Rescue Your Own Finances
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.