The financial crisis that has gripped the country for the past two weeks has already created widespread confusion about what these problems might mean for ordinary Americans.
Now, news that Congress failed to pass a hotly contested financial bailout package is leaving some people even more uncertain about how their personal finances might be affected.
Scared yet? The U.S. stock market suffered a massive selloff on Monday and though it regained some ground on Tuesday, prospects of a bear market and a recession loom large.
The selloff erased more than a trillion dollars in stock-market value and brought
401(k)s and other retirement accounts down with it.
Whether you were for or against the $700 billion bailout package that was defeated in Congress this week, you're probably more concerned about your own savings plan.
It's okay to feel the fear. But it's not okay to react to it. Panicking and making big changes in your accounts is likely to do a heck of a lot more damage than a recession ever could.
Sticking to some tried-and-true principles can help you get through the bad times with your sanity and your savings intact. Moral of the story is save save save!
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