The financial marketplace is always changing and it will always continue to change. The choices, products, rates, and situations you face now will soon be different. What will you do?
Those changes can come from any direction. They can come from Washington, where new policies, laws and regulations change the way lenders and borrowers do business. They can come from Wall Street, where big institutional investors can determine which products banks keep and which ones they abandon. The changes can come from your own neighborhood, where local rules, regulations, and consumer demand can create or kill the market for particular products. And they can come from your own home, where a job change, a wedding, a leaking roof or a new family rom can change your financial needs.
The most important lesson is this: Stay informed. Be nimble. Don’t assume that what worked last year will work now. Review your situation – and the financial marketplace – regularly. Consider yourself a lifetime user of credit tools, always on the watch for the next money saving product or strategy. Build your financial literacy and become as wise in personal finance as you can.
While the marketplace will always change, certain financial truths remain eternal. Here are the principles and financial guidance that I think you should always remember as you continue to revise and improve your finances.
Don’t allow anyone – especially yourself – to make you feel bad about your financial circumstances. So many good, smart and hardworking people have gotten into money troubles that were not of their own making. Even if you have made mistakes, (and who hasn’t at one time or another?) don’t beat yourself up. Just fix them and move on.
As a personal finance expert, I advise keeping your finances flexible enough to respond to the ever-changing environment and hold these principals firm. You don’t have to do everything at once, just resolve to do a little at a time. If you approach your financial future with the right attitude, you’ll succeed and thrive.