McNay on Money
Don't Do Anything Stupid
The stock and credit markets have been going crazy. I worked during the 1987 crash and every major panic in the past 25 years. What I learned is to stay calm.
If you were smart enough to sell all your real estate last year and all of your stocks on July 19th, you are a genius; sit tight and pat yourself on the back.
If you did not, do not do the stupid thing and panic.
I own a couple of pieces of real estate that I would love to sell. I am going to sit tight with them until the market bounces back or someone offers the correct price. There is no reason to panic and sell into a bad market.
I had about 400 clients when the 1987 market crash occurred. Four sold the next day even though I urged them not to; they got hurt. The other 396 did very well over the long haul.
As my dad would say, the key is to be zigging when the others are zagging.
I blame a lot of what is going on with the market on the stupidity of Federal Reserve Chair Ben Bernanke. I would like to say I was wrong about Ben, but I was not.
Here is what I wrote earlier:
Big Shot Bernanke
Nice Guys Make Lousy Senators
If you were smart enough to sell all your real estate last year and all of your stocks on July 19th, you are a genius; sit tight and pat yourself on the back.
If you did not, do not do the stupid thing and panic.
I own a couple of pieces of real estate that I would love to sell. I am going to sit tight with them until the market bounces back or someone offers the correct price. There is no reason to panic and sell into a bad market.
I had about 400 clients when the 1987 market crash occurred. Four sold the next day even though I urged them not to; they got hurt. The other 396 did very well over the long haul.
As my dad would say, the key is to be zigging when the others are zagging.
I blame a lot of what is going on with the market on the stupidity of Federal Reserve Chair Ben Bernanke. I would like to say I was wrong about Ben, but I was not.
Here is what I wrote earlier:
Big Shot Bernanke
Nice Guys Make Lousy Senators
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