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Can't Pay Your Taxes?

With Stephen Weisberg

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Attorney, Stephen Weisberg, of The W Tax Group, is my guest as we discuss how he helps people who are unable to pay their taxes with offers in compromise and other procedures. This is important...

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With Dr. Wassim Tarraf, Wayne State University

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Henry Gornbein is joined by special guest Dr. Wassim Tarraf from Wayne State University, Detroit, Michigan, discussing how immigrants have a healthier lifestyle and a higher life expectancy than...

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Innovative Senior Products

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Henry Gornbein is joined in the studio by Gina Adams from Buttons 2 Button. Gina and Henry discuss the disability-friendly company, how they empower people with dexterity limitations to lead more...
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Coronavirus Resources

Key Financial  Tips - Don’t Panic!
Laurie Blume
/ Categories: Financial, Money Management

Key Financial Tips - Don’t Panic!

Remain Calm in Turbulent Times

Here are a few financial tips for those of us who are Gracefully Greying adapted from the Financial Manager and AARP Magazine:

  1. Do not panic. Panic is the enemy.
  2. Diversification is your safety net. Make sure that your money is spread among different types of investments, such as U.S. stocks, foreign stocks, bonds and publicly traded real estate trusts. Investing in mutual funds is safer than buying individual stocks and bonds.
  3. It is hard to plan for economic calamity.
  4. Think twice before paying off your mortgage if it uses up a lot of cash.
  5. Do not panic and sell too early. This is how most people get hurt by market downturns. Panic is your biggest enemy.
  6. Do not be overconfident either. There are always down turns in the market. The four most dangerous words when the markets have been strong for a long time: “This time it’s different.”

Another good read is Suze Orman's article 10 Steps to our Ultimate 'Retirement, published in AARP.  Another important read is published by U.S. News & World Report, What the Coronavirus Means for Your Retirement Finances.

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