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Hope For The Best, But Prepare For The Worst

Started by webomatica · 9 months ago

Reactions to the financial crisis has run the entire spectrum, from sheer panic to joy of a buying opportunity. It's easy to categorize people as either optimists or pessimists, but as for myself, I think the distinction is a bit more nuanced.

It may seem from recent posts that I% ... Continue reading »

6 comments

  • Phil

    9 months ago

    Dude, you've said some damn sensible things in these posts and it does keep me thinking too. Even though I'm in the UK, the situation isn't too different and what goes down on your side of the pond will affect me. I like to think I'm safe, and I do actually have some very fortunate circumstances, but, given that normal people's (not just bankers) jobs could start to go, it could be time to take stock and consider how long I could last without employment.

    Time to prepare for the worst.
    reply
  • webomatica

    9 months ago

    Glad someone is enjoying these brief diversions from Apple and movie
    reviews. I had a few months of ill timed unemployment at the tail end
    of the .com boom, which now I look back in retrospect as one of the
    best things that happened in our marriage, since it forced us to get
    on the financial straight and narrow. Definitely no financial expert,
    but we're doing okay.

    Oh, and a handy subscription to The Economist is recommended - you
    UKers have a better take on politics and global finance than any US
    magazine. They called the housing bubble quite a while back (2005) http://www.economist.com/displaystory.cfm?story...
    reply
  • jcieplinski

    9 months ago

    One of my favorite definitions of wealth is the amount of time one can survive after the normal flow of income is cut off. Not assets, mind you, but income from your "job." Take away the paycheck, and how long could you last at your current lifestyle? The higher that number, the wealthier you are. The great thing about this definition is that it ignores how big your paycheck is. Someone making $40,000 a year could be wealthier than someone making $110,000. It all depends on the cost of living the way you choose to live.

    The truly wealthy can sustain their lifestyles indefinitely without any job at all. Their assets cover their monthly expenses, or more. Few of us ever get there, but there isn't a good reason for that. We just all chase the "dream" a little too much.

    Great insights into the current crisis. I have friends who think the world is coming apart. I have others who don't see how a few bankrupt Wall Street jerks effects them. You strike a nice balance in between.
    reply
  • silver

    9 months ago

    there is a fundamental problem that is bigger the financial markets themselves - it is the behaviour of human beings - the levels of consumption and excess are going to be mankind's downfall - there is no bailout etc that can change that so it is just a matter or time before we go back to the dark ages etc
    reply
  • Manish

    9 months ago

    Really the head line " Hope For The Best, But Prepare For The Worst " is very nice .I think it true for any one how want to use shortcuts.
    reply
  • platinum market

    9 months ago

    this is pessimism though and pessimism can attract negative enegery assuming you believe in the law of attraction
    reply

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