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Do's and don't's during financial crisis

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Do's and don't's during financial crisis

2 minuten leestijd Arcering uitzetten

NEW YORK - A financial expert is offering some free advice on how to weather tough economic times.

John Gannon, senior vice president of investor education with the Financial Industry Regulatory Authority (FINRA), says during tough economic times one should not abandon short-term and long-term saving or paying off debt. In addition, says Gannon, people should plan seriously to have an emergency fund.

"You know [that] financial emergencies can come in many forms -- from job loss, to medical expenses, to home and auto repairs," he points out. "And you really don't want your credit card to be your emergency fund, because that's only going to compound the problem."

He adds that cutting 401k contributions to pad a household budget is not a good idea because many people do not have enough savings for retirement. "People need to continue to contribute [to their retirement savings]," he advises. "Actually in some ways, with the price of stocks so down, it's actually a good time to invest through your 401k."

Another bit of advice from Gannon: beware of identity theft. "A lot of fraudsters are taking advantage of the turmoil with financial institutions," he warns. "[W]e've seen a lot of spam email that purports to come from banks and other financial institutions asking people for customer account information, Social Security numbers, and other personal identifying information."

Don't fall for it, says the financial expert. "People should understand that their banks and other financial institutions are never going to send them an email asking for personal identifying information," says Gannon. "The best thing they can do with those types of emails is delete them." (OneNewsNow)

Dit artikel werd u aangeboden door: Reformatorisch Dagblad

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Bekijk de hele uitgave van zaterdag 24 januari 2009

Reformatorisch Dagblad | 36 Pagina's

Do's and don't's during financial crisis

Bekijk de hele uitgave van zaterdag 24 januari 2009

Reformatorisch Dagblad | 36 Pagina's