I know, I know, 2008 has been one messed up year. However, fear not the New Year always brings new possibilities, new ways of thinking and new ways of earning money. Consider this if you will; I was reading an article posted with my E-trade brokerage account and found that under Democratic Presidents the market grew at an average of 14% as compared to 11% under Republican Presidents. I do not know about you but I find that encouraging.
Also I read an article in the Financial Times that most high net worth investors also consider the stock market a bargain. There are a lot of great public companies that are really undervalued. This is an opportunity to get in and become an owner of your favorite companies. In addition, this is the time if you have some disposable income to get the money to work for you. How many times did you tell yourself, “gosh, I wished I had invested in that company at the ground floor” well now is the time to do just that. I know what you are thinking, “the market is so risky right now I really don't want to lose my money”. Well if you have a long-term plan in place you should be able to weather this early storm. Things are going to get better I am certain of that. Here is what you do, hire a certified financial planner and discuss all of your options with them and then come up with a viable plan that you can live with and start investing and growing wealth for you and your family.
I have often wondered when the American consumer was going to wake-up from their drunken sailor spending spree. Well, believe it or not it has happened and now is time to become resolute to reduce your debt load and increase your net worth. Believe it or not what has happened in 2008 is a very good thing. If forces us as consumers to rethink our strategy. I believe we have all found out that we cannot spend ourselves to wealth and prosperity. We can only do that through careful methodical prudent investing. While you are talking to that financial planner also talk to them about ways of reducing your debt load. You cannot grow wealth unless you take care of that bad debt as well. Don't get me wrong there is some debt that is useful but you will have to talk to your financial planner about that. Otherwise, reducing your debt load should be a top priority while you try to grow your net worth.
I don't know about you but I am really excited about 2009. I see the clouds lifting and the financial markets getting healthy again. However, they cannot do this without you. You also have to get healthy financially. We all need to do this together, reduce debt, grow wealth and then use the wealth wisely. I believe in sustainability and in the end if we follow our New Year resolutions to get financially healthy we will be able to sustain ourselves and our communities.
Happy New Year to you all!
About the Author:
If you would like to know more or would like to reach the author directly contact Dr. Duane C. Scott at
photoscott6@yahoo.com.
No. of Times this article has been viewed :
131
Date Published :
Dec 31 2008