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Missed Fortune – Finding the Light During this Economic Midnight

Posted on | June 8, 2010

While signs the economy is rebounding continue to shoot up like flares in the night, for too many Americans, it’s still economic midnight.

Families continue to face short sales or foreclosure; those far from retirement continue to dip into 401(k)s and IRA(s) despite early withdrawal penalties; and unemployment continues to paralyze American workers.

A recent New York Times article showed that even though America is seeing an increase in hiring, the unemployment rate isn’t necessarily dropping.

Now many of them [the unemployed] are beginning to look for work again, encouraged by four consecutive months of job growth and reports of a strengthening economy.

But the initial return to the labor force may prove dispiriting, since so many people are already chasing too few jobs.

Because the government does not count people as unemployed unless they say they are actively searching for work, many discouraged people have been hiding in the shadows.

Heidi Shierholz, an economist at the Economic Policy Institute in Washington, estimates about 2.4 million “missing workers” either left the labor force or did not enter it in the last 28 months. That is on top of the 15.3 million people who are officially counted as unemployed.

What can be done to survive hard times?

While circumstances may take a while to change, at least we, personally, can start making changes immediately.

To begin with, we can learn from our mistakes.

As millions of Americans have seen, these times teach us to borrow to conserve, not to consume. How many people have fallen into credit trouble because when times were good, they used credit to buy furniture, cars, ATVs, boats…things they did not need but they wanted?

And millions of Americans have learned that saving for retirement means more than investing money in 401(k)s, IRA(s), stocks or other vehicles that are vulnerable to economic downturns.

Retirement savings vehicles like maximum-funded, tax-advantaged insurance contracts can provide liquidity, safety AND rate of return – which are all equally critical in retirement savings options.

Use these tough times – whether they’ve affected you directly or indirectly – to plan for the future and protect yourself. Find out now how to make wiser choices, and how to obtain True Wealth.

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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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