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Topic: 10 Resolutions to survive the recession
| Author | Message |
| UGoGirl | Posted – 1/1/2008 11:27:18 AM | show profile Happy New Year!! And here's some good advice from Paul Farrell on how to survive the coming recession (and why our economy is so out of kilter). "Our capitalist system is so dysfunctional that lately the market has taken to cheering as Wall Street's incompetent bankers hide their mistakes by selling huge chunks of America's equity to China, Singapore, Abu Dhabi and other sovereign funds -- with more sell-offs coming." 1. Understand that wall street is biased, trust no one. 2. Do it yourself and believe nothing, no matter where you read it. 3. Build wealth by working not investing. 4. Do what you love. 5. Plan to retire much earlier than you plan (as retirement may be foisted upon you when you don't expect it). 6. Downsize your lifestyle and save. 7. Buy no-load index funds. 8. Invest long-term as market timing is high risk gambling. 9. Rebalance 10. Life life with gratitude |
| astrahook | Posted – 1/1/2008 7:20:48 PM | show profile Don't #'s 7 and 8 contradict #3? If you are investing just for the pure fun of it, you maybe need to find some new hobbies |
| UGoGirl | Posted – 1/1/2008 7:42:51 PM | show profile I think what Farrell is saying is the best way to stay afloat in coming years is to do all you can to stay employed. For most of us, living off of our investments won't work. And as far as investing goes, be conservative. |
