James B. Stewart for SmartMoney explains a few things that we should be grateful for and that amidst the gray there is also a silver lining. Or is it that every silver lining has a touch of gray?
The most important factor to remember is simply that our net worth does not equal our self worth. Stewart reminds us to not confine ourselves to all things financial this holiday.
- Altruistically speaking, it could have been worse. A total financial meltdown did not occur, as we are able to write checks, withdraw money from money market accounts and use our credit cards. Also be grateful if you weren’t highly leveraged, like many hedge funds closing down were.
- Assets and equities are actually having a bargain blowout themselves. A year ago everything was too expensive and now everything is practically half off. When the market recovers, there are going to be some real bargains out there.
- Moreover, everything else in on sale. Travel rates are better, designer clothing is half off, auctions are lower and car dealers are willing to make you a deal. If you have the means, now might be time to take advantage of lower prices. After all, consumer spending is two-thirds of the economy.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.