Monday, October 06, 2008

It's the Economy Dummy!

I have become a podcast junkie. But, that's a topic for another blog post. This one is about the current state of the economy and the podcast that unleashed this addiction.

I heard the best explanation for what is going on in the economy on the most recent episode of This American Life. It's called: 365: Another Frightening Show About the Economy. And, indeed it is! But, it's better to start making informed decisions about what you should be doing than to stick your head in the sand and hope that our government will fix it. Personally, I'm paying off my personal debt, saving what I can and diversifying those savings, and holding off on any unnecessary purchases. However, what's good for me might not be good for you so please don't take this as advice in any way. If you're unsure, consult a trusted financial planner.

Oh and if you have the money, some stocks are a good deal right now. I look at it as the stock market is having a sale. Do I love a sale! And, if you want a little boost to the investment ING has a thing called Sharebuilder and they have various incentive programs going on for people who are first time account openers. I think the most basic is they'll give you $25 but if you have a Costco account they will give you even more.

Here's hoping the ride gets smoother soon!

10 comments:

Oberon said...

....would you like to join my think tank?...check out globalove inc. and let me know.

Robbie said...

Join your think tank? Is this where you offer me a penny for my thoughts? ;-)

emmapeelDallas said...

I refinanced and wiped my credit card debt a year ago, and it's the best thing I could possibly have done. Like many women, it's taken me a while to learn about money (& I still have plenty more to learn!) but nothing like getting divorced to plunge you into a crash course.

Good post.

Oberon said...

.....i give you all that i have.

Tressa Bailey said...

ROFLMAO....I'll take oberon's penny....

I dunno about the stocks and bonds. Sales for sure but right now most of us are investing in our gas tanks and have little left for our futures.

Good advice if you can do it though.

aims said...

Hey Robbie. Sound advice. I'm thankful I'm not as swamped with credit card debt as I was in my younger years.

Take care!

Oh, I wanted to let you know that AOL closed the doors to the journal community. Most of us are now on blogger full time.

Remo said...

You are wise to snatch the 1/2 price pebbles from the hand of the Masters. My only admonition would be to move any profits into a money-market or CD type account every year to protect it from excessive fluctuations.
Is it me or does this whole mess read a little too closely to a Tom Clancy novel?

Tressa Bailey said...

I recently found an interesting fact about the economy....

maybe frightening is a better description.

We have more dollars in the deficit than stars in the sky.

Its true....

Sydney said...

I have no debt. I sold my apartment in NYC two years ago (broke even becuase I had just bought it and then met my husband who lives in Houston, and within a year we were engaged and I was moving... you don't make anything in NYC until you live in a place for 2 years or more). That was on the market just as the NYTimes had headlines about the bubble bursting -- I thought it was bad timing then but I'm now glad to see it would have been harder to sell now, had I leased it for the two year max. Funny how things work out that way.

Ditto for some bonds I had that all came due this year. I was concerned I had so much of my nestegg in cash, yet I could tell it wasn't a great time to reinvest... and voila, I have at least that safely in accounts that are insured.

Next time I will try to trust the universe is indeed taking care of me, no matter how things look. Can we apply this to the election?

sunflowerkat321 said...

It is definately a time to make very thoughtful decisions. I think we're in for a long and bumpy ride.