Quote:
Originally Posted by batman911
The state and city governments will simply raise taxes or create new ones to get the funds they need to survive. It is not politically acceptable to do that until there is no other choice. I would not be worried as long as the Fed is there to bail them out with their printing presses. Best idea is to stay diversified and have a percentage of your savings in all the major areas (bonds, stock, real estate, foreign markets). I believe now is the time to buy low maintenance rental properties in areas that have done well in the down market. There are lots of people that will not be able to buy a home for a long time due to forclosures and loss of capital. Home ownership no longer is the primary goal of the younger generation.
I have found over years of investing that most of the time the best thing to do is nothing when after reading/viewing these scare stories. Set long term goals and stick with them.
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BINGO! Batman!
But, in all fairness, I have to say that I believe that we each just might have some sort of built-in, maybe even genetic, predisposition to our attitudes about investing. "Know Thyself" and if thyself is having some problems, stop and breathe and educate thyself before turning it all over to somebody who taps into thyself's fear. Understand what thyself is doing and why thyself is doing it.
I have a new book that I bought when I heard about it on
Nightly Business Report which is the only market thing I watch regularly because it is such a quick dose of what's going on day by day. Half an hour -- actually less when I watch it recorded. Nobody on it gets a look in their eyes like a wild horse. Nobody hollers at me. I just get a feel for what's out there.
Anyway, my new book is called
Market Psych: How to Manage Fear and Build Your Own Investor Identity. And even though, after all these years of living with my own decisions, I know how I am about this stuff, I still have a fascination with the psychology of it all. Actually the book looks a little tedious, but I will get to the good parts.
(Geez. Why can't I shut up. Now I am sounding like an English major with a psych minor.)
I yam what I yam Boomer