Personal Finance: 20 Dos & Don’ts for 2009
During the worst economic crisis in a lifetime, the right financial decisions are crucial.
BusinessWeek asked financial planners for some advice on what to do — or not to do — with your money in the New Year. As we bid farewell to a dreadful 2008, these “resolutions” may help keep your finances on the right track in 2009:
1. Don’t try to predict the future.
2. Do keep enough cash available.
3. Do invest internationally.
4. Don’t try to pick one winning investment. Diversify.
5. Do think about energy efficiency.
6. Don’t stop contributing to 401(k) and other retirement accounts.
7. Do live below your means. Save.
8. Don’t make sudden moves.
9. Do pay off expensive debts.
10. Don’t give up on stocks.
11. Do track your spending.
12. Don’t pay high management fees.
13. Do review your credit reports.
14. Don’t follow the herd.
15. Do write down an investing plan and budget, and stick to them.
16. Don’t forgo necessary insurance.
17. Do check out your financial adviser.
18. Don’t invest in anything you don’t understand.
19. Do make sure safe investments are actually safe.
20. Don’t take more risk than you can handle.
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