For example, Washington politicians are largely sheltered, drawing huge wages and enjoying lavish benefits. Just the same, there are people who are taking advantage of difficult times and squeezing lemonade from lemons. Certainly, you want to identify with the latter camp.
How can you survive a bad economy? By incorporating the following seven money tips:
1. Go out of debt
— It seems logical that being debt free has its benefits, but not too many people live their lives accordingly. Begin to pay down your debt and get rid of all of your debt before your retire, your home included. Debt limits your choices, lowers your disposable income and tends to rob people of their peace of mind.
2. Save, save, save
— Once you have dealt with your debt, begin to deal with your savings. Literally. Start a savings plan and set aside money on a regular basis. Keep some monies liquid and devote a reasonable amount to investments, including stocks.
3. Marry someone who values money like you do
— In some marriages, one person is a spender, the other a saver. Good marriages work to find a middle ground, but guess what? The thrifty person has less money at his disposal then what he would have had he married a like-minded person. BTW, if you’re already married, then stay married!
4. Be an opportunist
— When everyone else is panicking, take a deep breath and survey the land. Chances are someone is making a decision that isn’t wise, such as selling a business below value. This is your chance to jump in, make some money and flip the business.
5. Look beyond the now
— It is essential that you turn into a visionary when the economy is sour. Gold prices are near peak. Home prices will soon stabilize. Someone in Washington will figure out that stimulating the economy means taking the boot off the neck of businesses. If you react to short term problems without considering long term solutions, then you’ll lose money, perhaps a lot of it.
6. Update your skills
— Technical and community colleges are booming, with more students enrolled than ever before. Why? Because people are seeking training for today’s economy, adapting skills for the 21st century. You may not need to go back to school, but you could certainly use a skills makeover…we all can.
7. Prioritize your desires
— You have wants. You have needs. But, do you know which ones are essential and which ones aren’t? You may want to buy a new car this year, but you don’t need one. You may need a physical, but you really don’t want one. In both example, one option is better than the other, but you must determine what makes sense including keeping yourself healthy.
Making bad choices is something we seem to be good at. However, learning from the mistakes of others can help you to avoid heartache and the loss of money that you simply cannot afford to do without. This bad economy will some day pass, but don’t wait it out without making changes that can only benefit you.
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