At the end of this decade, and what a decade it was, it is time for a little introspection. Just a short list of what this decade has brought us…
- 9-11 is now a common term in our language.
- The Tech boom
- Two wars
- Real Estate Boom
- Real Estate Bust
- Banking and Financial Crisis
- Worst recession in 50 years
What will the next decade bring? The only thing I know, is that the prognosticators will be wrong.
- We have the new health care bill passing. Those of us in this field know that changes are needed, but are these the right one, and will it cost us too much?
- Taxes-likely to increase with all the deficit spending going on.
- Real Estate values-with more foreclosures on the horizon, have they bottomed out or not?
- Is the worst in job losses/displacement over?
I have a lot of questions, but of course few answers.
I was discussing “The Millionaire Nurse” book and blog on a nursing forum recently and one of the posters said something like “same old/same old!” about a few of my money-saving tips.
That actually made me feel good. Because when you hear someone with a quick fix to manage your finances, a new and improved way to wealth, or a must-have system to massive new savings – don’t walk-RUN to the nearest exit.
Those of us who invested heavily in tech stocks earlier in the decade, thinking of quick money/can’t miss- lost their rear-end. So did some of us who invested in real estate at the peak of the bubble.
So my recommendations for managing your money- by goal setting and planning, avoiding debt, spending with a plan, investing wisely, diversified, and for the long-term- is still the best method to succeed. It may seem boring. It may seem like what everyone else says. But it works. I certainly have not invented anything new here at “The Millionaire Nurse”.
What I think I do well (I hope), is explain things in a fashion that nurses and others that are not “business minded” can understand. Then make recommendations to help with execution, and accountability. Without which, even the greatest business mind will fail. I also want to provide a forum for nurses to ask their money questions. Learn from other nurses successes and failures.
If you want to share, all you need to do, is make a comment.
So my end of the decade recommendation for you would be-watch what you wish for! Don’t expect schemes, even if they are “GUARANTEED NOT TO FAIL-DOUBLE YOUR MONEY-NO MONEY DOWN-GET RICH QUICK!” to be your financial salvation. Don’t think the lottery is financial planning. An article in the Wall Street Journal, by Brett Arands describes Money Lessons for a Lost Decade, with his recommendations for the new year when it comes to your money.
I look forward to continuing our dialogue together as we build your money and grow your wealth here at “The Millionaire Nurse”.
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