We have an idea for your personal finances. Now if you’re one of our regulars, we may surprise you a little with what we’re about to say …
Go out and spend some money!
Markets go through cycles. Sometimes it’s a seller’s market. But right now, we’re in a buyer’s market for almost everything!
Now, before you take our advice and rush out the door on a quest for that perfect item, consider these four questions:
- Do you feel relatively secure in your job or your business?
- Are you debt-free except for your low-cost mortgage on which you’re current?
- Are you funding your long-term obligations (e.g. the kids’ college, your retirement)?
- Do you have a nice stash of cash set aside for emergencies?
If you clear those four hurdles, you’re good to go … to go get the deal of your lifetime.
Spend, baby, spend!
It’s good for the economy, but even more important, it’s good for you. Because we’re seeing deals right now that we will probably never see again in our lifetimes.
Like the car dealer who is offering a two-for-one sale – buy a car and he’ll throw in a second car of equal or lesser value for free! That’s right … free! Did you ever think you’d see anything like that?
Many contractors are starving for work. It’s a great time to remodel your home – get those improvements done you’ve been putting off, add that room, remodel that bathroom or kitchen.
While we normally don’t suggest building a new home, for financial reasons as well as the emotional strain it can put on a relationship, it’s a fantastic time to think about having that dream house built.
And let’s not leave out businesses. Vendors in so many product lines just want some business. It’s a great time to expand or upgrade your business.
Here’s the irony in our current situation – spenders are faced with great deals, but they often can’t clear the hurdles above. So they can’t spend!
Many savers have seen the value of their investments fall back ten years. So perhaps the lesson – live a little now, too! It will go against your grain to go out and shop. But look at it this way – you’re saving money because, by doing it now, when suppliers across the board need the money – you’ll get the deal of your lifetime!
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Thanks so much for reading our post today. Join us next time when we diss on Plan B. Until then, here’s to your bigg success!
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(Image in today's post by djayo)