THIS POST MAY CONTAIN AFFILIATE LINKS. SEE MY FULL DISCLOSURE FOR DETAILS.
I stay in tune with the health of our country’s financial progress by taking in information from several sources. I read Investor’s Business Daily on a regular basis. They provide a gauge of the market and print it right on the front page: Market in Confirmed Uptrend, Uptrend Under Pressure, or Market In Correction. I take cues from reports on CNBC and daily newspapers and combine the findings to make good decisions. Ever since I’ve taken my financial position into my own hands, my level of attention is critical to its success.
While I’m not an economist, I also don’t anticipate financial doom, at least not now. I’ll leave that to this week’s featured author, economist Andrei Polgar. His recently published book is The Age of Anomaly. Congratulations to Andrei as it’s a USA Bestseller and a Wall Street Journal Bestseller!
Polgar neatly rehashes major financial debacles adding the common elements of human behavior that led to the fateful endings. All your favorite economic debacles are summarized, from the tulip mania to the Great Recession.
He goes on to offer plausible defenses. Like the Dopplar Radar, identify when the storm is approaching, take action if you’ve missed the warning signs, and develop resiliency. He acknowledges how difficult it is to identify an invisible monster, especially when society adapts to gradual changes. We tend to ignore the daily gut pang that builds with each detrimental event. I can relate to this point. The genesis of my gut dart was the 2016 election, that’s now dulled to a numb butter-knife acceptance of the new norm.
In taking precautionary actions, Polgar suggests that the level of awareness that I described above would be the best course of action in recognizing omens. He calls this “keeping your ear to the ground”. Without such sensitivity to information, you would not have a chance of being proactive. He warns against putting your mind into seclusion, and shying away from bad news, while not becoming glued to the newsscreen looking for disaster around every corner.
The second idea is to create a plan to safeguard against financial disaster. Polgar provides a thorough analysis of asset diversification, particularly alternative assets. This work could easily become your asset dictionary as the analysis of investment options is deep.
My favorite suggestion was investing in yourself. What better asset to invest in?