If your retirement funds and retirement income have taken a beating in the last two or three months, you are not alone. There are many people who feel like they are part of the group fools and their money.
I have lost around $70,000 in my stock portfolio.
Should I worry? Probably not.
Years ago I wound up totally broke with $30,000 in student loan debts to my name. My creative efforts helped me get out of the financial jam. Today, I still have $200,000 or $300,000 sitting in cash deposits which is more than many people.
Here are "10 things the credit crisis taught me about investing" that come from John Heinzl, financial writer with the Globe and Mail.
- All stocks are risky, even the safe ones.
- Buy and hold, buy and schmold.
- Nobody is immune.
- Money isn't the root of all evil, debt is.
- A lot of brilliant people [economists and financial analysts alike] are actually quite stupid.
- Just because a stock is cheap doesn't mean it won't get cheaper.
- Grandpa was right after all telling us to "save every nickel."
- We've had it too good for too long.
- Cash is king.
- Some things matter more than money.
Indeed, some things matter more than money - in fact, a lot do.