The Economy and Your Money
The Dow Jones closed today below 7,000, which is the lowest point it has been at in twelve years. Everyday the news about our economy seems to grow worse, leaving many wondering if there is any hope in sight. Yet, it is more important than ever to secure a stable financial future by taking action.
First and foremost, we must change our mentality and get our heads out of all 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 first step to a secure financial future is to act. We must take our destiny into our own hands.
Putting money away into investments, savings, and pension plans has become a thing of the past. Not that we should completely lose faith in the financial system. The success of the economic system is mainly based on how confident we are in it. Instead, it can no longer be our main source of securing our retirements.
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 understand our own financial situations and take responsibility for them.
We must create alternate sources of income. This does not always mean we need a second job. We need to change our mentality that getting a good education equates to a good job and secure retirement. A person with that kind of mentality will ultimately have nothing to retire on. We must learn to work smarter, not work harder.
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, nearly everything seems like 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? Additionally, the individual would build equity while paying down the mortgage.
Many people think internet businesses are scams, yet it only takes 100 sales of a $40 dollar product that pays residuals to make $4000 a month. This kind of money would easily replace the income of many individuals with virtually no additional work.
New technologies such as “green” technologies are creating more, highly-profitable jobs. 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.
The more important thing is to stop being driven to fear and to 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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