Posted by Jorden Meltz
Like millions of Americans who have painfully watched their home's value collapse and their 401(k) crumble, the Lineberrys are being forced to make major lifestyle changes they never imagined.
It's natural when you lose money to want to make it back. Research shows that the pain of financial loss is much more acute than the satisfaction of a gain. Losses of course are particularly hard on retirees, who no longer have the time to recoup them and need regular income from a portfolio.
Do you really want to know the quickest ways to replace lost wealth? It's not by pouring money into stocks or other speculative investments. The answer is to follow a financial plan that brings down the cost of your lifestyle.
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This is why it is good to have a hobby that one could make money off. This one could continue to do while they are working and provide an extra source of income, even if they were not working.
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