We have seen a stock market correction recently unlike any other since 1987. In 1987 however the turnaround was within 1 year. Yes, just 1 year later the market recaptured all it's 1,400 point loss and was a bit ahead.
It may take longer this time...far longer. And hoping or expecting for that quick 'snap back' could be a set up for disappointment.
Instead, it may be better to consider some mild life style changes. Here are some suggestions:
1) Small cup of Starbucks rather than a 'grande'.
2) Light lunch rather than a sit down lunch.
3) A light dinner and a movie rather than an extravagant evening out.
4) Rotate a weekend dinner at friends homes to maintain companionship while budgeting.
5) Use a bike or scooter once in a while for a quick trip to the post office or other errands.
And saved money goes into a savings account, if possible.
2) Light lunch rather than a sit down lunch.
3) A light dinner and a movie rather than an extravagant evening out.
4) Rotate a weekend dinner at friends homes to maintain companionship while budgeting.
5) Use a bike or scooter once in a while for a quick trip to the post office or other errands.
And saved money goes into a savings account, if possible.
Now, and well into the future, home buyers will have to save money for a down payment on their home purchase. This is something not unusual to those over 40 years of age. It's a good thing to have some 'skin in the game'.
Posture yourself to manage finances and manage your expectations of an economic turnaround.
It could take a while to work things out.
Thank you for making me Your Orange County Real Estate Connection.
Best regards.
Michael Caruso, Broker ABR ABRM CRB CRS GRI
2007 President, Orange County Association of Realtors
2007 President, Orange County Association of Realtors
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