Thoughts on the economic mess

OUCH!

Okay, now that we've established things hurt, let's all take a deep breath. Breathe in, breathe out.

A couple weeks ago, Good Morning America's Mellody Hobson said, "Don't do something; just stand there." The old saying is "don't just stand there, do something" but the advice right now is the opposite. Don't panic. Don't start running around like a chicken without a head.

If your money is in a FDIC insured institution, there's no need to withdraw your cash and bury it in the back yard. But make sure your institution IS FDIC insured; not all are. If it isn't, you might ask yourself why you put your money somewhere that didn't insure it.... Better yet, talk to your financial adviser. Let him/her earn their keep; let them help you figure out what you should be, and shouldn't be, doing in this volatile market situation.

It is WAY too easy to panic in this environment. The news is all doom and gloom. It really is enough to make you crazy. But, for most of us, if we just hold on tight, we'll be able to ride it out. And, in my very humble opinion, that's the best thing we, as individuals, can do for ourselves and for our economy.

Buckle down, hunker down, settle down.

Practice frugality. Look it up if you don't know what it means.

It's autumn; it's a great time to nest.

I am not in the business of giving financial advice; this blog is NOT to be considered as such. It's life advice.... solely food for thought.