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Yes, There's Hope

Lesley Scorgie

Posted Oct. 01, 2008
Tagged: Money, MoneyTips, News

The U.S. economy is in a dangerous position with the financial and real estate markets continuing to perform poorly. Throughout the week of September 14, 2008, the stock market crashed, loosing substantial value in a matter of days. Lehman Brothers collapsed and Bank of America bought Merrill Lynch, rescuing it from the brink of financial disaster. Many people, governments, and corporations are suffering from losses.

I’m not going to sugar-coat this – times are really tough right now and there’s great uncertainty. But, there’s hope … lots of hope. Remember, markets are cyclical (they go up and down) and times like this have happened before. So as you navigate through this market uncertainty, I’d encourage you to keep some financial fundamentals front and center. When times are tough, do the following:

Avoid getting into debt as much as possible.
If you’re in debt, work extra hard to pay it off.
Save every extra penny in case unemployment comes knocking on your door.
Resist spending on luxury items and make do with what you currently have.
Consider investing, as the market has been ‘beaten up,’ which presents investment opportunities.
When investing, consider a conservative strategy – at least until the markets have settled down. This means buying big-name companies with histories of strong and stable returns. Good companies in this economy will have little debt, strong cash flow, and a history of solid earnings.

I invite you to email me (Lesley@richbythirty.com) or post your questions in the comment section below throughout this period of uncertainty. I’d be happy to help you find answers.

Originally posted at Rich by Thirty.

Lesley Scorgie is the bestselling author of Rich by Thirty: A Young Adult’s Guide To Financial Success published in January 2007 and printed in English, French and Korean. Lesley owns and operates Rich By Inc., a financial consulting company dedicated to providing education, resources and tools for a variety of demographics. Lesley’s passion is to encourage financial literacy, a topic she has enthusiastically promoted through speaking and writing since 2001.

She has made numerous television appearances including The Oprah Winfrey Show and Montel Williams, and her financial writing has appeared in publications such as Unlimited magazine, the Calgary Herald and the Calgary Sun. Lesley has worked in the banking and securities industries and as a spokesperson for Canada Savings Bonds.

In 2005, Lesley Scorgie graduated from the University of Alberta with a Bachelor of Commerce degree in marketing and finance. She currently works diligently to promote financial literacy through speaking, educating and writing. In addition to this Lesley dedicates substantial time, energy and resources to non-profits within her community. See Lesley Scorgie's other posts and profile.

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