I’m probably the least financial-minded person , and I’ve never owned a stock, bond or whatever else people invest in. Neither do my spouse, inspite of working in a financial company.With all the news about the financial market’s meltdown over the last two weeks, i feel really sorry for my fellow men whose money and job, are in jeopardy.
So for those who have been worrying abt their finances after the black Monday, I just thought of sharing few tips to survive during such financial crisis, which i came across through television channels/newpapers/Internet.
Tips:
1. Don't panic.
Tips:
1. Don't panic.
2. Only invest money you don't need for the next five years. Don't put money in the stock market that you'll need for living expenses in six months. Instead, invest for the long term.
3. Have an investment plan and diversified strategy : invest your money at several banks.
4. Consider buying shares at low rates. If you have extra cash, consider purchasing shares at the "discounted" rate. Remember to buy low and sell high. Be sure to review the company's business plan before you invest.
5. Talk to your CPA(Certified public accountant) or other financial professional. Consult your CPA or other financial professional about your investments if you still have questions.
6.Check that your bank accounts are federally insured. The Federal Deposit Insurance Corporation (FDIC) guarantees deposits up to $100,000 per person. If you have to hold more than that, spread it across different banks.
7.Make sure your brokerage accounts are federally insured, too. The Securities Investor Protection Corporation (SIPC) guarantees you at places like Merrill Lynch and E-Trade up to $500,000, including $100,000 worth of cash. The SIPC is only there to make sure you get your shares and bonds back if a brokerage fails. And again, if you are one of the lucky few that has more than $500,000, spread it among multiple banks.
8.Refinance your mortgage. The crisis on Wall Street just caused a collapse in the interest rate on long-term US Treasury bonds, as lots of investors rushed there for safety. And that usually leads to a fall in long-term mortgage rates. So take advantage of that now. Rates are typicallys .5% lower than they were a week ago.
4. Consider buying shares at low rates. If you have extra cash, consider purchasing shares at the "discounted" rate. Remember to buy low and sell high. Be sure to review the company's business plan before you invest.
5. Talk to your CPA(Certified public accountant) or other financial professional. Consult your CPA or other financial professional about your investments if you still have questions.
6.Check that your bank accounts are federally insured. The Federal Deposit Insurance Corporation (FDIC) guarantees deposits up to $100,000 per person. If you have to hold more than that, spread it across different banks.
7.Make sure your brokerage accounts are federally insured, too. The Securities Investor Protection Corporation (SIPC) guarantees you at places like Merrill Lynch and E-Trade up to $500,000, including $100,000 worth of cash. The SIPC is only there to make sure you get your shares and bonds back if a brokerage fails. And again, if you are one of the lucky few that has more than $500,000, spread it among multiple banks.
8.Refinance your mortgage. The crisis on Wall Street just caused a collapse in the interest rate on long-term US Treasury bonds, as lots of investors rushed there for safety. And that usually leads to a fall in long-term mortgage rates. So take advantage of that now. Rates are typicallys .5% lower than they were a week ago.
9. Last but not the least "will power" to face the situation.
Photographed by me.
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4 comments:
Good job.
hi, abi done a wonderful job! you are capable of doing anything !your style of approaching any topic is pretty smooth and informative to all---follow your heart and intution!---mammiya
@ Anonymous
Thankyou.
@jayanthi
Thankyou Mamiya. This is what keeps me going.
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