With the American Government facing a potential default in the near future it is important to understand how best to protect your personal finances. A US Governmental default could affect stock and share values worldwide, so people need to be aware of what to do if we see a second crash.
Suze Orman, a personal finance expert, gave NBC News some advice on how to survive a debt default.
Maintain investments
Orman emphasised that people should not start to sell shares the second they begin to decline in value. Whether investing through a 401(k) or through stocks and shares there is a good chance that values will drop, but it is also almost certain that they will rise again.
Orman argued that the reason that many lost out so heavily in 2008 was because they sold their shares when they declined.
According to Orman, the best way to ride out any looming financial crash is to hold onto your shares and wait for them to pick up again.
