You only need These 5 Easy Tips to Survive Recession
April 13th 2009 19:29
Recession have grown. The interest rates are high . No one can be sure what will happen next ,especially that economic stimuli generally take six to 18 months to have an impact. And despite of what the governments are doing, middle-class families, small business owners and everybody otherwise who's feeling the clutch of this recession should do what they can to survive.
So What should you do to SURVIVE for a recession?
Well here are the 5 ultimate survival tips to do
- Assess your job situation .In a recession, no one is immune from layoffs.So you have either to choose one of two strategies become the employee that your company can't do without or consider investigating and training for a self -employment career. see our previous posts ''The solution for job loss'' , ''Self-employment: how to start up now'' ,''Are You So LUCKY To Be Self-Employed or Not?!'' , ''My Boss and I are one' '.
- Build an emergency fund . Your objective should be to have adequate currency in the bank to endure for a year if you lost your principle source of income. Pare expending on nonessentials for example. Have a garage sales ,or just sell on ,ebay ,Craigslist , .See this article about 6 tips toward better Money Reserve for more details
- Get Rid of Your Debt . .Put together a debt reduction plan. But in general Do not use you credit cards as a rainy day fund and DO refinance your mortgage .If you wage off your balance now , or/and when you can, you shall be able towards borrow more whether if times get tough (assuming your credit score doesn't deteriorate). Paying down debt shall help improve your credit score.If you have old credit card accounts that you don't use, keep these cards open. This will help to keep your FICO® credit score healthy.
- Stay Fit! . We all understand that there are many advantages linked with physical and mental fitness. A healthy, productive brain is the best tool you can have to build wealth in any economic climate.
- Remember Money isn’t Everything. .
It can buy a clock,But not time.
It can buy you a book,But not knowledge.
It can buy you medicine,But not health.
It can buy you blood,But not life.
It can buy you a position,But it not respect.
It can buy you a bed,But not sleep.
So you see money isn't everything.
So good luck and never loose faith in you.
subscribe to this blog