Ignore the Economic Boogeyman and Stick to Your Financial GunsSaving Money

Ignore the Economic Boogeyman and Stick to Your Financial Guns

Shep McAllister , Gizmodo Media

Ignore the Economic Boogeyman and Stick to Your Financial Guns

By most measures, our economy is on the upswing. But for most of us, there will certainly be more downturns between now and retirement. If you're saving and have a solid financial roadmap though, fears about the overall health of the economy shouldn't have little if any effect on your goals.

Our friend Trent at the Simple Dollar calls this fear the "Economy Bogeyman," but warns against paying too much attention to it.

Just like the bogeyman when we were children, the economic bogeyman of the moment isn't real.

A person who works hard, spends significantly less than he or she earns, and invests the rest in both a diversity of investments - stocks, cash, real estate - along with investments in their life - education, skills, a home, a strong social network, debt freedom - have everything they need to protect themselves from virtually any economic bogeyman.

The point is, if you're doing all of these things, and you still aren't protected from a downturn, then nobody else will be spared either. He likens it to worrying about an asteroid strike; there's a chance it could happen, but there's nothing you can really do about it. Every downturn will bring about fear mongers hoping to capitalize and lead you to bad investments and financial decisions, but staying the course is almost always the better choice. Check out the source link for some more insight.

The Economic Bogeyman | The Simple Dollar

Photo by isak55 (Shutterstock).

Contribute to LifeHacker

Write for Us

Comments ()

X
Sort By:
Be the first one to review.

Suggested for you

  • These Simple Tasks Prepare You for Tax Season

    These Simple Tasks Prepare You for Tax Season
  • How to Squeeze More Battery Out of Your Phone With Android Doze Apps

    How to Squeeze More Battery Out of Your Phone With Android Doze Apps
  • How Presidential Commutations and Pardons Work

    How Presidential Commutations and Pardons Work
  • This Tool Calculates How Much Your Investment Fees Add Up Over Time

    This Tool Calculates How Much Your Investment Fees Add Up Over Time
  • Create a "Comfy Couch" Fund to Give Your Budget Some Everyday Wiggle Room

    Create a "Comfy Couch" Fund to Give Your Budget Some Everyday Wiggle Room

Editor's Pick

  • How to Squeeze More Battery Out of Your Phone With Android Doze Apps

    How to Squeeze More Battery Out of Your Phone With Android Doze Apps
  • 10 Fashion Hacks That Will Change Your Life Overnight

    10 Fashion Hacks That Will Change Your Life Overnight
  • Unlock Your iOS 10 Devices without Touch ID or Home Button

    Unlock Your iOS 10 Devices without Touch ID or Home Button

Subscribe to latest stories

Trending on social



Subscribe for latest stories