No industry, it seems, is immune to recessionary pressures.
For the past year, I've worked as a personal finance writer for a website hosted by an Internet marketing company. I brought with me a degree of experience in the financial services field that includes about 10 years writing about such things as 401(k)s, mutual funds, annuities and retirement planning. A news junkie and voracious reader, my current job allows me to delve into an even broader range of subject matter including breaking economic news, identity theft and personal privacy topics, credit and debt matters and personal finance strategies.
I love my job. Still, we've been through two rounds of layoffs, first in December and then again in January. There have been other signs of a squeeze at our company, including an across-the-board salary freeze for all employees and a renewed focus on the most profitable priority projects.
I decided to create this blog to showcase my writing abilities and to use it as another tool in my arsenal in case I should find myself out of work and on the prowl for a new position. I hope you'll find some worthwhile reading here and perhaps even find yourself compelled to comment.
The current recession has made it very clear that we can't depend on either private industry or the government to take care of our needs. In today's challenging economic environment, savvy money management and a keen focus on long-term goals is more important than ever before. Consider the kind of world we live in. In a "throw the baby out with the bath water" retrenchment following years of excess and an abandonment of lending standards, banks are now afraid to extend credit to even the most creditworthy borrowers.
In the past, most homeowners considered insurance to be a kind of guarantee, one where, in exchange for regular premium payments, we would be compensated for losses. Now we're learning that those "guarantees" are conditional and variable.
In fact, a growing number of property insurers now deem certain locations (such as the entire state of Florida) too risky and too prone to hurricane damage, to qualify for homeowner's insurance.
Federal entitlement programs like Social Security and Medicare, left untouched, will look more and more like the Leaning Towers of Pisa as payouts to retiring baby boomers exceed incoming contributions by a younger generation. I think most agree we can count on higher retirement ages, reduced benefits or a combination of both in coming years.
Amidst all the uncertainty, one thing is clear: ultimate responsiblity for our personal financial well-being lies with us. If we're lucky, we'll still get modified Social Security and Medicare benefits but it would be foolish to expect these programs to do more than supplement our personal savings. Got a pension? Hold onto it tight, because it's a vanishing breed. If you're like the majority of working Americans, your 401(k)s are going to have to do all the heavy lifting and yes, it's going to be tough to make up for steep losses in the current contraction.
Hold onto your wallets, friends, it's time to take stock of our personal finances and put things in order.
For the past year, I've worked as a personal finance writer for a website hosted by an Internet marketing company. I brought with me a degree of experience in the financial services field that includes about 10 years writing about such things as 401(k)s, mutual funds, annuities and retirement planning. A news junkie and voracious reader, my current job allows me to delve into an even broader range of subject matter including breaking economic news, identity theft and personal privacy topics, credit and debt matters and personal finance strategies.
I love my job. Still, we've been through two rounds of layoffs, first in December and then again in January. There have been other signs of a squeeze at our company, including an across-the-board salary freeze for all employees and a renewed focus on the most profitable priority projects.
I decided to create this blog to showcase my writing abilities and to use it as another tool in my arsenal in case I should find myself out of work and on the prowl for a new position. I hope you'll find some worthwhile reading here and perhaps even find yourself compelled to comment.
The current recession has made it very clear that we can't depend on either private industry or the government to take care of our needs. In today's challenging economic environment, savvy money management and a keen focus on long-term goals is more important than ever before. Consider the kind of world we live in. In a "throw the baby out with the bath water" retrenchment following years of excess and an abandonment of lending standards, banks are now afraid to extend credit to even the most creditworthy borrowers.
In the past, most homeowners considered insurance to be a kind of guarantee, one where, in exchange for regular premium payments, we would be compensated for losses. Now we're learning that those "guarantees" are conditional and variable.
In fact, a growing number of property insurers now deem certain locations (such as the entire state of Florida) too risky and too prone to hurricane damage, to qualify for homeowner's insurance.
Federal entitlement programs like Social Security and Medicare, left untouched, will look more and more like the Leaning Towers of Pisa as payouts to retiring baby boomers exceed incoming contributions by a younger generation. I think most agree we can count on higher retirement ages, reduced benefits or a combination of both in coming years.
Amidst all the uncertainty, one thing is clear: ultimate responsiblity for our personal financial well-being lies with us. If we're lucky, we'll still get modified Social Security and Medicare benefits but it would be foolish to expect these programs to do more than supplement our personal savings. Got a pension? Hold onto it tight, because it's a vanishing breed. If you're like the majority of working Americans, your 401(k)s are going to have to do all the heavy lifting and yes, it's going to be tough to make up for steep losses in the current contraction.
Hold onto your wallets, friends, it's time to take stock of our personal finances and put things in order.
