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Thursday, January 1, 2009

Financial Year in Review

From The Hoss's Mouth

Should auld acquaintance be forgot, and never brought to mind? Many investors and readers of Hoss Cents Free Financial Money Magazine would surely like to forget the financial devastation that took place in 2008. North American Stock Markets suffered one of their worst years ever.

Take a look a these numbers:
  • Dow Jones down 33.8%
  • S&P 500 down 38.5%
  • NASDAQ down 40.5%
  • TSX down 35%

These numbers combined with job losses, or threatened job losses, collapse of the housing industry, credit unavailability and unstable world economics has resulted in consumers loosing confidence in the financial system. As a result they have cut their spending significantly. Reports indicate the Christmas season, which normally provides retailers with 30 to 50 percent of their annual total sales, was not as lucrative as retailers are accustomed to and therefore some stores may be forced to close.

So what happens in 2009?

The financial crisis will not end unless or until people regain confidence in the financial system and learn to live within their means. Families will have to forgo unaffordable and unnecessary luxuries such as an extra car or two, big screen TV's, multiple cell phones, and dinning out just to name a few. In other words, people will have to learn to set financial goals and live by them. The Hoss has several previous posts which will help in this regard:

The Hoss and Mrs. Hoss hope you have a happy healthy and prosperous New Year.

Stay on track,
The Hoss

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