Review of real time stock prices::Best Way to Follow Stock in Real Time
The financial sector continues to be buffeted. However you get your news -television, car radio, computer, newspaper - several stories seem to be standing out (besides the obvious and very real trauma suffered by those in Texas in the wake of a terrible hurricane). Former giants in the financial sector are collapsing or struggling to hang on. The latest casualty? Lehman Brothers folded and Merrill Lynch is being bought by Bank of America, noted here in the New York Times: www.nytimes.com/2008/09/16/business/worldbusiness/16markets.html along with the fact that stocks took a rapid downward turn,fueling talk of a Black Monday. Since Lehman Brothers has been around for so very long (158 years), the news of the firm's demise was a huge shock to many, particularly the info (which could change at any moment, though it doesn't seem likely) that there won't be a government rescue of the company, no last minute reprieve or intervention as there was with Fannie Mae and Freddie Mac. Black Monday and stock market crash fears increase as Lehman Brothers goes under When a company with the former prestige and history of Lehman Brothers goes belly up so soon after news of bank failures - plus rescues needed for Fannie Mae and Freddie Mac - the average person becomes even more concerned. I've been following the housing and financial markets closely and I'm definitely worried. Even worse, I see people around me going beyond concerned. Some of those I know are panicking. Just this morning, someone called to say they'd dropped the price of a house by over $100,000 and....by the way, did we happen to know of any possible takers? Desperation is in the air. Desperation was in that person's voice. Stock market crash and Black Monday fears - avoid panic When things get tough economically, the inclination is to bail out, grab money from the bank and hope for the best. My perspective is different. I was raised by Depression era parents and went through a deep recession myself. If the worst is to happen, there are still some steps the average person can take - now - to avoid panicking and stay informed. My opinion is echoed by a number of financial experts, as noted here at CNBC:www.cnbc.com/id/26718956 (special report by Jeff Cox) Resources that can help temper fears of Black Mondays and stock market crashes First, a caveat: I am not a financial expert, only someone with practice in weathering some financial storms, including deep recessions. As noted before, I've grown up listening to cautions from parents who'd gotten through the Great Depression and at least one of my parents did it on little to no money. So this information comes primarily from personal experience and the wisdom of Depression era adults who made it through some very tough times. Here is some information you might find useful now: Stay informed to fight fear of Black Monday and stock market crashes with real information in real time If lack of information and swirling rumors (mixed in with some facts that you don't know how to interpret) are making you anxious, there are some financial tools you can use to stay on top of what is happening - right now. Even as you read this, things may have changed. If you want real time information, or the closest thing to real time news, then consider using Google FInance here: finance.google.com/finance and look for the current, real time prices for any stocks you have. Another very useful tool for checking the comparative risk of any stocks or other assets you may have is through RiskGrades here: www.riskgrades.com Of course, you can also check prices online for the NYSE or NASDAG. The bottom line - resist Black Monday and fear of stock market crashes by using real time information to stay current and know the truth Real information in real time. Anything else is either rumor - or old news. If you stay informed, you may still not like the news you hear or read....but at least you'll be closer to separating fact from fiction. Along the with tools listed above, check out financial blogs as well. Some of the best advice can come from unlikely sources. A tip from a friend helped me learn how to cut grocery cost and keep my pantry stocked with food for making quick meals, saving us hundreds of dollars regularly. Got Black Monday blues? When possible, look at what you can do to batten the hatches If you've got room to make changes and become financially more secure, now is the time to do it. Pay off those credit cards or reduce your debt exposure to a minimum. If you've never been financially careful, cautious or conservative before and you don't have tons of extra money, perhaps now is the time to reduce your financial risks and exposure. At the very least, try to build an emergency fund of cash to equal 3-6 months of living expenses but.... Go beyond emergency savings and fight Black Monday fears by realizing you may have other untapped assets or skills One major untapped asset could be your own knowledge. Some people I know are already bartering with others to get needed furniture, school supplies, babysitting or other items. Others are using Freecycle, located here: www.freecycle.org/ to get or donate items. Others are stocking up on food when it goes on sale, cooking freezer meals for the winter and eating out less often. We're keeping our pantry stocked -and I've seen a better return on that food than any of my former stocks (all of those stocks have gone down lately). There is usually someone who knows how to tweak a budget even more than you do. Find that someone -or several someones. If you are that someone, share what you know. Point being.... Balance stock market and Black Monday anxiety by networking with others Find out what others are doing to offset anxiety and strike a balance in their lives. Hang out with friends, take a walk in the park, have pitch-in dinners. Find people in the know about finances and consider talking to those who've gone through some very tough financial storms. Balance local news with financial information from sites such as Bloomberg online here: www.bloomberg.com and stay in the loop. Sources 1. Personal experience 2. RiskGrades home page:www.riskgrades.com 3. Bloomberg online: www.bloomberg.com 4. Lehman Files for Bankruptcy, Merrill to be Sold, Sept 15, NY Times: www.nytimes.com/2008/09/15/business/15lehman.html 5. Freecycle: www.freecycle.org 6. Google finance home page 7. Investors Avoid Panic, Start Looking for Bargains - Sept. 15 - CNBC -www.cnbc.com/id/26718956 |
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