I’m getting very tired of all this ‘the sky is falling’ economic talk.
I had a realization today while watching the news. Yes, the economy is in bad shape. BUT, I am young, the economy will recover, and I will live long enough that it probably won’t effect my standard of living over the long run.
If you look at the people reporting news to us (local news, national news, cable news, etc.) many of these people are in their 40’s, 50’s, or 60’s. They probably had a significant amount of money in retirement funds and invested in the stock market or possibly a mortgage they are struggling to pay or the home they live in has dropped in value. They were closing in on retirement and now they are looking at working several years longer than they anticipated to pull their finances back together after this stock market crash and housing crisis.
So, to our news broadcasters the sky is falling.
My sky is not falling.
This economic downturn has taught me:
-to be extremely careful who I trust with my money (whether it is stocks, mutual or hedge funds, or which bank I use for my savings account)
-to read the fine print on any mortgage and to not buy a house outside what I can really afford thinking that it will go up in price
-to prepare for the future. You never know what the future holds.