During this installment of McCuistion, Dennis McCuistion gathers financial wisdom from key experts regarding your personal finances in a tough economy. McCuistion is joined by Ed Douglas, author of 7 Simple Steps to Financial Freedom and a retired Bank CEO, and Kim Snider, a Financial Success Coach and author of How to Be the Family CFO.
In the current unstable economic climate where people are losing their jobs, their savings and the money they’ve invested, there is a need for financial wisdom for those who are ready to take control of their personal finances. Douglas and Snider discuss topics related to stock market losses, personal financial planning, saving, job loss, and debt accumulation and payoff.
Stock Market Losses
For those who have incurred stock market losses, it could take 10-20 years for the money to be regained. Consequently, people are going to have to save more and work longer. Snider and Douglas, offer both suggestions and warnings for the ready investor during this time period.
It is critical that a clear plan is in place for family finances, a plan that takes future financial goals into consideration. Expounding on the topic of personal finance, the experts discuss financial wisdom principles and guidelines for saving, the safest places for you to put your money, what to do when you lose your job, credit, debt and more. Further discussing what to do in the event of unemployment, Snider covers discretionary and non-discretionary expenses and how both play into the personal financial plan.
Borrowing and Paying Off Debt
After stating that it’s okay for people to borrow on a home or education and nothing else, they offer suggestions on the most effective ways to get out of debt.
In closing, they suggest the following: get your credit cards paid off, establish your emergency fund, make sure that your bank account savings doesn’t exceed the FDIC limits of $250,000, continue to contribute to your investments and retirement, and manage your FICO score.
02.22.09 – 1724