A new Ask the Expert from Money Magazine tackles the topics of the United States’ federal budget deficit, national debt, and personal debt, and presents some thoughts about the only relevant question: What does it mean for my future?
Walter Updegrave, the resident Expert, says we should not fear the chicken littles who cry we’re going to hell in an Easter handbasket. His advice is to do what you can to plan for your own retirement, and have faith that the market will sort everything else out. Don’t go overboard on gold because doomsayers predict the downfall of the dollar. Just keep saving as much as possible in stocks.
Without a crystal ball, it’s impossible to be sure what to do. It would be great to have a 21st century Gray’s Sports Almanac so I could secure my future. Until I’ll find one, I’ll just keep doing what I’m doing.
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Other people’s spending DOES affect your present and future financial position.
This reminds me of something I read in one of PJ O’Rourke’s books. PJ wrote something to the effect that if I have (acquire) more money, that doesn’t mean you have less money. (Or maybe it was if you have more money, that doesn’t mean I have less money.)
As one who has never owned a home, and who has no hope of ever owning a home, I have personally found fault with PJ’s assertion. In the 1980s, as others around me enjoyed substantial income gains while I did not, they spent more money on housing. This pushed rents up substantially (I faced five rent increases in five years) and as a result, I found myself with less money in my pocket.