Thoughts, ideas, suggestions and education from financial adviser Jim Ludwick, Founder of MainStreet Financial Planning, Inc. of Odenton, MD; Washington, DC; New York City, and Santa Barbara, CA

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Wednesday, July 27, 2011

Important Message from Jim Ludwick

Wednesday evening, July 27, 2011

Dear clients, prospective clients, colleagues, friends and relatives:

My friend and fellow advisor Rob Oliver said I could pass along his advice to his clients today since it mirrors our feelings and recommendations:

"You may be wondering what all the debt ceiling hubbub is all about. I've heard from some of you with questions about its implications for your planning and investments.

I hate to sound like broken record, but I encourage you to keep your sights set on the long-term and ignore the short-term buzz. In my opinion, the debt ceiling issue will get resolved and any fluctuations in the market due to the debate surrounding it will be short-lived. My advice is to stand pat with your portfolio and turn off your television.

Having said that, I believe that the debt ceiling debate represents deeper rooted budget issues that the US needs to resolve. Some form of higher taxes and lower spending is coming. What should you do about it? Continue down the prudent path:

- Rebalance your portfolio at least semi-annually.
- Pay yourself first through automatic savings.
- Avoid unnecessary debt.
- Mitigate risk with insurance and estate planning.

If you would like to learn about the debt ceiling, I suggest you check out
the US Dept of Treasury's description and Vanguard's analysis:

-- Jim Ludwick  jim@adviceonly dot net  (740) LUDWICK 


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