Thought of the Day: June 13, 2018 – Financial Decisions
Are you willing to change your current financial decisions so you can be debit and stress free?
Over the last 12 years our economy has changed a few times. Once it was a prosperous market for many people. Now it has become a prosperous market for those who are willing to take the time, energy and resources to take advantage of the changes.
In 2008, people experienced hardship, lost their jobs, changes career paths and lost thousands of dollars they had invested in the stock market. People lost their homes and became renters as they could not afford their home.
During this time, people where still having kids and they were racking up debt faster than ever. Many people relied on government assistance as they were forced to declare bankruptcy.
I believe this because many made financial decisions that did not affect them during the recession.
What about you?
How did your life change? Was it for better or worse? Did you take advantage of the changing market conditions?
Why did some people gained while others lost everything?
I believe it has to do with the financial decisions people made. Some people were prepared while other still don’t understand what happen and how to avoid it.
Those who were prepared took steps to increase their chances of doing well in case of emergencies. These people decided to learn about money and continue to do so.
They understood if, they did not keep up with the changing economy they would continue to lose anytime there was an economic downturn.
Some of the things they may have done included:
- Have money in their saving account for unforeseen events.
- Reviewed and changed their financial goals.
- They understand the variables that grow and shrink money.
- Hired a good financial planner/broker, who has your best interests.
- They knew what their money was doing at all times.
- They make it a priority to learn about money and risk assessment.
- Talked about money with people who have more knowledge than them.
- They reviewed spending habits.
- They understand how inflation effects their monies long-term value.
- Their money is diversified in multiply investments, with no direct correlation to each other.
In the changing economy it is best to be update with what is happening. The more you think you understand money, and the economy, the more things will continue to change.
Making sounds financial decisions is about, understanding and changing were your money hangs out!
Founder and CEO, Discover Your Life Today
Maveen has built his career in Banking, Insurance, Home and Automobile Sales. Providing exceptional customer service is his passion. Writing is a way to share his knowledge and help change the lives of million of people. Like the Facebook Page to support him.