Teaching you to embrace today while making yourself a millionaire!

I wish I would have understood how easy it is to become a millionaire by starting to save small amounts of money when I was younger...

I feel compelled to share the simple concepts you can apply today....


12 October 2008

Iceland is bankrupt -- really I mean are you kidding me??

Being that I subscribe to the theory that if you are invested correctly for your time frame, risk tolerance and goals - you leave your investments alone. Especially in a down market!!! This is what the market does - fluctuates sometimes wildly. History shows that through world wars, assassination attempts and success, natural disasters, terrorist attacks and over inflated markets - the stock market has always over the long term been the best place to invest a portion of your money.

With all that being said - I still firmly believe this. I went on vacation from Oct 1 - 7. When I came back and saw that Iceland could go into bankruptcy - I started to think what the heck does that mean???????? Here is a quick explanation of how it will affect the citizens. Their currency the Krona is no longer worth anything outside of Iceland. Within Iceland they will still operate and function normally for the time being. The country will have to decide what currency they will use and normally the residents will have a certain time frame to convert their old money to the new currency. They have many of the same issues we have with housing and inflation. The government is trying to unite the people to avoid a civil unrest. For a more detailed explanation read Reuters article.

Regarding the US economy - hopefully, we are getting close to the bottom. Panicking is not going to help. Rather than trying to rewrite what has already been written over and over again I thought CNN's article on how we got here and what happens when banks default were easy to understand.

My message hasn't changed one bit with all the chaos in the economy. It strengthens my point. Your generation needs to be the change.

Stay tuned.....

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