Most of the world knows by now that the U.S. is in a "financial crisis". I put that phrase in parenthesis because I don't view it as a crisis, per se, but my perspective of it is that this is our (people in the U.S.) wake-up call. I've refrained from posting here ever since the hoopla started a few weeks back. There was so much information and news floating out there and I was just attempting to make sense of it all.

What I love about the U.S. is that you can make all your dreams come true. You can have that big house, fancy car, and designer clothes - even if you don't have the money to pay for those things in full. Many of us have lived this American dream through credit cards and loans. It's become a part of many of our lives and we don't see anything wrong with it. When banks started telling people that yes, they could offer them a mortgage knowing full well that these people had poor credit or low income, everyone went buckwild buying up homes they truly couldn't afford.

And now it's our big wakeup call.

Banks and financial institutions have closed up shop, foreclosures are everywhere, and the stock markets have dropped tremendously. Everyone is in a state of fear. You may recall my post about investing and living in a state of fear. The American people have lost confidence in financial institutions. Many people are pulling out their money, holding onto cash, and running for their life.

Personally, I've refused to even look at my stocks because, as I've said before here on this blog, I'm a long-term investor. I know that this is just a temporary situation. "This, too, shall pass" is my life mantra. My sights are set on 20-30 years from now and I have hope that things will be better. Even if we are experiencing a stock market crash, I have faith in the businesses that I've invested in.

What is your financial outlook now during these times of uncertainty?

Photo Credit: Reuben Ingber