Don't Worry, Be Happy!

Ring a bell? Let’s go back shall we…”Here’s a little song I wrote. You might want to sing it note for note. Don’t worry, be happy.” I could go on, but surely you recognize the lyrics to Bobby McFerrin’s 1988 hit “Don’t Worry, Be Happy.” I’m willing to bet you’re probably singing it to yourself, huh? – Me too!

Well, I’m dedicating this post to the title for several reasons...mainly the economy. For the past few weeks now, we’ve seen headlines that include phrases like “worry on wall street” and “worried about your money” because of the decline of the global market.

For a few minutes, I did worry about my money and whether any would be left of it if the economy continued to slide downhill. I don’t worry anymore though. Know why? It’s because I have a back-up plan. It may sound a little conceited, but it’s true and I want to help you develop a plan of your own so that you won’t worry either.

Over the years, I’ve learned a few nifty tricks that have helped me put a little bit away for those rainy days. And, like most people there are some things I had to learn the hard way, but I guess it is all part of the growing process. Below, you’ll find a few tips that might help you create a back-up plan for you and your family.

Save – This is one of the best things I’ve seen since sliced bread. All you have to do is deposit your money into an account that earns interest based on the banks’ rates. As much as I hate to say this…I feel that I must. If you don’t put any money into your account or if you consistently take money out, you won’t save nearly as much as you could. The key word here is SAVE. So, before you begin to take any money out of a savings account, make sure you have, at the very least, two months of your salary in there. Hey, times are tough, you never know!
Invest – Now, this one can be tricky, especially with the way the stock market has been plummeting. Despite what some financial experts may be saying, it’s okay to invest your money. You just have to be reasonable. If you’re young, it’s okay to take a risk because this is a long term investment. However, if you are close to retirement, it might be a better idea to get out so that you don’t run the risk of losing it all. And if you’re confused, don’t try to do this all by yourself. There are a number of financial experts out there, who are more than willing to help you out.
STICK TO IT! STICK TO IT! STICK TO IT! STICK TO IT! - Did you get that? Well, let me repeat it once more. Stick to it! There is no way you are going to be able to have a financial back-up plan, if you don’t discipline yourself. Compare this principal to your own job. If you don’t go to work Monday-Friday from 9AM-5PM, then you won’t be paid. If you don’t stick to your financial guns now, there may not be any money out there, when you need it the most.

Almost everything I’ve written is part of a long term financial plan. But, let’s face it. There are times when you will likely need a short-term financial fix. I’ve been there and done that before. It won’t hurt to try an advance loan. And, it actually kept me from having to dip into my savings. Advance loans are quick and you can still qualify for these online loans even if you have bad credit. As I’ve mentioned in previous posts, don’t be greedy. Borrow only what you need and by all means…don’t worry, be happy!