It was hard to have the radio on all day yesterday listening to all the dismal financial news. Thinking about our own particular situation and how easy it would be for us to lose our financial balance. Although Lakeview Joe has yet to post his thoughts on the situation, I am quite sure that his advice regarding investments would be what it generally is, "stay put".
Like many people, we live but an accident or bad fortune (such as losing a job) away from financial insolvency. Nothing to do but ride it out as best as possible. I feel blessed that we have a very strong support network. (our families) So that, if god forbid something were to happen, I know we would always have a roof over our heads.
So many other people are not so lucky.
UPDATED: Here's Joes take.
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3 comments:
In a nutshell it's like "worrying": if you can do something about it, do it and stop worrying. If you can't do anything about it, why worry since it's out of your control anyway?
The collapse of the three big investment houses and potentially AIG insurance, is related 98% to fallout from the mortgage crisis and nothing else economic.
Their not bankrupt because of $4 gas or Hurricane Ike or oil at $95 or a steel embargo (there isn't one but you never know). So unless you had a big financial stake in Lehman or Merryl, which you shouldn't have anyway, no need to worry about it.
Stay put. Stay invested. If you sell now, you're selling closer to the bottom than the top.....and that's a bad financial strategy.
Having been through numerous "catastrophic" economic events and some catastrophic personal economic events I can say this -
You have to have confidence in your own willingness to work through whatever, and you can't lose your head. These things come and go. Bad times and good times interchange constantly. But the will to persevere stays constant.
I go get nervous for you, but in terms of investing, now is actually a fantastic opportunity to buy!
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