|Former U.S. Federal Reserve Chairman Alan Greenspan warns the current financial crisis is likely to be the worst since World War II.
You can no longer afford to stick your head in the sand and hope things will be OK; nor can you rely on others to make your business and investment decisions for you. You have to increase your financial intelligence.
As reported in Business Week, finance companies had a record year for layoffs in 2007 with over 130,000 job cuts announced. Since July 2007, major Wall Street firms alone have announced more than 34,000 layoffs. This number is close to the 39,800 jobs Wall Street firms slashed in the comparable nine-month period after the Internet bubble burst in 2001. Bloomberg says, “The comparison suggests things could get much worse: Two years after the Internet implosion, the number of lost jobs on Wall Street eventually reached 90,000.”
Today’s financial, business and real estate markets present converging risks that many business owners and investors have never seen.
Greenspan’s comments and the recent collapse of Bear Stearns should be a wakeup call to diversify your portfolio, build up your cash reserve, and increase your financial knowledge so that you can take advantage of today’s historic opportunities.
Bear Stearns investors saw their stock drop from over $150 to less than $5. Could that happen to one of your stocks, your 401(k), or the company you work for? Ask investors and employees of WorldCom and Enron.
Whether it is inept or ethical decision making by your company’s management or an investment advisor telling you to stay invested in a company that is losing money, without the right coaching, it can mean absolute devastation for you as an investor.
Realize, while many Wall Street firms are losing billions of dollars and downsizing ten-of-thousands of employees, there are huge opportunities for those with the right knowledge and proper training.
You need an expert guide to assist you. Leverage BARON Wealth Coaching to help protect yourself and profit in this volatile environment.