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There’s a conversation taking place at kitchen tables all across America. What do we do with our money now?
After the biggest financial collapse since the Great Depression, chances are half your net worth had been wiped out -- especially if your money was in stocks.
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But, what about that other half? What do you do with that? The question is particularly vexing if you need your nest egg in 5 years either to retire, pay tuition, buy a home or something big like that.
A few years ago you put your money in stocks because you were told they were a 'can't miss' investment. But they missed all right.
What do you do now, when you can't afford any more sure things?
According to Joseph Duran, United Capital Financial Partners CEO, investors should adhere to the following 5 levers of personal finance.
DURAN’S LEVERS
LEVER 1: SPENDING
LEVER 2: SAVING
LEVER 3: TIMING OF FINANCIAL EVENTS
LEVER 4: RISK
LEVER 5: SIZE OF SAFETY NET
“You’ll notice there’s no lever for performance,” explains Joseph Duran, United Capital Financial Partners CEO “because there’s no way of knowing what the performance is going to be.”
”If your nest egg has dropped by 50% you probably have to change the way you live and you want to live within your means.” Duran believes following his five tenets of personal finance will put you on the road to recovery.
Wnat to hear more? Check out our entire interview with Joseph Duran. Watch the video now!
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Trader disclosure: On Dec. 10th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (SDS), (MSFT), (WMT), (MCD); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Seymour Owns (AAPL), (BAC), (F), (MER); Seygem Asset Management Owns (EEM), (FXI), (RIO); Finerman's Firm Owns (DSX), (DEO), (MSFT), (MO), (PM), (RAI), (DVN), (DYN; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (COF), (GNK), (SPG), (USO); GE Is The Parent Company Of CNBC
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