We’ve all had enough bad news about the economy and know all too well how it has impacted our personal finances. We’ve been deluged with all sorts of advice, but that does little to solve the problem or ease the pain if you’ve just lost your job or can’t pay the mortgage.
There’s no question the country is in tough shape financially, and notwithstanding all that we’re hearing from our government leaders and the media, the average citizen has the feeling that there isn’t a whole lot he can do to alter the course we seem to be on.
A good friend passed along a blog from an individual who has been through a number of these business cycles who had this to say:
”Let me explain something to you. What's going to happen in the economyis going to happen, whether you worry about it or not. Same with the election. Pundit after pundit has stopped trying to predict the election because now they all are trying to predict the meltdown. Trust me, they can't predict either.
“I'm a futurist, so I saw all this coming, and I went through my own moments of fear before you did. Now I've come out the other side and let go of what I cannot influence. Instead I'm doing everything I can to use my knowledge and experience to help myself and others get through this. Try learning something new. Listen to people who are doing something, people who are not sitting around fearing things they can’t control.”
The CEO of a major financial institution came up with a “Declaration of Financial Independence” which I thought contained some good advice.
* WE, THE SAVERS will spend less than we earn.
* We will use our home as a saving account and not spend our equity on things
that don’t last.
* We will take care of our money and put it where it will grow.
* We will defend our credit worthiness by paying our bills on time and only
borrowing what we can comfortably pay back.
* We will know the cost of borrowing.
* We will invest for the long term.
* We will take care of the things we have and not be wasteful or frivolous.
* We will remember what matters – like family and friends.
* We will be heard that the practices that got our country into this situation cannot and should not continue.
Sound advice. As one financial analyst pointed out that after past stock market crashes, the S&P 500 rose an average of 37% in the following year. So take a deep breath, and don’t make a lot of rash decisions.
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The Grand Canyon State Games is a multi-sport Olympic Festival providing a showcase for the talents and aspirations for Arizona and America's youth regardless of age or ability and to share many of the great attributes of our state. In fact we have had a 3 year old come down the mountain in our Winter skiing event and a 99 year old gentleman throw the javelin in our Track & Field event. We truly have something for everyone.
