The Economy and Your Money
Every day the news about our economic situation seems more and more grim, leaving many to wonder if there is anything that can be done.
Yet, it is more important than ever to secure a stable financial future by taking action.
Before anything else, everyone needs to stop getting caught up in the bad news.
Yes we are in a bad situation, but instead of becoming more worried or afraid, we need to accept it and take steps to recover.
The path to a secure future starts with the decision to take the journey in the first place.
Our mentality needs to be one of taking our destiny into our own hands.
The method of putting money away into investments, savings accounts, and pension plans has become obsolete.
Not that we should not have confidence in our financial system.
The stability of the system is based on our confidence in it.
Rather, it can no longer be our only method of securing a retirement.
Modern Portfolio Theory stresses diversity as a method to weather difficult times and minimize risk.
Yet, that theory has done nothing to stop our current skid.
We can no longer rely on account or fund managers to take care of our money.
We need to be both financially literate and responsible.
We need to take action to create alternate sources of income.
This does not necessarily mean that we have to take up another job.
We need to stop thinking that way we've always done that we need a good education to get a good job to be able to retire.
A person with that kind of mentality will ultimately have nothing to retire on.
It is not about working harder, but smarter.
Some of the things we can look into are real estate investments, Internet jobs, and new technologies.
Though this may seem risky, at this point in the economy, what isn't a risk? Not that we should just throw our money at anything and everything.
If we do our homework, there can be many profitable ventures for us.
For instance, if an individual were to purchase a property to rent and was able to get a positive cash flow of $500, would that not make even a small difference in our financial situation? In addition to the rent, the individual would be building equity, but not spending money to pay the mortgage down.
Internet businesses may seem like scams, but if an individual were to be able to make enough on sales of affiliate products or from advertising, they might be able to make just as much money as they are making at their current job, but with less work.
New technologies such as "green" technologies are not only yielding more jobs, but more profitable ones.
A wind turbine technician can earn as much as $50/hr with proper training.
Granted this may just be another job, but it is also one that is going to be in high demand into the future.
Ultimately, the important thing is to stop being afraid and make a decision to act.
We can no longer wait for the government or whoever else to make changes for us.
We must take actions to change our own lives as this will in turn, help change the economy as a whole.
Yet, it is more important than ever to secure a stable financial future by taking action.
Before anything else, everyone needs to stop getting caught up in the bad news.
Yes we are in a bad situation, but instead of becoming more worried or afraid, we need to accept it and take steps to recover.
The path to a secure future starts with the decision to take the journey in the first place.
Our mentality needs to be one of taking our destiny into our own hands.
The method of putting money away into investments, savings accounts, and pension plans has become obsolete.
Not that we should not have confidence in our financial system.
The stability of the system is based on our confidence in it.
Rather, it can no longer be our only method of securing a retirement.
Modern Portfolio Theory stresses diversity as a method to weather difficult times and minimize risk.
Yet, that theory has done nothing to stop our current skid.
We can no longer rely on account or fund managers to take care of our money.
We need to be both financially literate and responsible.
We need to take action to create alternate sources of income.
This does not necessarily mean that we have to take up another job.
We need to stop thinking that way we've always done that we need a good education to get a good job to be able to retire.
A person with that kind of mentality will ultimately have nothing to retire on.
It is not about working harder, but smarter.
Some of the things we can look into are real estate investments, Internet jobs, and new technologies.
Though this may seem risky, at this point in the economy, what isn't a risk? Not that we should just throw our money at anything and everything.
If we do our homework, there can be many profitable ventures for us.
For instance, if an individual were to purchase a property to rent and was able to get a positive cash flow of $500, would that not make even a small difference in our financial situation? In addition to the rent, the individual would be building equity, but not spending money to pay the mortgage down.
Internet businesses may seem like scams, but if an individual were to be able to make enough on sales of affiliate products or from advertising, they might be able to make just as much money as they are making at their current job, but with less work.
New technologies such as "green" technologies are not only yielding more jobs, but more profitable ones.
A wind turbine technician can earn as much as $50/hr with proper training.
Granted this may just be another job, but it is also one that is going to be in high demand into the future.
Ultimately, the important thing is to stop being afraid and make a decision to act.
We can no longer wait for the government or whoever else to make changes for us.
We must take actions to change our own lives as this will in turn, help change the economy as a whole.
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