What the &@#$ is Happening? Are You Informed?

Posted by Justin Korn

on October 1, 2008

If you haven’t noticed already, there is a lot of “stuff” (for lack of a better word right now) going on in the US right now. There is a presidential election on the horizon, there is a housing problem, well known banks are closing or going bankrupt, volatility in the stock market has hit record highs, the government is proposing $800 billion bailout plans, the government is rejecting $800 billion bailout plans, and George W. Bush was elected (okay, that happened awhile ago, but remind me how that happened again).

America is currently in a state of uncertainty and I’m guessing the majority of American’s are having a hard time getting their heads around it all. Well, I have news for you (me included), times are changing FAST and if we don’t keep up with it and, collectively as a group, stay informed, times can and will continue to get worst. Mona recently wrote a guest post on Louis Gray’s blog (which is also available on her blog) providing 5 easy ways for us “ordinary” folk to keep informed.

On top of being informed, I’m sure it has been said before somewhere, but I want it repeated as many times as possible, DO NOT PANIC! The stock market took one of it’s biggest one day drop ever and a few banks have gone under. Did you sell all your stocks while it was plunging? Are you considering pulling your money from your bank and stashing it under the mattress? Panicky actions like these cause snowball effects which only hurt the market and our economy more. It’s better to view this as an opportunity to seek out strong companies that you know will survive the times and buy up some bargain stocks. You’ll need to do some research, but the time you put in will be worth it.

Bottom line, dedicate 30 minutes to an hour a day trying to get a grasp of how all of these happenings around you will hurt you or how you can benefit in the short term and long term. Ask questions and get involved.

Disclaimer: I am not even close to being an expert on the economy or the stock market.