Retooled and Refueled Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled!Retooled and Refueled!Retooled and Refueled!Retooled and Refueled!Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled! Retooled and Refueled!Retooled and Refueled!Retooled and Refueled!Retooled and Refueled!Retooled and Refueled! Retooled and Refueled! Retooled and Refueled

Nest EggIdeas on Rebuilding Your Nest Egg
By Steve Diggs

I recently heard someone make a wisecrack that the only two good financial positions these days are: Cash and Fetal.  Christians are not immune to the difficulties in the outside world.  As I speak in churches around the country presenting my financial management seminar, lots of people share frightening stories with me.

If you are a part of the human race, you are very aware that 2008 was a devastating year for investors.  Now, there was a time when that wouldn’t have included most Americans.  But today’s investors are not just the rich, Wall Street types.  They are us.  Today most Americans are dependent on their own investment prowess to prepare for their futures.  Old fashioned pension plans are almost a thing of the past.

As I speak to audiences, I am seeing a lot of hurting people.  If you have been hammered by recent market downturns, you aren’t alone.  In 2008 the US stock markets lost roughly 40 percent of their value.  That’s the worst showing since the 1930’s.  And, world-wide, many other markets did even worse.  So, with this in mind, allow me to share a few ideas you might want to consider to make this difficult time a little better.

  1. Rethink retirement.  It wasn’t until about 75 years ago that most Americans ever considered the possibility of spending their final years doing nothing of consequence.  But with the advent of the Social Security system and more and more entitlement thinking—Americans gradually began to believe that they deserved to retire.  Of course, when Social Security began, on average, people were dead by age 67.  

If you’re nearing the sacred retirement age, this may be a great time to get out of the box —and rethink your entire plan.  Why not keep working?  Every extra day you work, you accomplish three very good things:  1) Income for that day that you don’t have to take out of your retirement money; 2) Hopefully, a few extra dollars to throw into your retirement account; and 3) Another day to allow you retirement fund to grow a little larger.

  1. Maintain a cash reserve.  Like they say, it’s great to grow your principle—but it’s most important to maintain your principle. So if markets go further south, they have a reserve fund to fall back on.  This cash fund helps avoid digging into stock funds at the worst possible moment.
  2. Don’t overcompensate.  For some people the tendency is to put everything into cash—and depart the stock market totally.  While no one knows the future, this might not be the best plan. Sure the markets could still fall much further.  But, historically, stock investments have had significantly better long-term returns than cash.
  3. Avoid the get-rich-quick schemes.  Every time markets do nose dives, there are hustlers on every corner promising stellar returns.  And, having just lost a lot or your investment money, it may be tempting to “roll the dice” and hope for a big return.  This is a great way to make bad manners worse. 
  4. Consider reducing your lifestyle earlier rather than later. What does this mean?  It means doing everything you can reasonably do to get rid of high-rate credit debt.  Pay off those credit cards.  Then, stop doing the non-essentials.  This may not be the best time to go on expensive vacations or try out that new restaurant. 
  5. Don’t give up on the plan to move.  If you were already planning to move to a smaller, home—this might still be the best time to do it.  Why?  Because, even though you may take less for your present home, the other house may be equally devalued.  Thus, although you sell low; you may also get the benefit of buying low—and reducing your overall costs.
  6. Consider postponing your Social Security payouts.  Experts point out that if you wait until age 66 to begin Social Security withdrawals (instead of starting them at 62) you’ll increase your monthly income by roughly a third.  Of course, as with all stats, your situation is unique. 
  7. Finally, remember, the remark of the Apostle Paul to the Romans, “all things work together for good to those who love the Lord and are called after His purpose.”  This is a wonderful opportunity to rethink our priorities and focus on what is really important.

Steve Diggs presents the Re-Tooled & Re-Fueled and No Debt No Sweat! Christian Money Management Seminars at churches and other venues nationwide. Visit Steve on the Web at www.retooledandrefueled.com or www.nodebtnosweat.com or call 615-300-8263.  The author of several books, today Steve serves as a minister for the Antioch Church of Christ in Nashville.  For 25 years he was President of the Franklin Group, Inc.  Steve and Bonnie have four grown children whom they have home schooled.  The family lives in Brentwood, TN 

Testimonials
Contact
Return to HOME

Retooled and Refueled Retooled and Refueld