Expert wrongness

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At this time of year, you often hear lots of so-called financial experts spouting predictions about the year ahead. As a result of the current economic turmoil there are more pundits than there are pregnant pauses in ……………Jeremy Clarkson’s pieces to camera.
And guess what? 99% of the time …………………………………. they’re wrong.
For example, at the beginning of 2008, many property experts – such as the Council of Mortgage Lenders and Halifax – were predicting that house prices would either increase or stay flat. In fact, they fell by at least 10% on average across the nation, with some areas suffering even bigger falls. Now of course they are headed even further south.
What about the recession – over by Christmas? Which one?
Truth is, pundits fill media space and you can choose whichever prediction suits your aspirations. Or you can choose none and make some careful plans to cover as many outcomes as possible. Chief amongst these ought to be that things will be tough for quite some time so you need to concentrate on vital issues – after allowing for food and warmth you need a roof over your head so plan your finances to meet mortgage or rent payments. And don’t forget personal loan repayments. Failure to manage these will affect your ability to get further credit if it becomes essential.