In the past couple of years we have all heard more predictions about the world and U.S. economy than we can remember. Over the past year especially, we have heard many different opinions about how to protect and grow our nest egg during our current financial crisis. Should we invest in real estate? Has the real estate bubble actually burst or has it been deflated? How about precious metals? Gold Bullion was trading at a record low a few years ago (well under $800 an ounce) and has since gone back up. With the current decrease in the value of the dollar, is Gold or Silver Bullion the true way to invest in my retirement or future financial security? How about a home based business? What about investing for capital gains or cash flow? The stock market has been steadily going up since march so the market must be turning around right? Are we on our way out of this "recession" or is the worst yet to come?
Currently the first wave of over 72 million baby boomers are beginning to retire. With Social Security AND Medicare already struggling to support our current retirees, what is going to happen when this sudden increase in the retired population begins to collect their SS and medicare checks? You cant tell me that this wont have an impact on an already struggling economy. It will make the sub prime financial crisis look like small potatoes. So what can we do to prepare? Can we rely on what we learned about personal finance in school growing up? Will the same "work long hours, scrimp and save, rely on another stimulus package, live below your means until this whole financial mess straightens itself out" advice still work today? When it comes to our current financial situation, Bob Dylan put it best when he said "you better start swimming or you'll sink like a stone for the times they are a changing".
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