Where do we go from here?

In the world of finance the Late summer and autumn of 2008 will be remembered for a long time to come!

A time when the Economic Crisis made headlines almost constantly. Only the election of a new US President temporarily changed the main news story.

Many metaphors have been used to describe the situation and I am certain many more will follow.

So how do we proceed in this uncertain world?

The one thing we can expect is the unexpected, no one would have predicted base rates of 2%.

Likewise, not many would have believed a few months ago that the banking sector would be where it is today.

Some of us feel that the television and press exaggerate the situation. The media constantly tells us that unemployment is rising, there is a likelihood of a long recession, possibly a depression the like of which not seen since the 1920s, the return of the boom and bust. No wonder there is little confidence around.

However, before we decide to hide our money under the mattress, lock the front door, and hibernate until better days return. We should take stock, be objective and remember some basic points.

To survive any downturn, irrespective of how long, we must not forget what our long term goals and objectives are.

Yes, we need to take care of the short term, we need 'safe' money, on deposit, to take care of potential emergencies, but we should not be deflected from our long-term aims and that advice is the same in times of boom as well.

There is no 'one size fits all' approach to the current scenario everyone has their own personal circumstances. That is why, now, is the time to review your situation to make sure you have a strategy in place to achieve your goals.

We have a unique way of focusing on your and your family goals, and help you make the right decisions in these difficult times.

Make a New Year resolution, we can help tailor make a solution!

Richard James is the managing director of our independent financial services company, Coniscliffe Financial Planning. For a refreshed approach on financial services, contact Richard on 01325 349707

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