072 Financial Excellence: The US Downgraded Credit Rating & You

Episode 72: S&P Downgraded the US Credit Rating: What Does it Mean for You?; Aug 9, 2011.
Recently Standard & Poors downgraded the US credit rating. The markets are in a panic and people are worried about a double dip in the recession. Should you be worried? Well, if you're living paycheck to paycheck you have reason to worry. If not, nothing really should change in your situation. Today we talk about what specific steps you can do to be prepared for any fallout from the government's situation.
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Show notes:
I mentioned the Rapid City, SD police officers who were shot on duty last week. My friend, officer Tim Doyle, should be coming home today. The other two officers didn't make it. Please keep their families in your prayers.
This credit rating change should be a wake up call to our congressional leaders to finally make some tough decisions, but I doubt it will.
The stock market is really volatile right now, but it's crazy to jump off a roller coaster in the middle of the ride. Investing is a long-term deal and you need to keep that focus to avoid losing money.
With the threat of a double dip, now's a great time to build up your emergency fund. That'll help you navigate a recession with confidence.
There's no better time to pay off debt than right now. Paying off debt improves your cash flow situation and protects you from major financial disaster when your income drops.
For job seekers, it might be time to try a new approach and stop looking in the paper for jobs. For employees, it's time to start creating your own job security by improving your performance on the job.
As always, a written spending plan helps do all these things. Start doing a budget today!
The August Financial Excellence Challenge is in full swing. What can you do this month to stimulate your own economy? Work an extra job, do a budget, sell some stuff, invest more for the future? Let us know what steps you're taking. If we all take care of our individual economies, THE Economy will take care of itself. Read some of the comments on the post to see what other people are doing to stimulate their personal economies.
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