All dressed in black, black, black…
So goes the childhood rhyme the kids used to chant when playing hand slapping games.
Speaking of slapping Mack, I guess IndyMac got themselves into a little trouble, becoming the latest casualty of the subprime wars.
In a related development, another Mac named Freddie better get off its Fanny (them too) and figure out how to dig out from this curent mess.
A government bailout is the politician’s answer, and the American taxpayer (you and me) are the one’s who will be shelling out the cash.
A major premise of the Wizardzofwealth philosophy is actually quite simple, and borrowed from Rich Dad, Poor Dad: “When you find yourself in a hole, stop digging.”
Would someone please remind these supposedely intelligent people of that basic rule?
There is enough gloom and doom out there, and while we do not wish to add more fuel to the fire, we again remind our readers that now is no time to be a hero.
I was talking with a relative yesterday who is suffering through a triple play against him already this year: He lost his job, his house has gone down 30% in value, and his 401 k retirement fund lost some 50% . As you may imagine, he is not a happy camper.
Robert Prechter talks a lot about social mood in his Elliot Wave publications. It gives me great insight into my relative’s need for assistance in dealing with anger mangement.
When I asked him what he was going to do about it, he said “what can you do about it, nothing!”
The heart of the problem for many average American’s fatalistic attitudes is their financial ignorance.
Educating ourselves and then applying that knowledge is the way we can help ourselves personally.
Read investment experts like Jim Shepherd to better understand hedging devices that will protect ourselves from the coming storm.
It is never too late to learn how to protect the well-being of our loved-ones.
July 17th, 2008 at 5:51 am
It’s true that we Americans need to wise up when it comes to finances. I read a book that was written in 1984 (I believe) by Ron Blue called Master Your Money, and it is still relevant today. I found it at a thrift store ironically, but it has taught me more than anything else on how to manage finances in ANY economy. Great reading!
Candice
http://www.selectwriters.com/
July 27th, 2008 at 7:35 am
Candice thanks for your post. I will look for that book and check it out,perhaps it should be in our library. There are many good authors out there; the trick is to discipline ourselves and apply the timeless principles. Personal responsibility as you wisely say is the key. Be well.