Financial Advice

Uggg! Just the title of this topic puts me into dreamland. Bor-ing!!! However, as much as I hate to talk finances , it really IS a good time to chat it up. You can use this time to use the current market in your favor. All you need are the right resources.
Doom and Gloom is all that is reported these days, especially when referring to the economy. But it isn't always the case. Really! Where do you stand? Every month I have a monthly budget meeting to attend, organized and insisted upon my by spouse and financial penny pincher, Big Daddy. I hate it almost as much as I hate going to the dentist (no cavities , mom!) but It is always good to know your inflow and outflow of your finances, as pointed out by Big Daddy, "It's imperative to visit it monthly to get a look at where your money is going every month."

Here is some things to keep in mind:

1. Determine where you stand financially. Make and keep a spreadsheet of the inflow and outflow of your all finances each month. You cannot save if you don't know where you money is going. Have a budget. Discuss it. Keep to it.

2. Set & MEET goals constantly. Set short term goals as well as long term goals. By having short term goals to reach it allows you to see a faster payoff and will keep you motivated to stay on track. Keep saving even after your goals are met. Make new goals.

3. Save cushion money. Always. You never know where life will take you. It's those things we dont plan for that always will get you into trouble. Plan for anything. Cushion money.

4.If unemployed, do not sit at home and ride out your unemployment.

*Make contacts

*Network!

*If you are financially able, further your education to make yourself more marketable.

And remember, while It is not a great time to be selling a home, it is a great time to buy one, assuming you can get the bank to lend at a reasonable rate. Buyers are at an advantage, There are some great buys out there right now. And if you have been dreaming of that vacation home, talk to your accountant. It is not a bad idea to take advantage of this time invest in the real estate market, because of the deals to be had out there. If you are dumping a huge amount into retirment, use a portion of it now for that retirement home. Does it have the capibility to earn money by renting it out? Think investment.
If you can afford it. It's a good time.