Posted Friday, October 10, 2008
Sure, it's your money congress is spending, but what about your money that you control - your cash, your 401K, your investments? The Fed slashes interest rates. Retirement accounts lose trillions. The government bails out banks. The stock market refuses to be calmed. It's a frightening time. We’re going to get some advice on how to protect what's left of our savings... find cash for the kids' college... curtail spending. Experts offer help for the common man on The Sound of Ideas®.
A lot of listeners called and wrote in to share their opinions and struggles with the economic turmoil. Here are some of the emails we received:
Here's an idea which would boost banks liquidity: Make the interest on CD's NON TAXABLE. Money would flow into banks from Treasuries and other securities and be available for new loans.
I am convinced that the US economy is in for a long period of minimal growth and high inflation.
I am considering burying a treasure chest of gold coins and burying them in my backyard, but that seems like a lot of work. How can I smartly and safely invest in hard assets?
I have the opposite problem of many of your listeners. I hate debt. I’ve always hated it. When I was a young professional with student loan debt, I lived below my means and used every extra penny to pay off those loans. When I bought my home, I bought less than I could afford and used raises and bonuses to pay down my mortgage. I’ve been in my “starter home” for almost 20 years now. I saved for retirement in my 401(k) and an IRA. I’ve taken some great vacations and spent money on many luxuries over the years, I just paid cash. I’m in my late 40s now, and my husband and I live in a fully paid for house, with no car or credit card debt. I work part time now, after a grueling career in corporate America. Until a few months ago, it was a dream come true and I worked really hard to be able to do that.
I am really angry about the present financial mess. It is a house of cards built on debt. I’ve done all the right things all along, and yet my savings and retirement savings are falling rapidly. I feel like I have to go back to work full time just to replenish what we’ve lost.
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