FYInance

Posts Tagged ‘family’

Jan. 8 (Bloomberg) — John Brennan, chairman emeritus and senior adviser at Vanguard Group Inc., talks with Bloomberg’s Margaret Brennan about the benefits of 401(k) and Individual Retirement Accounts (IRA) over a potential US government annuities plan. The US Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and IRAs into annuities or other steady payment streams. Brennan also discusses the likelihood of …

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Recession, recession, recession… are you scared?

Today, we had a discussion about what the current economy is affection us, the banks, our finances, jobs, and everything else. The recession discussion tends to scare people and bring about many concerns and worries.

Don’t lose sight of your financial goals

But, no matter what the economy is doing, no matter how bad the economy is, we cannot let it get to us. We need to still work towards our financial goals. We need to follow our financial plan even though it may be harder than we originally anticipated.

Fortunately, at the end of the gloomy discussion, we managed to have a slightly more upbeat discussion about what if we had a lot of money on hand right now. So, again, we ask our readers what they would do if they had $50,000 in the bank account right now and one of them said:

The $50k question is back again!

So, what would you do if you had the $50,000 in the bank now?

“I would pay off my bills, this whole recession thing really scares me! Put some in savings to make sure I have emergency money. Spend some on my son who would never forgive me if I didn’t. And then I would take my best friend, who is also struggling financially, and we would go to a resort/spa for a weekend. We’ve both had some rough years lately. Both have gone through divorce, struggling somewhat financially, and we could really use the relaxation or get-away. Money is no fun if you can’t share it.”

Thank you for sharing your thought. It is nice to see that even in tough times, family and friends come first and of course you need to pamper yourself when you can. Don’t let the recession talk get the better of you. Have fun if you can while working towards your financial goals!