Financial Planning in a Rough Economy
In these uncertain economic times, even as we're being reassured that the economy is stabilizing, many Americans are practicing a new frugality. We are discovering that home values do not continue rising indefinitely and that maxing out our credit cards is not the best use of our money.
Although hard-learned, many of these lessons are valuable. There is a new style to our Naperville asset management. We are re-learning what our parents' or grandparents' generations practiced: live within your means; set aside the money first and then make your purchases. Some of us are learning new skills for home repair and home maintenance. (And discovering at the same time the inherent satisfaction of a job completed with our own hands doing more than signing a check).
Travel plans are changing, too. Businesses are thinking twice about the necessity of face-to-face meetings that involve flying employees all over the place. Instead, many of those meetings are taking place via video conferencing. More families are driving on vacation, and many seem to be staying closer to home. Some of us may be learning a new appreciation for all this country holds: national parks are actually experiencing an uptick in visitors.
Living within our means, discovering national parks, perhaps leaving a smaller carbon footprint: there actually may be some silver lining to this cloud over the economy. If you haven't given it much thought before, now more than ever is the time to be smart with your Naperville financial planning. Knowing exactly where your money is going and making it work for you can be especially difficult during belt-tightening times. If you already had a financial plan that you were following, it may be time to review it if your situation or your investments have changed substantially.
If your work is still going well, and your financial strategy is still working for you, then congratulations! Perhaps the "new frugality" isn't so new to your style of thinking, and you'll be one of the ones who will more easily ride out the current rough waters to smooth sailing ahead.
Although hard-learned, many of these lessons are valuable. There is a new style to our Naperville asset management. We are re-learning what our parents' or grandparents' generations practiced: live within your means; set aside the money first and then make your purchases. Some of us are learning new skills for home repair and home maintenance. (And discovering at the same time the inherent satisfaction of a job completed with our own hands doing more than signing a check).
Travel plans are changing, too. Businesses are thinking twice about the necessity of face-to-face meetings that involve flying employees all over the place. Instead, many of those meetings are taking place via video conferencing. More families are driving on vacation, and many seem to be staying closer to home. Some of us may be learning a new appreciation for all this country holds: national parks are actually experiencing an uptick in visitors.
Living within our means, discovering national parks, perhaps leaving a smaller carbon footprint: there actually may be some silver lining to this cloud over the economy. If you haven't given it much thought before, now more than ever is the time to be smart with your Naperville financial planning. Knowing exactly where your money is going and making it work for you can be especially difficult during belt-tightening times. If you already had a financial plan that you were following, it may be time to review it if your situation or your investments have changed substantially.
If your work is still going well, and your financial strategy is still working for you, then congratulations! Perhaps the "new frugality" isn't so new to your style of thinking, and you'll be one of the ones who will more easily ride out the current rough waters to smooth sailing ahead.
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