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Sensible things to do in a rough economyBY: Jessica | Category: Business and Finance | Post Date: 2009-04-08
The world is going through a rough recession and everyone seems to be losing money either in stock markets, real estate, retirement accounts and most important losing jobs. It is important to keep patience and make adjustments to your life so that you can ride well in these tough times.
Below are some important sensible things to do in a rough economy:
1. Save your job: If you have to work harder or go out of the way to keep your job in secure position, then so be it. If you think that your company may not survive or there is too much uncertainty, then look around for a job in a more stable firm or even try to get into a federal government job. Depending on your circumstances, it may make sense to relocate to a place where the jobs are plenty. If nothing else try to get an additional education certification, diploma or degree.
2. Cut unnecessary expenses: Tough times require tough measures. Cutting on expenses is among the most sensible things to do in a rough economy. Forget movies in a theater, try to cook at home, do not buy things that are nice to have and not absolutely essential. Sit with your kids and explain them that they need to make adjustments too. Pampering your kids even during rough times makes them ill prepared for their future lives.
3. Build a cash reserve: You should ramp up your savings to last you for atleast 6 months in case you lose job.
4. Pay of high interest debt: Pay off the balance on your high interest credit cards or other loans.
5. Don't touch your retirement money: Money that you have kept in retirement account is a true investment in future, don't touch that money as far as possible. Infact, try to keep contributing as you did during good times, or at most reduce your contribution temporarily till these rough times last.
6. Look for opportunities: If you have extra cash for investment (lucky you!), look for investing in stocks or other depressed assets which otherwise have a solid foundation and will definitely go up once good times come back.
7. Apply Common Sense all the time ... do not take decisions based only on emotional feelings especially during a rough economy.
8. Keep yourself diversified: My dad always says, never keep all your eggs in one basket. During rough economic times, it is even more important to invest your money in different types of accounts. In an ideal scenario, you should have money in stocks, cash, real estate and commodities like gold.
Please feel free to suggest more ideas through your comments.
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