Saving and Investment Tips for 2009
Frauds, scams, economic slowdown and now the swing flu epidemic. Things just don’t seem to get right for the common man. Each and every type of individual has been affected by some type of scam or fraud and if they are fortunate enough to evade all these, the economic slowdown has taken its toll. There have been numerous instances wherein even the big companies and investing institutions haven fallen prey, let alone the common man. So what exactly do we need to do to safeguard ourselves and what is the best practice to be followed from here on?? These are some of the questions which most of us have in our minds (now that most of us have experienced the low-side of the economy and our personal finances). Given below is a brief list of what we can do to at least ensure some safety of our finances and tips to be followed if any further investment is to be made:
1.The worst-hit investors have one common basic feature-investing in a single option. Investors investing and saving their finances in a variety of options fared well as compared to their more conservative counterparts.
2.Today’s economy does not provide a job guarantee to any management level. Hence it becomes all the more necessary to increase the span of our emergency fund, in case of an unemployment.
3.Clearing off credit card and debts attracting higher percentages of interest, should be the first priority. This will turn out to be the best investment strategy that one can embark upon in the present times.
4.Following a simple rule-Any investment opportunity claiming exceptionally high returns or guaranteed returns should be regarded as a fraud or scam (especially in the present economic scenario).
5.In a bearish market most of the investors are hesitant to check their account statements. This is probably the worst mistake one can make. A bearish market or times of economic slowdown are the most important times when anyone needs to keep on checking their account statements regularly.
6.Lastly, before making any investments one should do a complete check on the kind of investment, the company history, credit ratings etc.
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