≡ Menu

5 Ways to Handle Your Personal Trade Deficit

An interesting documentary called “I.O.U.S.A.” premiered August 22nd in a few cities around the country. According to the filmmakers, the country is on the brink of a financial meltdown. I.O.U.S.A. examines the national debt and its consequences for the United States and its citizens. The subject of America’s financial woes is a subject Warren Buffett, who is featured in the movie, has tackled in the past.

Although I have not seen the movie, I will definitely check it out. In the meantime the folks at The Peter G. Peterson Foundation offer some advice on how to handle your personal financial deficit:

  1. Establish a personal budget
  2. Create a financial plan that considers your long-term financial objectives, major milestones in your life and what you will need in retirement.
  3. Act on that financial plan immediately.
  4. If you must use credit, use it responsibly.
  5. Pass on what you have learned to your children.

 

Print Friendly

Comments on this entry are closed.