Can I Survive this Economic Recession
There are no ands, ifs or buts about it. We are definitely experiencing an economic recession. What we have to ask ourselves, is how are we going to cope.
There are really only three outcomes. We could actually prosper during this time, we might not be affected at all, (or perhaps just a little) and finally, we could be financially devastated. Obviously, our wish is to prosper regardless of the economic conditions. So the question to ask ourselves, is how can we do that?
If we look back in time, we will see that the economy is constantly fluctuating. Right now we find ourselves in a recession, but it wasn't too long ago that we were riding high and there was immense economic growth. We have also experienced periods of time where the economy was fairly stable.
I recommend that you do a little research and read some informative material regarding the historical causes of recessions. There are many great books out there but one that I can particularly recommend is by William Bonner. It is called "Financial Reckoning Day: Surviving the Soft Depression of the 21st Century". You might be able to find a copy at your local library. If they don't have a copy, in most cases the librarian will be happy to order one in.
One obvious thing we should do is curtail our spending, and even though we might find it hard to do, we should attempt to save money for the times ahead that might even be more difficult that now. We should only be spending our money on necessities. Two that come to mind are food and gasoline for our vehicles. We still have to nourish ourselves and most of us need to drive our cars back and fore to work.
Taking on any new debt would be a very unwise course of action. It is possible that we could afford that monthly payment for that new car, especially as the prices are rock bottom at present, but in such unpredicable times, we do not know what our financial situation might be in just a few short months.
Do a little brainstorming and think of ways to earn extra income. Do you have a few rooms in your basement that you could fix up and rent out? There is a huge demand for inexpensive accommodation right now with so many people losing their homes.
McGraw-Hill Research did a study and found that companies that maintained or even increased their marketing during the 1981-82 recession actually saw a 275% average sales growth over the following five years. In comparison, those companies who cut their marketing, only saw a 19% minimal increase over the same 5 year period. Starting a home based business during a recession is a great idea. The experts say that this is actually the best time in 70 years to build a profitable business.
This is actually great news!
Donald Trump and Robert Kiyosaki have both gone on record to praise home based businesses, particularly utilizing the Internet. The experts are saying that more millionaires are going to be made doing business this way than any other way at all. I don't know about you, but if that's the truth, then I for one want to learn as much as I can about this internet marketing way of doing business. If it's good enough for "The Donald", then I'm sure it's good enough for the rest of us!
The future can be very positive if we just take the proper actions. I wish you every success in your endeavours during this economic recession. We can all succeed!
There are really only three outcomes. We could actually prosper during this time, we might not be affected at all, (or perhaps just a little) and finally, we could be financially devastated. Obviously, our wish is to prosper regardless of the economic conditions. So the question to ask ourselves, is how can we do that?
If we look back in time, we will see that the economy is constantly fluctuating. Right now we find ourselves in a recession, but it wasn't too long ago that we were riding high and there was immense economic growth. We have also experienced periods of time where the economy was fairly stable.
I recommend that you do a little research and read some informative material regarding the historical causes of recessions. There are many great books out there but one that I can particularly recommend is by William Bonner. It is called "Financial Reckoning Day: Surviving the Soft Depression of the 21st Century". You might be able to find a copy at your local library. If they don't have a copy, in most cases the librarian will be happy to order one in.
One obvious thing we should do is curtail our spending, and even though we might find it hard to do, we should attempt to save money for the times ahead that might even be more difficult that now. We should only be spending our money on necessities. Two that come to mind are food and gasoline for our vehicles. We still have to nourish ourselves and most of us need to drive our cars back and fore to work.
Taking on any new debt would be a very unwise course of action. It is possible that we could afford that monthly payment for that new car, especially as the prices are rock bottom at present, but in such unpredicable times, we do not know what our financial situation might be in just a few short months.
Do a little brainstorming and think of ways to earn extra income. Do you have a few rooms in your basement that you could fix up and rent out? There is a huge demand for inexpensive accommodation right now with so many people losing their homes.
McGraw-Hill Research did a study and found that companies that maintained or even increased their marketing during the 1981-82 recession actually saw a 275% average sales growth over the following five years. In comparison, those companies who cut their marketing, only saw a 19% minimal increase over the same 5 year period. Starting a home based business during a recession is a great idea. The experts say that this is actually the best time in 70 years to build a profitable business.
This is actually great news!
Donald Trump and Robert Kiyosaki have both gone on record to praise home based businesses, particularly utilizing the Internet. The experts are saying that more millionaires are going to be made doing business this way than any other way at all. I don't know about you, but if that's the truth, then I for one want to learn as much as I can about this internet marketing way of doing business. If it's good enough for "The Donald", then I'm sure it's good enough for the rest of us!
The future can be very positive if we just take the proper actions. I wish you every success in your endeavours during this economic recession. We can all succeed!
About the Author:
Jan Shimano was District Manager for Health & Welfare Canada for many years. She has also successfully represented clients at their Tribunal Hearings with the WSIB. She has had many years experience as a Nutritional Consultant and a Master Herbalist and is presently working fulltime as a Business and Health Coach and an internet marketer. She lives in British Columbia with her husband, Gerry.