While watching TV this morning, I heard the foreign markets(European) were plunging by 8-11% already. Of course, it's too early for the North American markets but I'm sure they will follow them when they opens later.
Edit: The DJ is down by 440 points just before I posted this
You are causing the recession!
... if you told your broker to sell at a lost your shares. I will repeat myself, it's not time to panic because you will make your own situation worst. Who do you think is buying your shares? Someone who has a long term perspective on investment. Someone who does not panic but see instead the opportunity to buy shares at 20-40% less than a few months ago.
If it's shared from mutual fund, the panicking brokers are also endangering your money that you work hard to saved.
Even here, a financial planner was telling people to stay with their investment game plan and not panic.
You should use the weekend and leave a message to your broker to not panic. Email this tip to your family and friends. I would like to see the broker's faces on Monday morning when they hear the voice mail being all full. :D
Some are shooting their own foot
If you have a job and you stop treating yourself all together, you might endanger your neighbor's job who in turn will stop buying from where you work.
Yes, not everyone are in the same financial situation but it's not like everyone will looooose their jobs tomorrow.
What's the point to be alive if it's: work, eat, sleep, work, eat, sleep, work, eat, sleep
I'm sure you would instead prefer: work, eat, movie/family, sleep.
The 10% rules in a bad and a good economy
I'm not telling to go into debt but you must continue to spend while also saving. I already wrote about this but I will repeat myself. Take your paycheck and deposit the first 10%(not the last) to a saving account. Do this tip is bad and good economy. If you think it's hard, imagine getting much less in unemployment insurance!
Money Money Online?
Unfortunately, many will loose their jobs but they will also surf the net to find a new job or a new way to make money by being more independent. In the early 90s recession, we did not have the Internet like we do now. So, it's a new opportunity to make money online for job seekers or those that want to earn some extra money per month.
If you are one of the unlucky to lose or about to lose your job, you can also look at the Internet to make money. The problem is that you will find many scammers :(. It's like in real life, so beware.
People must learn to change their mindset and instead of panicking, see new opportunities also in bad times. I know, it's hard but imagine if people would do that and turn the recession in the biggest prosperity cycle the world had ever seen. :D
Keywords: brokers, economy, Internet, investment, job, make money online, mindset, Money, opportunities, panicking, prosperity, recession, unemployment insurance