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Author Topic: Economic Advice  (Read 572 times)

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Economic Advice
« on: Sep 14, 2013 »
0
Without being an economist, listening and reading messages from Mr. Robert Wiedeman, the guy that predicted the financial meltdown of the USA that affected every nation in the world as way back as 2006 before the bubbled started bursting around 2008, is at it again. This time, he is predicting "aftershock" effect that sounds more like advertising his books, but demands circumspect review and decisive action.

Without purchasing his books, the followings are the take home messages:

A. Stock market, that is now looking very promising, may crash very heavily - be careful in putting all your eggs in one basket. We experienced this once in Nigeria when stocks of banks like Intercontinental Bank sold for up to N45 per share before crashing to less than N1 per share, and then went under! Thousands of Nigerians lost their life savings. He also advised on long term insurances like life insurance and the likes, with caution. Please be vigilant.

B. Pay minimum mortgage on your house loans. For those living in the USA, Wiedeman advised that rushing to pay off your mortgage loan now is not advisable because the US dollar is still very strong. He advised that you should get the lowest interest rate for your house, pay as minimum monthly mortgage as possible, avoid paying extra principal as an effort to quickly pay off your mortgage loan now - what many of us do. He argued opined that when inflation starts kicking in, and the US dollar starts losing ground, as he predicted, whatever is left as your mortgage loan will be worth much less than its current value today. This means you would eventually end up paying less for your house if you avoid paying off your mortgage loan now rather than paying it off in about 20 or 30 years from now. He advised that the extra money you want to use in paying down your principle should be invested in more promising ventures.

C. He advised against buying extra houses now if not mandatory. He predicted that the prices of houses will drop again as soon as inflation starts rising and US dollars start losing value with their attendant consequences.

D. Pay off your car loans as soon as you can. He advised that car loan is a short term loan that may not benefit from the predicted devaluation of the US dollars. Paying such loan off now will reduce financial burden as he advised.

E. Pay off your credit card balances as much as possible. He argued that once the inflation starts kicking in and the US dollar starts losing value, the interest rates will be increasing and the burden of credit card debts will increase.
   
F. He advised investing in gold with caution. He predicted that gold bubble will happen but in another two or three decades. He advised that having gold as investment would help in retaining life saving investment.

I am not sure how much this will help Nigerians in Nigeria aside being careful of investing in stock markets. I however believe that this information will help Nigerians outside Nigeria, especially those residing in the USA if, and only if, the prediction of Mr. Wiedeman comes to pass.

Please cautiously review his advice in the following video: 

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Best regards,

Aare MacFally


Knowledge Is Power – Seek For It

 

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