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Hampel outlines financial strategies for IFox BusinessI
NEW YORK (8/12/09)--Credit Union National Association (CUNA) Chief Economist Bill Hampel outlined Saturday several financial strategies for consumers on a Fox Business News personal finance show. The show offered consumers the chance to call in and talk with Hampel and several other economists about personal financial
Click for videoWatch Bill Hample on Fox Business News (Photo provided by CUNA)
concerns. During one call, Hampel advised a 54-year-old consumer with $75,000 in credit card debt to pay off the debt since it likely carries a high interest rate, but also encouraged him to continue maxing out his $400,000 retirement fund. “Use your extra income to pay off debt, while putting as much as possible into the 401(k),” Hampel said. The CUNA economist also emphasized the importance of investments--especially for younger consumers under the age of 35 who are discouraged by the recent downturn in the stock market. Investing in retirement “is still the way to go,” he said. Other points Hampel made on the show include:
* One can’t try to time the market when managing an investment portfolio. “That strategy doesn’t work,” he said. “What works is an age-based portfolio.” * Some risk is necessary in any investment portfolio; and * When asked if one should buy gold, he said: “Only buy gold if you believe in hyperinflation. If you don’t believe the world is going to end, don’t buy gold.”


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