DON'T LEAVE YOURSELF NAKED TO A RECESSION!

1.  BREATHE AND TIGHTEN YOUR SEAT BELT - 2009 WILL BE SCARY FOR MANY AND PRESENT BRILLIANT OPPORTUNITIES FOR A FEW......THOSE FEW THAT FEEL THE FEAR AND DO IT ANYWAY

2. TIME TO CREATE WHAT YOU SHOULD ALWAYS HAVE - IN GOOD TIMES AND BAD - PLAN B

3.  PLAN B IS WHAT YOU FOLLOW WHEN PLAN A NO LONGER WORKS OR BECOMES OBSOLETE

4.  IF YOU HAVE LOST FAITH IN THE US GOVT AND YOU ARE INVESTED IN STOCKS - RUN!

5.  IF YOU HAVE THE STOMACH LINING, THERE ARE OPPORTUNITIES IN THE STOCK MARKET - IF YOU DON'T TRUST YOURSELF (EVEN IF YOU DO!)....GET HELP!

6.  CASH IS GOLDEN ...ALWAYS...ALWAYS...CASH IS ALWAYS GOLDEN...IF THERE IS NOTHING ELSE YOU LEARN IN THIS RECESSIVE ECONOMY, LEARN TO ALWAYS HAVE CASH...CASH SO THAT YOU CAN POUNCE ON THAT NEXT OPPORTUNITY

7.  WARREN BUFFET SAYS, "BE GREEDY WHEN EVERYONE ELSE IS AFRAID AND BE AFRAID WHEN EVERYONE ELSE IS GREEDY!"  .....AND YOU KNOW "HIS" TRACK RECORD

8.  LIVE BELOW YOUR MEANS - ONE OF THE GOLDEN RULES - IF YOU ARE NOT LIVING BELOW YOUR MEANS, YOU MIGHT WANT TO CONSIDER MAKING IT A PRIORITY

9.  HAVE SIX MONTHS MINIMUM OF LIVING EXPENSES IN A FAIRLY LIQUID, ACCESSIBLE ACCOUNT....THIS IS CALLED AN EMERGENCY FUND.....

10. IF YOU WERE CLOSE TO RETIREMENT AND YOUR 401(K) HAS BEEN CLOBBERED, YOU MIGHT NEED TO CHANGE YOUR TIME LINE.  DO THE MATH.

REMEMBER...THIS TOO WILL PASS.  Breathe.

THE THREE GOLDEN RULES 

1.  ALWAYS LIVE BELOW YOUR MEANS

2.  ALWAYS HAVE SIX MONTHS OF CASH IN AN EMERGENCY FUND

3.  ALWAYS HAVE CASH!!

DON'T LEAVE YOURSELF NAKED TO A RECESSION!!

 

Comments

[Stephen P. Holt]

Jean - I completed your book recently and enjoyed it very much. I really appreciated your lending your vocabulary and way of thinking in the book, I found it very useful and as well setting more specific goals, I have created an excel sheet that calcualtes, net worth and future plans, thanks for the motivation! I LOVE ME TOO!