Are you saving for a rainy day?
With the market still heading in the downward direction, I had an opportunity to discuss the impact of the current situation with some guys at work. Because I still have several years until retirement, I am looking at the market as a great buying opportunity. With a strategy of dollar cost averaging, I am not too worried about the fact that I have lost 25% of my 401K this year. For most people today’s losses just heightens their fear of what they are going to do if things don’t change soon.
In addition to the length of time until retirement the other reason I am not panicking right now is the fact that the only debt we have is our mortgage and we have our emergency fund in place. If you aren’t saving anything on a regular basis I can’t stress enough that you start saving now, even if it is only a few dollars a day. The best friend for saving is time, so no matter what your situation start saving. Here are a few tips that should help you get started.
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