, you'll be happy that you did.
And if you're one of those lucky ones who happen to own a home and you want to stay in it for the rest of your life and you can afford it, well, guess what? You are far better off paying down the mortgage on your home than really saving all this money in a retirement account to generate enough income for … what? To pay the mortgage on your home?
If you can do those things, if you can just really stick with it here, I'm here to tell you that your future may be one that you love walking into.
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