- 10 Ways to Ramp Up Your Social Media PresencePosted 2 years ago
- 4 Business Lessons Learned from the Late,
Great Steve JobsPosted 2 years ago
- How to Stand Out in a Flooded MarketPosted 2 years ago
- Business Networking: Following up with a Thank You NotePosted 2 years ago
- Update Your Inner Circle for Consistent GrowthPosted 2 years ago
How to Survive Economic Turmoil
As you are quite likely aware, the economy is currently in its worst performance in over 80 years. How does this affect you, and how can you stay afloat until things get better?
The first thing to do is remain up-to-date on what is going on with the economy. You need to comprehend what is going on and keep up-to-date as changes happen. Not having this information could cause you to make decisions that could be harmful to your financial future.
It is good to remain aware of what is going on, but don’t make hasty decisions based on something you read today, as it is common for people to overreact to bad news and think the future is destined to be even worse than today.
Here are some things to keep in mind that can assist you in surviving the economic collapse:
Leave any stock you have invested long term where it is. Markets naturally go up and down, and sometimes the moves can be large and sudden. However, the general trend is for markets to return to their normal path upward.
If you have concerns about your investments, seek the advice of a professional. Don’t panic and sell during a sharp fall in markets. This is business as usual for the stock market, and you should be expecting days like this.
- Achieve diversification.
To put it simply, don’t put everything in one place. Spread investments out instead of putting them in one spot. Find out more about CD’s, bonds, or money market accounts. These safe investments are slow, stable, and generally have a protected principal.
- Don’t spend as much.
It’s pretty obvious but still very important to remember. If, before the economy dipped, you dined out thrice a week, try going once every two weeks now. To keep it simple: If you don’t have to spend money, don’t do it. You’ll be able to pay your bills with the money saved.
In the present economy, we all need to sacrifice to survive. You will need to cook at home more often and possibly rent a movie in place of going to the theater. This isn’t the worst thing, so appreciate what you do have!
- Make wise spending choices.
Where do you do your shopping on a regular basis? If the answer is high-end luxury retailers, you will have to make some changes.
Find your local dollar stores and discount grocery stores. Not everyone is aware that dollar stores have cleaning supplies on their shelves for just 1 dollar as opposed to 4 to 5 dollars at regular grocery stores.
On your morning commute to work, walk by Starbucks and just bring a coffee mug from home instead.
We’re having tough economic times. Unemployment is growing, jobs are difficult to find, and businesses are shutting down faster than ever. Still, that’s not anything to be afraid of. Such things occur. It’s all cyclical, so the economy will get strong again at some point.
While you are waiting, think outside the box to come up with ways to earn extra cash and save money on your expenditures:
- Check your home, including closets, cellar, and attic, for items that you no longer need, and sell those items online.