7/20/2017

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Making Good Decisions With Your Money

If you want to make the right decisions with your hard earned money, you should find the best ways to make it grow safely by investing wisely and starting a serious savings plan. Good decision making should always be a top priority when your financial health is at risk.

We are in the beginning stages of what may turn out to be a long and serious recession, unlike anything that most of us have ever seen before. Our current economic climate makes it is imperative that we take another real hard look at our finances and plan for the future accordingly. We have to understand that the economy will probably get worse before it starts to get better.

The thing to do right now is to look at all segments of your financial picture, from your income, your budget, to your investments, and if something isn't right, it should be corrected before it gets so bad that it can't be corrected or controlled. Everyone should try to position themselves to ride out the next few years without making any financial blunders.

  • We should all take what is happening in the economy very seriously. It time to be patient, reel in any unnecessary spending, and try to save a little money just in case you may need it at some point.

Over the past few years, what many of us failed to see and understand is that the economy moves in cycles and eventually, any boom, whether in the real estate, housing, automobile, lending, manufacturing, the stock and money markets, and other segments of the economy were growing too fast and were bound to either slow down substantially, or go bust.

Recessions have happened in the past but not as severely since the great depression of the 1930's. When the country, and the world, goes into a deep recession, everybody suffers. Many people lose their jobs, businesses close, and there are a host of bankruptcies and foreclosures. It's all a part of the general business and economic cycles.

But just as the economy has taken a downward turn, it will come back to life, rebuild itself, and start to grow again. With the right moves by the federal government, tax cuts for the middle class, investment in the infrastructure of the country to create jobs, and strong leadership by the president and those at the top echelons of corporations and other business enterprises, and other stimulus packages, the economy will rebound.

Making good decisions with your money and your investments is not a hard job. It takes patience, concentration, and at times, a little wise counseling. Ask yourself this question! Are you okay financially? If you are not sure about anything concerning your financial future, don't be afraid to ask someone who specializes in that particular field. There are money managers and investment counselors who are educated and experienced in just about any segment of the economy.

  • Beware! When the economy goes into a recession, con artists and identity thieves go to work full time. They prey on those who are vulnerable and they take advantage of people who are not paying close attention to their finances.
  • If something sounds to good to be true, it usually is. Don't fall for get rich quick investment cons and pyramid schemes. There will be a lot of them around.

What you have to do is hunker down, pay attention to your spending habits, be prepared to cut your loses when necessary, and then make good decisions with your income, your savings, and your retirement related investment vehicles.

Although things may get a little rough, everyone can survive and come out okay on the other side of this economic downturn.

 

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