Barbara O'Neill, Ph.D., CFP®
Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
With the end of the year in sight, many people are hoping that 2009 will be a much better year financially than 2008. Between the high number of home foreclosures, rising unemployment, declining stock market prices and home values, bank and investment firm failures, and rising costs of basic necessities such as food and gasoline, some would argue that we haven't been experiencing just a "perfect storm," but, rather, a "perfect tornado."
What should you do? Below are eight "tried and true" financial planning principles that are as appropriate during a "perfect tornado" as they are for a roaring bull market, and, perhaps, even more so:
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