America is "selling the farm" to live "high on the hog"?
Forget the hog: that dream's gone, and the farm may not be far behind.
"Never underestimate the power of the superpsycho, hyper-spending American consumer. Where there is no cash, he will sell his soul. Or just charge it."
If you want to rise above this low opinion, here are 10 New Year's resolutions to prepare you to win in the coming 2008-2010 bear-recession:
1. Go contrarian.
2. Do it yourself.
"Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense."
3. Millionaires build wealth by working, not investing
4. Do what you love (or your boss will decide for you)
5. Plan to retire early: Much earlier than you expect
6. Downsize your lifestyle: Start by saving 15% of income
7. Buy no-load index funds: No brokers, no active managers
8. Invest long-term: Market-timing is high-risk gambling
9. Rebalance: Focus on picking allocations first, not funds
10. Live with gratitude: Life is a gift (so is your nest egg!)
Trust no one. Play it conservative, because 2008-2010 will repeat of the harsh lessons of the 2000-2002 bear-recession.