Prepare for potential tough times to come

My IRA started bleeding a lot of red ink last week, and if you have any money in stocks, you probably saw your portfolio take a hit, too — all because of a weird bug that originated in a meat market in China.

Of course the health scare is my biggest concern with the outbreak of this coronavirus. But when your life savings begin to erode because of something you have no control over, that’s pretty big, too.

It’s times like these when it’s good to have a family friend who happens to be one of the most respected economists in America. I’m referring to Dr. Bruce Yandle, dean emeritus of Clemson University’s College of Business & Behavioral Science and Alumni Distinguished Professor of Economics Emeritus — and former executive director of the Federal Trade Commission, among other things.

He and his wife, Dot, have been friends of my parents

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