Question of the week:Everything is so uncertain right now--the stock market is all over the place and I'm not convinced that the economy is back yet. What's the best way to respond to all this? --Collin
Dear Collin,
If you feel like you're on a roller coaster, it's because in a very real sense, you are. There have been few times in the history of the stock market when such a fantastic run-up (like the late 90s) has been followed so suddenly by such a sharp and protracted downturn (as we are now experiencing).
A bit of perspective can help a lot. We asked Armchair Millionaire community members for their views looking back over the last few years since the market dropped. Here's a bit of what we heard:
"If it were 1999 again, I would have diversified my portfolio. It would have made the last year or so an easier ride. Now I take a much closer look at the make up of my portfolio and realize that it is never to late to correct a mistake." --Bill Mac
"You can't beat the market. If it were 1999, I'd have looked more carefully at my holdings and gotten out of some things sooner. It's better to have your principal intact than trying to figure out what the very top of a stock (or fund) rise will be." --Hestarose
"Gold and real estate--five years ago these were not considered particularly good investments and I had to convince my broker that that was what I wanted. Call me old-fashioned, but at least I still have something more substantial than electrons." --Carrie
We can't help but compare that from this comment from the archives of the Armchair Millionaire, typical of those we heard during the late 90s:
"Internet funds and stocks are what you need to buy now. Even if you think it's a little late to get in, get in. It's only the beginning with a limitless future." --Tim
It's challenging to keep a sane, long-term perspective when you're in the midst of market volatility and rocky economic times. But keep in mind that some things are always in style, no matter what. My checklist has the rules that work-in good times and bad.
The Armchair Millionaire Checklist of Timeless Financial Lessons
- Pay off your high interest debt. Debt is savings in reverse. By paying off high interest debt (credit cards are the primary culprit), you'll sidestep paying plenty on interest that you can use for much better things-like saving and investing.
- Take care of what you have. Get on a first name basis with your insurance agent. Check your health, disability, car, homeowners and long-term care insurance to make sure you have adequate coverage. If you are older and have substantial savings, consult with an estate planning attorney. No matter what your situation is, keep an up-to-date will.
- Get yourself on track. If you fail to plan where you want to go financially, you probably won't get anywhere at all. Take the time to put your goals down on paper. Split them out into short-term (over the next year, mid-term (the next five to ten years) and long-term (over the really long haul, like the next 30 to 40 years). Be specific and define exactly what you'll need to do to achieve these goals.
- Don't panic. If the down market has you tempted to make radical changes in your long-term investments, take a deep breath and just hold back. The market has gone through these periods before, and has always come back.
- Keep investing. Dollar cost averaging will help you turn this lemon of a market into lemonade over the long run. If you haven't yet started to invest, don't wait for the market to go back up to begin.
THE BOTTOM LINE: There have been a lot of ups and downs lately, but you'll get through to better times by sticking to battle-tested strategies that have been proven to work over and over again.
Here is what I have done with measurable success.
You may view my electronic paypal account funds that have come in as a result of this investment.
I have listed two profitable programs here:
STOP WHAT YOU'RE DOING AND TAKE 30 MINUTES TO SET THIS UP!!!! THIS WILL MAKE YOU CASH>>>FAST!!!! IT'S WORKING!!!
Make $32,000.00 in 2 weeks with Paypal
"I came back to $32,000.00 in my account in 2 weeks...Thank You!
TESTIMONIAL
Mary Gatters of Columbus, South Carolina:
"I only have one thing to say to you... OH MY GOD! I sent out 142 copies total before 50 replied, like the instructions said. Then I went on a short vacation. When I got back, my account had over $32,000.00 in it already and the money was still coming in!
I'm still floating on air! (especially with my new car!!) I thought the guardian system was cheesy, but now I realize that it is the formula that makes this letter really work! THANKS!!!
Remember, all you're out of pocket is about the cost of a few cups of coffees ($10)
with the opportunity of banking thousands of dollars into YOUR PayPal account!
MAKE $32,000.00 in 2 Weeks with Paypal!!!
Could YOU use an extra $40,000?
That's Right, $40,000!
That's right! $40,000 in your paypal account!! It was proven on Oprah and is completely legal!! You may have seen or heard of this program on Oprah, 20/20, or in the Wall Street Journal. You may have even received
numerous messages about this program and probably just deleted them. I know, I have. However, I decided to give it a try this time.
After all, It's only a $10 investment!
Please give this an honest effort. You will not be disappointed and will be very glad when it begins to work
for you. $10... that's all it takes.
Most people have been responding because of the low investment and high profit potential. There is NO limit to the income that you can generate from this and you CAN do it over and over! If you follow the instructions precisely, you will reach
thousands of people! Honesty, faith, and integrity make this system work.
Follow the instructions EXACTLY
and in 2 or 3 weeks: YOU will have
as much as $40,000.00 in your PayPal account or even much more.
TEAMWORK MAKES THIS
DREAMWORK
So let's get started!!!
Step 1. Copy this whole page then paste it in a new email to edit it.
Step 2. Set up your PayPal account.
If you're not already a PayPal user,
just follow the link below. It's really
easy to set up, anyone with an email address can join and it is *F*R*E*E*!
Just make sure that you have a Premier or Business PayPal account,
or you will be subject to a monthly income limitation that can slow your money and this program down. Go here to open your PayPal account:
https://www.paypal.com/us/mrb/pal=XEFFJ8TYX8KFW
Step 3. Send a $5 donation from your PayPal account to the FIRST email address on the list, select "Service" as the Category of Purchase and include "Please add me to your list"
in the "NOTE" box Before clicking on the CONTINUE button. This note is important. It keeps the program legal.
Step 4. Send the other $5 donation
from your PayPal account to the FIFTH email address on the list, and then, send an email to the FIFTH email address saying, "Thank You, I've joined." This helps the 5th person keep track of the letter and continue to send out more emails.
Step 5. Remove the FIRST email address. Add YOUR email address to the bottom as the FIFTH email address. *Make sure you use the very same email address that you used to open your PayPal account.
This is the way that you will receive
payment. This moves the 2nd email address to 1st place, 3rd place to 2nd, 4th place to 3rd, and the 5th place into 4th. Do not try to put yourself in the first place because then it will only get sent to the people you send it to and you will lose the power of viral multiplication as your name will be removed from the list.
Step 6. Keep sending the letter until you get 50 "Thank You I've Joined."
replies in your email inbox. The 5th person is the guardian of the system. It is your job, as the 5th person on the list, to ensure that there are at
least 50 "Thank You I've Joined." email replies. If not, then the 5th person will keep sending the letter until there are 50 email replies. If you do this, the way that it was designed, the letter will reach thousands by the time your name gets to the top. Here is your list:
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
When your name moves up to the 1st slot after moving its way up, 8,000 to 15,000 will send you $5!! Keep in mind... the most you have spent is only $10!
(Remember, what goes around, comes around... Pay it forward! )
*Please Visit Our Sponsor: Sign up to begin receiving YOUR $997.00 payments here:
">http://www.DougBarger.com
$32,000.00 in 2 weeks with Paypal Official Site®
--------------------------------------------------------------------------------
Start Making at least $1,000.00 like the rest of us. Go to http://www.DougBarger.com and sign up to join us now!
Posted by: Prosperer | April 15, 2007 at 10:56 PM