newstalk

So, in other news, I’ve heard that some people are rather upset about the economy. There’s really nothing new about this, of course, but I understand how folks can get a little panicky when a bunch of their money goes up in smoke.

Of course, I have to admit, the gloom and doom has given my wife and I pause. We haven’t been hit very hard (yet) by the troubles of the past year, so of course, this is an excellent time to contemplate a plan for the coming storm.

I feel like we’re in a good place to weather a financial storm. We’re not over-exposed to credit. We have an emergency fund. Our only debt lies in low-interest student loans. Our rent is higher than we would like, but by living close to work we saved a boatload of fuel over the summer, and will continue to save even if prices go up again.

Whether applied to an individual, a family, or a business, these are the basics to sound financial operation: run a lean operation, expect the unexpected, and avoid bad debt. These are foundational principles, in good times and bad.

The one thing we’re not doing yet: letting our money work for us. We haven’t done anything about our work retirement plans: company-matched contributions to a 403(b) account. Well, I’m realizing that now is the time. With the markets at local minima, it’s like shopping the clearance racks and bargain stores: brand names at fire sale prices.

In summary: Don’t Panic. Get back to the basics. Tighten the old belt a notch and look for the opportunities that are certainly there.

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On October 31st, 2008, this was the truth (Tags: bargain stores, boatload, clearance racks, coming storm, economic meltdown, economy, emergency fund, finance, finance index, financial storm, fire sale prices, foundational principles, gloom and doom, Google, interest student, lean operation, lowloans, money, new sun, personal finance, retirement plans, startup advice, time opportunity) | | Subscribe to comments | Both comments and pings are currently closed