In 2008, there will be a more substantial crunch by families to review their financial picture, goals and objectives. Gone are the days when one could assume or expect the business as usual attitude. The financial arena called Wall Street, Real Estate, Oil, and the Futures Market has entered into every household and business as well. The outcome shall be a continuum of hemorrhaging of financial dollars, until we all recognize that we need to restructure our entire financial outlook towards sustainable growth for a period of ten years or more. There seems to be no extra cash laying around in a given household or business, and as more layoffs are predicted from major companies and corporations, the outlook will seem bleak for a period of not more than five years.
Trends usually come and go, but major holdings such as real estate, stocks and bonds have not seen the entire fall out as of yet. The commercial market in real estate has not yet began to correct itself given the inflated pricing as once did the residential market. Upon this market collapse, many will see the correction in many areas, and it will take years for the
appreciation to return to a somewhat palatable position where business and households can began to feel relief.
Re-evaluating one’s financial position no matter what type of position one finds themselves in shall be a must. The tighten of belts to decrease expenditure in order to achieve financial relief will become the order of days to come. Many households will not be able to continue with the same habits, as prices (inflation) shall continue to rise and if a person or persons in a given household are laid off or terminated then their financial earnings,and any budgetary measures shall only give way to extreme financial hardship that could result in a very devastating and potentially permanent position called bankruptcy and/or homelessness.
There are no guarantees that anyone shall recover a hundred percent from this moment and time we currently are in. But,one thing is for sure – we shall not forget what has happen and hopefully incorporate this remembrance into our future ways of life, so as to not let yesterday’s financial nightmare become tomorrow’s way of life.