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How To Survive The Coming Recession (If It’s Not Here Already)

6 October 2008 No Comment

Recession is coming, if it isn’t here already. The financial bailout simply kept the flow of credit from stopping completely. It really doesn’t do anything to get the consumer to spend more or to get the global economy roaring again. We are slowing down, more jobs will be lost, and consumer spending will decline further. Here are three steps to survive this recession and come out the other side strong!

Career: Make Yourself More Valuable

Is your company slow because volume is down? My company is. Instead of allowing yourself to get bored, you need to find ways to add value. Take on tasks outside your normal responsibility. Work on internal processes so that when activity picks up again, things run smoother than ever.

Your job is your #1 concern right now, as many companies are laying off due to a lack of business. Make yourself more valuable, make yourself more noticed, and make yourself more visible. Ask your boss if there are other ways you can help him or her out. Be the first to sign up for a potential new project that might require more work on your plate.

To survive and even thrive in this recession, you have to keep your job. Make sure when the subject of cuts or layoffs comes up at your employer, your name is at the bottom of the list because of all the value you add to your company.

Income: Keep Working On A Second Income Stream

There is no better time than now to attempt to diversify your income. When jobs are not as secure as before, imagine how less stressed you’d be if you had more income coming in. Research ways to earn some extra cash. Like always, I recommend the internet because of the low cost and easy to implement technologies. This blog has been a steady generated of $200-$500 each month for me over the last few months. The extra cash is sure nice to have especially with higher levels of economic uncertainty.

Investing: Focus On Long Term Value

The stock market is a mess. Nobody is going to tell you different. However, as we called the Dow going to 10,000, hopefully, you were prepared for the drop.

If you manage your income and expenses well during this stressed time, there will be some great ways to add valuable positions for the long term. There is no time more difficult to put money into stocks than right now, however, I believe the more money you invest today, the better off you will be years from now. Like I’ve been saying, we’re definitely closer to a bottom in stocks than a top in stocks.

I like Apple (AAPL) at current levels even with a weak consumer, Philip Morris Int’l (PM) and Caterpillar (CAT).

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