Rebuilding Your Nest Egg

If you’ve been dipping into your savings account or busting up your 401- k to stay afloat, how can you build your nest egg back up?

Millions of people are looking for work while millions of others are moving from full to part time, as companies cut back. With cash tight, people are dipping into their rainy day funds because, well, it’s raining. So investment analyst Ken Winans says now is the time to plan for a way to fill up that piggy bank a day at a time. While there are still safe companies to invest in, if the market is too volatile for you then cut back your spending. Winans says it’s time to live within our means.

“Be patient. Whatever you have lost this year don’t plan to make it back in one year. You should plan on rebuilding over the next three to five years. Take that plan, look at what your needs are, certainly have money come out of your paycheck you can live without and rebuild from that standpoint.”

After all, every nest egg can use a bigger basket.

(Brian Banmiller is a national Business Correspondent for CBS News Radio, free lance writer and public speaker. The former television business news anchor in San Francisco can be reached at brian@banmilleronbusiness.com .)