Hi everyone,
I thought I would post something about the stock market and bank scare. As most of you know, I am a geeky accounting nerd. And to make it even worse, I am a former savings and loan bank examiner. I thought I would ring in with my two cents, which, by the way, it exactly what my opinion is officially worth. LOL.
Anyway, with respect to the banks, and the threat of possible failures, as long as you have your accounts structured in such a way that all deposits are FDIC insured, I would not spend anytime worrying. I know that some of the "talking heads" on the financial channels are chicken little and scaring everybody that the sky is falling, but that is their job, to make people tune in and fear will get people watching everytime!
As for the stock market, it is a long term investment. If you are invested in good mutual funds, and plan to stick it out for the long term, then you will come out of this just fine. It is the people who panic and sell out when the market is low that are really hurt in this market. As a matter of fact, I haven't changed my position and I am still putting the same amount in my mutual fund invested 401K as I always have. I like to think that the stock market is marked down or on clearance and I am getting the shares really cheap right now.
I know this sounds really positive and optimistic but I remember all the financial downturns that we have had in the past and how we rebounded and all was well again after a time. I think all will be well again.
Tammy