Recently, I was interviewed by CBS Evening News to give my thoughts in regards to the recent Federal Reserve study, showing that the average person's net worth has gone down since 2007.
I commented that this analysis was greatly influenced by the type of assets you owned. If your assets were primarily invested in real estate, it's a fair statement to say that your net worth has probably gone down in the time period. However, for many investors, it was a better picture because their investment portfolios have come back strongly since 2009.
I suggested several strategies that could help people get back on track including:
· Refinancing
· Paying extra principal on your loans
· Analyze your cash flow to see where we can find potential dollars to redirect towards savings
· Review your asset allocation to make sure it is still appropriate.
Unfortunately, trying to be entertaining, they only used the most enticing comments instead of the valuable planning advice I had discussed with them during the 45 minutes of interview time.
