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Archive for October, 2008

Everyone is considering the United States and maybe even the world in a recession.  Are we in a recession? Well I honestly cannot answer that. One thing I do know is it is harder to get by financially today that it was a year or two ago.

One way to ease the burden on your family is to make a little more money.  This article will discuss ways you can make some additional money you can put towards paying down debt or bolstering your emergency fund.

1) Sell some of that useless stuff, you know what I am talking about the items that a clogging up your attic, basement and closets.  One man’s clutter is another peron’s treasure.  You could sell items on Ebay, Craigslist and even have the old fassion yard/garage sale.

2) Get a second part time job, find a job that you can work part time and has flexible hours for you to work.

3) If you have a hobby see how you can turn that into money. If you have elderly neighbors and you like cooking see if a few days a week you could bring them dinner for a small fee.  Make extra of whatever you are making for your family and take that over.  Often the elderly person will love the food(if you are a decent cook) and will be happy to pay for the convienence factor.  

Since you are just making a little more of what you are already making it doesn’t cost much more and you can make a few extra bucks.

Remember it isn’t how much you make but what you do with what you do make.

A common question right now is should I keep putting money in mutual funds or should I just hoard cash in the bank in either a savings account or CDs?

As always you have to do what makes you feel comfortable. If having money stashed away in an FDIC insured accounts sounds ideal to you then do it.

If you are nearing retirement or needing any of these funds within the next 5 years you may also want to stick with the savings account/CD route.

Personally I am viewing mutual funds as on sale right now, so I am still putting money in the mutual funds. I am rather young and do not need this money anytime soon so I am ok with the possible loss of some of this money.

There is no wrong way to approach this situation for how to allocate new funds for investing.