Personal Finance QuickTake: Stocks Slammed

The stock market had a big turn down today with the stock market falling 250 points. Bad credit is hurts the best of us all. In fact if you never had a late bill, live within your means, and save 15% of your pay towards retirement.

How, like today unfortunatly not only companies that made bad desicions like Countrywide are getting hit, but broadly the market is down. While you may not hold individual stocks, a good chunk of American's have a 401K that hold Mutual Funds or specific stocks.

This means that this could be one of those years that balance out the great ones. You know what I mean the kind of year that takes your portfolio from being up 20% to up 10% or even.

So what do you do? Credit is going to get tougher to get get for awhile, so manage what you have well. Have you Emergency Fund, well...funded! Also be prepared to see the Fed roll back a half point then mayby even more.

The point is act like the Boy Scout motto: Be Prepared!

(image by ImageBlowout)