Sep 18, 2008 7:47 pm US/Eastern
Stressed Out? CBS 2 HD Talks To The 'Money Coach'
Lynette Khalfani-Cox Is An Expert On All Things Financial; Her Advice: Simply, Everyone Needs To Relax
Reporting
Cindy Hsu
NEW YORK (CBS) ―
In a recent WCBSTV.com poll we asked viewers, what's worrying them, and we've been flooded with responses.
Nearly all of them have to deal with the economy. People are concerned about losing their homes, jobs and retirement savings.
So CBS 2 HD went out looking for some expert advice on surviving the crisis. We went and saw the Money Coach.
From investment banks going bankrupt to sky rocketing gas prices, it seems everyone is stressing out.
"The economy, the housing crisis," said Lydia Mahabir of Yonkers. "I own a house in Yonkers and it's worth less than what I owe. We have to figure out what to do. Are we going to walk away?"
Added Gennie Crentsil of Staten Island: "Just basically trying to live, trying to survive. I'm in a job where all I do is sales so trying to hit my sales quota, so that's stressful."
Then there is Leslie Cloninger of the Upper West Side.
"We all feel so powerless and we want to blame somebody. It's not really going to help to blame anybody," Cloninger said.
CBS 2 HD talked to a lot of people who wouldn't go on camera, including a family with two incomes, two young children and about to file for bankruptcy. What's worse, none of their friends or neighbors have any idea what they're going through.
"Most people are suffering in silence, embarrassed about their financial situation," said Lynette Khalfani-Cox.
Khalfani-Cox has written five books on debt and finances and is known as the Money Coach.
"Some people are panicking outright and saying that's it, I've had it. I'm taking my money out of the stock market or I'm taking my money out of the bank. I'd much rather just put it under my mattress," Khalfani-Cox said.
Khalfani-Cox said others are paralyzed into doing nothing.
"The people who are doing nothing are actually closer to what most people should be doing, because when you panic and sell for example in a down market you're automatically losing money," she said.
Instead of getting stressed out about all the turmoil on Wall Street, Khalfani-Cox said it's best to focus on the things you can control, such as the bank accounts you have right now. Also, cut down on expenses by budgeting for necessities and cutting out the luxuries.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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