We can’t prevent a recession from happening, but there are a number of things to do so that we survive it with a minimum of pain.
1. Have the proper attitude – you have to have faith that you can do something positive if you are going to survive the coming recession.
2. Have faith in yourself – you have to believe in your own abilities if you want to be successful at surviving a recession.
3. Don’t panic – this is not the time to start selling the investments in your 401K. We are probably closer to the bottom than the top and you don’t want to create a tax liability for yourself.
4. Think long term – You are probably going to recover most of what you have lost if not all when the recession is over. Historically things get better over time.
5. Reduce Your Expenses – Sit down and make a budget. Try and decide what expenses you can reduce if you lose your job and you need to make limited resources do.
6. Decide what’s Important – Do you know what is really important to you? Is it your home, your car, your medicines, or your life style? Something is going to have to be cut.
7. Alternate Income source – If you want to survive this recession you may need an extra source of income. Examine your talents. What kind of part time work are you good at? A second income is better than none.
8. Marshall your assets – Are you sitting around holding onto antiques or jewelry or other unused assets that you don’t like or need? Sell them and build a nest egg to give you more security in these trying times.
9. Your family – If you are really experiencing trying times it is okay to ask relatives for a loan to help get you through them as long as you intend to pay it back. Worst case you can move in with your relatives or if you are doing okay have them move in with you.
10. Debt Control – Talk to your lenders, your mortgage holders, your credit card company. They can help you spread out or defer your payments so that you both recover from these trying times.
It’s really up to you. You can survive this recession if you believe that you can. This is not the end of the world. It is only a stage in your life that you are going through. So are the rest of us. We all have to learn to cope.
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