Great advice, Jensieblue. Don't worry over the things which we have no control and enjoy what we do have
Ignore financial markets...
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There were 3 key comments in jensieblue's post everyone needs to burn into their mind:
(1)I paid into my IRA's and retirement accounts for 40 of my working years.
(2)Continue to work hard, live frugally, save as much as you can
(3)But, we must control our emotional responses.
All 3 were missing from people's psyche as the RE Frenzy played out.
People "invested" their money in real estate instead of into retirement accounts thinking it was "no risk" and all reward. Most all who "invested" in real estate over-leveraged themselves; drained equity out of their primary home because they didn't have enough capital to invest; and relied too heavily on the counsel of people who stood to profit from the sale.
Most "Investulators" continued to plow any profits back into RE and/or spent the profits on "stuff," instead of setting aside some cash for the future.
As I warned people a couple years ago that this frenzy-driven economy was unsustainable and would soon come crashing down, it was clear from the heated or snarky responses that some folks were clearly under the control of their emotions. Now that the markets have turned, hopefully they can work on damage control and recognize that their emotions played a big part in whatever major losses they've suffered. Moreover, I hope they'll learn from their mistakes and take a more pragmatic approach to investing for their retirement.
The economy going forward is going to be tough and VERY different than what we've been used to, but it's going to be even worse for those who do not first learn to accept where they are in life right now and begin living below their means and saving the rest for retirement. Living the high life--on credit--and beyond one's means is what caused this economic meltdown.
Repeat after me: "There is no quick, easy way to riches" Now believe it!
(1)I paid into my IRA's and retirement accounts for 40 of my working years.
(2)Continue to work hard, live frugally, save as much as you can
(3)But, we must control our emotional responses.
All 3 were missing from people's psyche as the RE Frenzy played out.
People "invested" their money in real estate instead of into retirement accounts thinking it was "no risk" and all reward. Most all who "invested" in real estate over-leveraged themselves; drained equity out of their primary home because they didn't have enough capital to invest; and relied too heavily on the counsel of people who stood to profit from the sale.
Most "Investulators" continued to plow any profits back into RE and/or spent the profits on "stuff," instead of setting aside some cash for the future.
As I warned people a couple years ago that this frenzy-driven economy was unsustainable and would soon come crashing down, it was clear from the heated or snarky responses that some folks were clearly under the control of their emotions. Now that the markets have turned, hopefully they can work on damage control and recognize that their emotions played a big part in whatever major losses they've suffered. Moreover, I hope they'll learn from their mistakes and take a more pragmatic approach to investing for their retirement.
The economy going forward is going to be tough and VERY different than what we've been used to, but it's going to be even worse for those who do not first learn to accept where they are in life right now and begin living below their means and saving the rest for retirement. Living the high life--on credit--and beyond one's means is what caused this economic meltdown.
Repeat after me: "There is no quick, easy way to riches" Now believe it!
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kathydwells
Darlene is my middle name, not my nickname
I really needed to read this today. Thank you SHELLY.
!Gracias!