01/06/2009

Election 2008: the day after

 

The day after Election 2008: So now what?
That’s what a lot of people are asking themselves this morning, now that the uncertainties of the election is out of the way, Obama is the Preseident Elect, and the Obama’s and Bush’s transition teams are working together to assure a smooth transition, and the Obama-Biden team are recruiting additional team members to lead and manage this wonderful country.
What about you and your situation?  You surely cannot ask for help directly to either G.W. Bush, or to Barack Obama.  They actually need your help, they need your help keeping the morale up, trust the political and financial institutions that once again prosperity will return to the US soil.  If there something that most people have learned is that things are back to basic, wise use of credit, well thought out plans for important decisions like buying a home, a car, or a major appliance; carefully screening of financial advisors and more realistic investment strategies and expected returns.

If you have consumer debt: have a plan to pay it off as soon as possible.
If you have a house with a mortgage: have a plan to pay the mortgage off, sooner or later.  If you need to refinance, do so, a home is a long term asset, and a necessary one if you can afford it.  Make a plan to eventually pay off the mortgage.
If your financial situation is challenged, take matters into your own hands with a two-prong strategy:

  1. Cut your expenses.
  2. Increase your revenue: get a second job if you have to, or a third one.  Clean up your attic and basement and sell all the stuff that you have and no longer use.  If you don’t have time, and if eBay or Craigslist is not for you, consider donating your items to charity, and take the tax write off.  Consult your tax advisor on that, and remember to get a receipt from the charity for your non-cash donation.

Start or continue saving: no matter how little you think you make, someone else down the street makes do with less than you have: simplify your life, eliminate expenses, cut down on your spending.  There’s no alchemy math: living within your means is the new luxury.
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Photo Credits: Maria Leisa (cc)

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November 5, 2008 | Filed Under Debt Management, Elections 2008, Financial Crisis, Financial Planning |  

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One Response to “Election 2008: the day after”

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