Don't Panic, Prepare for a Weak Economy
What should we do while we wait for the economy to rebound.
Well if it's not too late already we should go back to the basics. Save, save, save. We don't know exactly what to expect from week to week, month to month or next year this time.(They are not addressing the root of the problem) We need to be in the best position possible to be able to handle emergencies. (Which was important in a healthy economy but we largely ignored that concept which is why so manyof us are suffering today). Many people say, where could I possible save, I am already living check to check.
How about cigarettes, sodas and other convenient store stop offs, wants that are not necessary. All of us including me waste more money than we realize, because it's only a dollar here and a dollar there. You really don't see the waste unless you keep a tally and look at what the total is.
Go ahead I dare you! Get a pad and write down all of your purchases everyday. I mean all of them, even the candy machine at work everyday. Guaranteeyou will be surprised at the end of the month, some of you might be surprised at the end of a week! Look saving is not necessarily easy but it is usually possiblefor every single person to save with what he or she is already spending. You DO have money that you can be saving the question is are you willing the makethe changes in your habits to save. (I figured I would cut out energy drinks and the pizza on Saturdays) Just stop throwing it away and save it for a rainy day.
Then what . . .
Well, then improve your situation in any way that you can. If you are in a job where there is room for additional education that will make you more valuableto the company then get some training. (You are not doing it for the company you are doing it for you, education is never wasteful unless you make it that)In hard times when companies down size companies need the most talented, most valuable, most flexible, most knowledge, most responsible people if they planto continue to do business. Those employees that are lazy, irresponsible, non productive are also expendable, they got to go. (That's why I be saying do your job and then someand love it dog on it). If you get along well with others and facilitate unity as oppose to always being in the middle of drama at the job then that is another plusfor you. When it's cutting time you make the team and the clowns got to go.So what if you are not sure about your company even being around long?
Sometimes management is made up of one or more clowns. When this is the case and the company is not run well but you are a person who looks at the big picture.You may have reason to believe that the company doesn't have a long life span. In these cases, don't wait until the bad news comes. If you enjoy your job try to figure out what training you can get to add to the skills you have already mastered from that job to make you more marketable to get a better jobin the same line of work or at least make it easier to get the same type of job somewhere else should your company fold (This would also help you there if you had a smart boss, but I see clowns often who believe it or not run things. Taking care of your best employees is the biggest return on investment and they don't evenknow it.)
Take a look at your insurances, especially like your car insurance. Often when we are with one company for a while the rate doesn't always drop to its lowest rate allowed to you on its own. Check and make sure you are getting the lowest rate and do some comparisons with other insurance companies. Also get a copy of your motor vehicle report and make sure you are not being charged for more points than you should. Keep in mind though that insurance points are not the same as points on your motor vehicle report. You might want to see if you can get better rates if you belong to a club like AAA too.
Shop at Sam's club or Costco, if you don't get enough to justify the large quantities that stuff comes in at those places talk a friend into going shopping together with you so you guys can split the groceries and supplies up. This will save a lot of money in the store and on gas in the end.
Bottom line what is the single most important things you can do for yourself right now to better position yourself for the future. Do them starting with what will have the most positive impact and go down the list to what will have the least impact. The list may not be static. You may get halfway and have to re prioritize.The is perfectly fine.
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The Future How We Will Look Back on the Recession