September 25, 2008

Bank closed...definitely.

Well it looks like I'm getting a new bank now. We used to have Netbank when they opened up years ago. We closed it and a few months later, they closed. Now it seems that Washington Mutual has been closed by the government.

http://news.yahoo.com/s/nm/20080926/ts_nm/us_washingtonmutual_jpmorgan_news

I'm hearing some people are thinking of getting their money out from their 401K, IRAs, stocks, etc. Don't do that! If everyone did that, boy would the US and any country connected to them be in trouble.
Right now, if you have any extra money socked away, it's time to buy baby! Just think of it like a HUGE stock sale going on right now. Buy low, sell high. Now is not the time to sell UNLESS you are going to retire very soon. I am looking at buying additional stock for my retirement and some stocks for my children's college funds. A recession is probably coming but don't panic about it. Just ride it out. My parents did when it hit Montreal years ago. It's just a cycle and it will pass. So before you do anything drastic like liquidate your assets (yikes!), talk to a financial advisor, your accountant or your bank. You might be saving yourself from a BIG mistake in the long run! Hang it there my friends. This might be a bumpy financial ride!
A bientot!

1 comments:

Self Confessed Lamp Tramp said...

Very good advice, I so agree with you. It's scary for us all but we can't panic!

 

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