Thursday, November 19, 2009

Surviving the Recession!

Recession: a mighty event that has hit the economy very hard, leaving many people jobless & even homeless. Many people were forced to change their profession. In addition, the worst part is more than three fourths of the people hit by the recession suffered from physical as well as mental illness, they lived depressed & frustrated. Was this a way to manage through such a period of economic malaise? Here, The Economist Magazine explains the best ways to survive Recession .

Control your senses: -
  • Don't stress out.
  • Believe you are capable of surviving an economic recession.
  • Believe that you are smart enough to do so.
  • Plan ahead and be prepared to face problems and obstacles.
  • Use your instincts to decide what path to follow.
  • Have faith in yourself and in God.
  • Always be willing to make an effort.
  • Come to grips with reality.
  • Try understanding things so well that you can take action even before the event occurs.

Planning & managing the Finances: -

  • Be diversified and spread your risk out. It's not about taking risk, but managing risk.
  • Invest in the long term.
  • Be conservative.
  • Hold your course.
  • Consider new investments.
  • Realize that things aren't as bad as the news pans it out to be.
  • If you're in a high-rate mortgage, refinance now.
  • If your finances are tight, resist the urge to splurge.
  • Keep your job.
  • If you happen to have a little extra spending cash, now is a time for good deals. Companies need to stimulate sales, so they will be offering their best deals. Just like mortgages, if you've had your eye on something special (and you have the funds) now's the time to buy.
  • Start saving as much as you can.
  • Eliminate high interest rate credit cards.
  • Stop spending on luxuries.
  • Stop trying to live up to your neighbors.
  • Stop buying only brand name products.
  • Make sure you and your loved ones are properly insured.
  • Prepare to switch jobs when you see a trouble ahead.
  • Prepare to learn how to work from home.
  • Prepare to rely on your talents and interests.
  • Redefine the difference between needs and wants.
  • Learn to do more with less.
  • Learn to be master of your own soul.
  • Learn to be your own boss.
  • Take the time to analyze what your interests are, and what you are good at. Don't overlook your hobbies. Some of these things can provide you with the basis for forming your own work at home business.
  • Be prepared that in an economic recession things are not going to be the same as they were.
  • Be prepared to change the way you do things.
  • Be prepared to survive and prosper. There is no magic formula. How well you survive and prosper during an economic recession depends on your ability to say to yourself - "Yes I Can".

There are a too many points to be implemented at once & you may leave many of them out because of you may think they are not feasible, but then, Read the Last Point Again.

All The Best...!