The Do's and Don'ts of Money Manchester CT

Although the news of the economy might be scaring you, you can consciously decide to live a policy of profitability and not survivability. It's just a matter of knowing when to hold on to your money and when to move it around.

Don't cash in your 401K to get you through this tough time.
It's better not to even look at your 401k right now. Stay steady and keep investing. A panic decision to cash out can result in tax and early withdrawal penalties that can come back to haunt you.

Do hang on to customers at all costs.
The price of generating new business can be costly and is not always guaranteed. If a customer is having trouble affording your product or service, try working with them to make it affordable. This will help build customer loyalty and will certainly pay off in the long run.

Don't buy junk you really don't need.
Retail therapy is not a medical treatment. Notice how houses that are at least 30 years old have small closets and even smaller garages? Now we have these colossal closets, attics, three-car garages and we have created a new industry that has exploded over the past couple of decades' self-storage. This is all so we can store all the needless crud we buy. Stop trying to medicate your woes by buying more stuff.

Do ask yourself: Do I need it or just want it?
It's good to separate need from want. You will be surprised how few fit into need and how many are just wants.

Do grace your customers with your presence.

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