MIND YOUR OWN P’S AND Q’S

It means mind your own business or keep your nose out!  There’s a certain amount of common sense in this old expression which should be applied when attempting to digest the media surrounding the current state of the United States economy, employment and housing markets.  Recent news suggests that the state of the economy is experiencing an up-swing, recent mortgage applications are increasing and new home construction is back.  Another wonderful source of slanted optimism can be browsed on the website for the United States Bureau of Labor Statistics.  But, what does the macro-economic view of the economy mean for the individual consumer?  Market trends and analysis are simply an opinion or view based on the majority of the statistics available, by persons far more intelligent than me.  Those trends are then shredded, dissected, published and broadcast to us via every available method of communication.  As certain interests and groups celebrate the accomplishments, others object to the analysis with distain and sometimes scary opine. 

As a real estate lawyer, I am constantly focusing on the current housing market trends.  I closely follow local, regional and national housing markets and financial institutions.  I am left staring at what appears to be a Thanksgiving Day plate of factoids which I in turn must consume, digest and regurgitate to my clients seeking legal opinions on investments, purchases and refinances.  In the end, I must always base my opinions largely on the individual, not the masses.  If a client proposes an investment or purchase which is sound, holds equity, and may be sustained with little hardship or risk then my advice will be based on these facts.  As a legal professional, my primary concern is risk and exposure to liabilities.  However, risk and liability may be minimized by the financial strength of the individual consumer.

As a consumer, my advice to you is to ‘mind your own P’s and Q’s.  Focus on your own circumstances.  If your goal is to purchase a new home, then focus on ‘your’ income, savings, credit and debt.  Make ‘YOU’ a priority.  Focus on ‘your’ career, training and advancement – this will increase your job security, financial independence and income.  Reduce your debt.  Increase your savings.  Develop a long term plan to achieve your goal.  And lastly, listen to the macro-economic opinions with one ear, not both.  At the end of the day, you can control the outcome of your financial situation.  And, of course, when you get to that point, always seek the opinion of a legal professional to draft and review your documents.

                                                                        - Jonathan J. Moriarty, Esq.

For more information, I recommend reading: http://www.forbes.com/2010/08/27/retirement-dow-401k-consumer-debt-personal-finance-bogleheads-view-dogu.html