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What You Can Do Now

no-tv.jpgAlmost everyone is feeling the effects of one of the most spectacular market meltdowns in our lifetime, precipitated by the sub-prime mortgage meltdown. Just in the first 10 days of October, the market has lost over 21% and is now down 42% from its high of one year ago today. That is unprecedented in modern times.

There is nothing any of us can do about the markets or the economy as a whole. Here is a list, however, of things you can do, compiled from what the best advisors in the nation are telling their clients. I’ve added a few of my own:

  1. Turn off the TV
  2. If you are retired, review and amend your retirement cash flow plan
  3. Have a spending plan and control it
  4. Keep re-balancing your portfolio
  5. Keep adding to your retirement plan: IRA, 401k, SIMPLE, etc.
  6. If you are retired, keep one year’s spending in a money market
  7. Keep the job you have, or if you don’t have one find one
  8. Invest in developing yourself
  9. Remind yourself this crisis is for a season and that you are not alone in your fear
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