- Active Savers, a group of people characterized by their dedication to saving, entered the recession better prepared than others because of their savings lifestyle. They have not had to take drastic measures to adapt to uncertain financial times and are less likely to have had to cut back on spending, eating out, and making large purchases.
- For more than half (57 percent) of Active Savers, learning to save started at a young age. Putting money away is a value their parents instilled in them (73 percent).
- Savings comes first for nearly half (46 percent) of Active Savers. They’re willing to make sacrifices in order to be able to put money away.
- Overall, a majority of the population has not allowed the economy to hamper their savings plans—81 percent have been able to put the same amount away, if not more.
Some very profound information right there...I'd like to thank my parents for teaching me the value of money at an early age. I had no allowance so I had to make the most of what I had!
On a side note, I've sold my positions on ISRG and NOV. I still think those companies rock but my initial positions (which I did not initiate any new thirds on its way down) are down more than 50%. This will take at least a 100% gain to get my money back anytime soon so I've decided to end my commitment and take advantage of the tax break!
So with this extra cash on hand, I've decided to gamble a bit and bought some shares in MGM Mirage (NYSE: MGM). I think the gambling industry (i.e. Las Vegas) has been hit really hard by this recession, but will eventually springboard back. Hopefully, I'll come out with some nice gains in the process. Again, my position in MGM is less than 1% of my total portfolio value so please treat it as I do. I wouldn't risk my entire life savings on it since there still be more downside to that industry.
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