What a Day!

The markets took a very nice surprise turn today after U.S. and European Central Bankers decided to help European banks out.

I apologize that I didn't post my "financially fit" column today, but the day didn't turn out as I had initially planned--at all! But, I will have that post available tomorrow.

In the meantime, thanks to all the correspondence I have received from my former Buried Treasures' subscribers. The decision to end the newsletter was difficult, and I so appreciate your loyalty. Stay tuned to this blog--more investment and financial news, strategies, education and investing ideas are to come!

5 Ways the “Stupor” Committee Will Make You Poorer

Tasked with finding $1.2 trillion to cut in the federal budget, after summer’s playground antics that caused the markets to tumble and roll like a roller coaster, the 12-member congressional “super committee”—as expected—has turned into the “stupor” committee.

Today’s their deadline to send their plan to the Congressional Budget Office, and—surprise, surprise—the Dems and Reps are expected to release a joint statement of failure. But you can be sure that the rhetoric of blame has already begun. Yesterday, the airwaves were filled with pointing fingers.

Business as usual, in Washington. I’m not going to rehash the politics, as that won’t help you understand the importance of this failure. Instead, let’s look at how the inaction may negatively impact your financial situation. First of all, a failure to pass the needed reductions will trigger automatic spending cuts, one-half in defense and one-half in other programs. The good news is that the cuts won’t be enacted until 2013. The bad news is that gives Congress another year to play politics, running right up against the next deadline, probably failing to meet it, too, and, most importantly, causing extreme market volatility. Just like we had last summer, which did investors no favors.

And that’s not all…

There are five additional non-investment ways that your pocketbook may be affected: