Posts Tagged ‘fears’

When Disaster Strikes

Thursday, November 5th, 2009

Stockpiling can adversely affect prices.

As Hurricane Ike took aim for the Gulf Coast, the financial markets reacted much in the way that they were expected to. Gas prices jumped to $5 a gallon along the gulf coast, and many expected the price jump to go nationwide, particularly if the hurricane caused damage to any offshore oil rigs. Since the industry in the area was still reeling from the effects of Hurricane Katrina, it comes as no shock that the worst case scenario was trotted out with the approach of Ike.

But, what does this mean for the average consumer? How badly will prices be affected by another adverse event? We’ve seen the economic damage caused by Hurricane Katrina, so we have some form of basis to go on as to what to expect, but that does not mean that panic is necessary. There are a few things the average household can do to shore up their own defenses against natural disasters, whether they hit right at home, or thousands of miles away.

Panic is an ugly thing, and as people raced to the pumps to fill up their tanks, it is apparent that fears over even higher gas prices are running rampant. It is important to stock up on necessities such as fuel, but going into a panic mode over it is certainly counterproductive. Preparation is very important but the key is remaining calm. Panic serves only to weaken economic situations, and by looking at the issues rationally, you can rise above this problem and come out on top.

If you have extra gas containers, there is nothing wrong with stocking up, but hording is not recommended. This serves only to impact the overall balance of supply versus demand and can actually make prices worse. Stocking up on other necessities is also a good idea, but again, within reason. There is no need to run and clean out the grocery store and give into that panic mentality.

Preparing for natural disasters should be done well before they strike, no matter where you live. By waiting until the last minute, consumers can end up overspending, only to find that there was no real reason for all of their upset. If you are in the path of a natural disaster, or your area is at risk, keeping a special disaster kit is the perfect response to this problem. Preparing ahead of time, while prices are low and panic is not present, will help consumers beat the common problems of panic-fueled prices.

In today’s society, there is definitely a raised awareness of how disasters, both manmade and natural can affect us all. Preparing is essential, there is no doubt about that. However, the key to getting ready is taking the time to stock up before disaster strikes, so that when it does, you have everything you need on hand. This will help you save money, reduce overall stress and keep you prepared for any eventuality, and without putting you through the paces of panic.

Photo Credits: 1

Originally posted 2020-11-07 05:10:16. Republished by Blog Post Promoter

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Prepare for Your Retirement Now

Tuesday, September 1st, 2009

Plan for Retirement Now!

If you are young and just beginning a career, then the concept of retirement planning may seem so far away that it is the last thing that you put any consideration into. However if you are on the opposite end of the fence and retirement is just around the corner, then you may find yourself struggling to figure out how to keep things handled. Regardless of what your unique situation currently is, it is an absolute must that you begin to prepare for your retirement now if you have not done so already. Considering everything that is going on right now, like gas price fluctuations, fears of recession and the instability of Social Security, planning for retirement is simply not what it used to be. You need to invest, plan and save for your retirement these days rather than simply saving and hoping for the best.

First of all, your place of employment may be able to offer a retirement plan or 401k plan, but this is not always the case. Back in the day, 401k planning was known as pension planning, and it was a vital and solid part of the retirement planning process. However, as the economy turns into an economy that is more competitive than ever, these older and more reliable retirement plans are becoming a thing of the past. Still, 401k planning can be absolutely vital, and most employers do offer 401k planning support to their employees.

401k planning is a vital and powerful way for you to invest for your retirement over a period of time. 401k planning usually allows for you to invest in a number of different company stocks and mutual funds. When making your selection for investments, it is important that you learn how to practice diversification, which means spreading your investments out into different asset classes. Most importantly, it’s important for you to learn from others mistakes. Do not put all of your retirement funds into the company’s stock, for example. No matter how solid you think the company is that you are working for, things can go wrong, and you can lose your retirement plan when you lose your job if you’re not careful.

Now, if your employer does not have a 401k planning process, then it is more important than ever for you to take a proactive approach to retirement planning. You can set up an IRA or Individual Retirement Account, which is an excellent way for you to kick start the retirement planning process when you do not immediately have 401k planning options available to you. Traditional IRA accounts allow you to deduct your contributions so that you can take advantage of growth with taxes deferred until retirement. Roth IRAs work differently, in that they are not deductible when you contribute, but when you go into retirement they will be completely tax free.

401k planning is an important part of preparing yourself for retirement, so take it seriously and do not wait. The sooner you begin planning for your retirement, the better off you will be.

Photo Credit: 1

Originally posted 2020-01-02 05:53:44. Republished by Blog Post Promoter

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