Just saw this today from the Wall Street Journal -- 10 steps to take during the current financial crisis:
1. Check that your bank accounts are federally insured.
2. Make sure your brokerage accounts are federally insured, too.
3. Put money in thy purse.
4. Set up a home equity line of credit while you still can.
5. Refinance your mortgage.
6. Stop pulling a Monty Python when it comes to your worst investments.
7. Don't panic.
8. When it comes to your short-term money needs, nothing has changed.
9. If you are investing for five years or more, buy some stock.
10. If you want to worry about anything, worry about your taxes.
I'm especially focusing on #7 and #9 (though I'm buying index funds). How about you?
11. Check to make sure the U.S. government can cover insured accounts
Posted by: | September 16, 2008 at 03:04 PM
hahaha i like #6 the best :D
-jen
Posted by: uFirst | September 16, 2008 at 05:20 PM
My "11th" step might be the most important:
Federal bank insurance fund dwindling
http://news.yahoo.com/s/ap/20080916/ap_on_bi_ge/bank_deposits_safety
Posted by: Tim | September 17, 2008 at 04:54 PM
Is it a good time to refinance my mortgage right now even amidst all this craziness happening in the market?
Currently I have an 80/15 split. The 80 I have at 5.75% until 05/2010. The second I have at 7.49% until 5/01/2010. I think the second one is a balloon (whatever that means). Any thoughts would be helpful.
Posted by: Joe Tek Yun | September 18, 2008 at 08:54 AM