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Managing Your Mini Economy

Published: Saturday, 18 Oct 2008 | 1:38 AM ET

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By: Stan Yee
CNBC Site Producer

Now more than ever, it's important to have a plan to build, maintain and protect your personal "mini economy" -- whether that means you alone or you and your family.

With the help of Stephen Horan, head of Private Wealth at CFA Institute, in tonight's show Carmen outlines a simple battle plan you can follow to maneuver through the current financial crisis and the tough times that may last well into next year.

A key part of this plan, as with that of any CEO or financial leader, is to have an "Investment Policy Statement" that clearly outlines important factors like your ultimate investment goals (including timelines) and the amount of risk that your organization -- in this case, you and your family -- can withstand.

When you have such a fleshed-out yet flexible plan, it will go a long way in helping you map out the ongoing state of your "mini economy" and steering it toward its goals -- while reducing at least some of the uncertainty in these decidedly uncertain times.

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Topics:Investment Strategy | Personal Finance

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