The news media and other sources make the financial situation seem doomed. It can be scary for the average consumer. It is hard to know what to do with investments – even those in what is thought to be the safety of bank accounts. There is one step that everyone can benefit from taking:

Don’t Panic!

No matter how bad it may seem, take your time when making decisions. You need to look at all of the angels before you make a move. Taking money out of an investment account may give short term security in these financial times, but what will it do to the long term tax picture?

Take a deep breath and write out what you are considering for your next step. Review it with your spouse, parents or other trusted advisor. Seek out the advice of your tax professional, your financial advisor and other industry experts. Listen to the words of others, do your own research and then make a decision about the right path for your finances.

It is the rash decision that will cause financial pain. Take the time needed to give your finances the attention that they deserve and you will find that your financial decisions are usually right on target.