Web Wealth: Your personal fiscal cliff

Scarborough.com looked at the demographics of ready borrowers.

Not to compound anxieties, but are you in danger of a personal fiscal cliff? Don't overlook the dangers at home while you fret about how the nation will fare in the days to come.

Resolve your cliff. New Year's resolutions proposed by the Apiary Investment Fund are focused on avoiding a personal fiscal cliff. They're basic, for the most part, but good reminders to diversify investments. Among the suggestions is to resolve to "invest in yourself," meaning to spend "a small amount of time each week learning new financial strategies and concepts."


Cliff avoidance. A blog at iOnPoverty.tv takes a look at what sort of personal skills you need to avoid a personal cliff: Develop transferable skills, be open to learning from everyone and don't be afraid to fail. On skills, the post says: "To name one universal skill, developing a basic knowledge of finance makes you an asset to virtually every functional department anywhere at any time." The advice is from a variety of contributors. The site has posts and videos on bootstrap entrepreneurship and escaping poverty.


Borrower beware. Some lenders hoping to find a market for loans can look to "fiscal cliff adults," according to this report by Scarborough Research, which was looking at the demographics of ready borrowers. This group, Scarborough says, is made up of those who "are direct targets for the financial industry in its efforts to reach those seeking lending programs such as title loans, personal loans, cash advances, or other fast-transaction borrowing."


The national cliff. For a refresher - it might more aptly be called a downer - here is a review of the many taxes and government cutbacks in store if there is no agreement on averting the national fiscal cliff:


Pay off that debt. Steven Williams, a self-described debt expert, explains how to stay away from a personal fiscal cliff with seven steps that start with getting a roof over your head and stabilizing your life. His list ends with the freedom to save money for your own enjoyment and for "generational wealth" to pass along.



Contact Reid Kanaley at 215-854-5114, rkanaley@phillynews.com or @ReidKan on Twitter.