Money Monday: What we should've learned from the 2008 financial crisis

By Rod Meloni - Reporter, CFP ®

What the downturn should have taught us:

  • Get a thorough grasp of you personal situation (cash reserves, debt and current debt and retirement contribution levels—that should guide decision making). 
  • Get cash flow. Know how much is coming in and going out.
  • Develop a short term, intermediate & long term game plan.
  • Build a healthy emergency fund: 
    • 6-12 months for workers
    • 12-24 months for retirees
    • Don’t sell assets and/or invade retirement accounts
  • Diversify!
  • Keep making retirement contributions. 
  • Need money in the next year? Keep it in a safe place like a checking, savings or money market account--short term CD or bond.

Check out this blog from Jill Schlesinger CFP®: 

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