resume writerThe election is almost over but the economic struggle is just beginning for most of us. Watching the stock market’s erratic performance and banking credit freeze is enough to make anyone quake in their shoes. But while the situation seems dire, calmer and cooler heads will prevail.


If you are in the stock market and not close to retirement, you are likely to be okay. One thing about a dropping market … It will always come back. It may not be in the next week or even next month, but it will be back. It always does. Wall Street parties don’t shut down forever. Remember, losses aren’t real until they are “realized”. Cashing out at the bottom is a rookie move that guys like Warren Buffet feast on. If you aren’t in need for immediate liquidity, stay the course.


On the employment front, there may be more need for concern. Credit freezes by the bank could mean frozen payrolls, and we know where that can lead. The key is to have as many tools at the ready in case the hatchet falls. When you’re distraught after being let go, it is difficult to handle things like resumes. It’s best to have it at the ready. I once heard that the two things one should always have ready to go at all times are a passport and a resume.


When it comes to one’s mortgage, it may be too late to make any adjustments. The credit freeze means no refinancing right now and the minimum credit scores have risen to over 700 for consideration. But when it comes to this area, all we can prepare for now is to be better advised when shopping for mortgage in the future … BE SURE YOU CAN AFFORD THE TOP SIDE OF AN ADJUSTABLE RATE MORTGAGE! Don’t accept a mortgage that has the potential to get away from you. All we have to do is look at the current foreclosure debacle and see the consequences.


Responding to this (and any) crisis in a calm and levelheaded manner can put you ahead of the pack. Let’s be sure to not only stay ready for anything that comes around the corner, but learn from our mistakes and those of others.

William Mitchell, CPRW
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