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What Should You Be Doing RIGHT NOW?

20 January 2010 No Comment

Sometimes we tend to read and think about high level concepts such as the economy or the markets.  Well, I’ve had a few people ask me to write more about what to do right now with your energy, your money, your time, etc.  It’s great to become knowledgeable regarding some of the “pie in the sky” stuff but it’s important to establish a track to run on, and then actually start running.

So, ok, I like to write about how the economy sucks and how the markets are over-inflated.  You probably already know the economy sucks and you might not be invested in the markets, therefore you could care less what the markets do.  Without further ado, here is your to-do list for 2010.

#1 – Keep Your Job (or Get A Job If Unemployed)

You need to keep your income.  If you lose you’re income, you will quickly turn into survival mode rather than growth mode.  Do what you have to do in order to keep your job.  If it means taking on more, so be it.  If it means handling tasks that you don’t wish to handle, do it.  If it means accepting a shortened work week or even reduced pay, you should definitely do it (then look for a better job on your day off).

If you’ve been a victim of the recession and lost your job, you need to be more aggressive than everyone else so that you can get the job.  You are fighting tons of people for the same position.  What are you doing to stand out?

#2 – Manage Your Spending / Income Balance

I recently had a conversation with a friend.  We both are employed and doing above average financially.  We agreed that even though we’re in decent shape, we should definitely be in hunker down mode.  We should be keeping a tight lid on our spending.

Now, more than ever you need to manage your money wisely.  You should absolutely be spending less than you make.  Hopefully, you’re in the 80% range of spending to income.  Work on making incremental improvements to spend less and save more.

#3 – Consider Working On A Second Source Of Income

I strongly encourage everyone I know to work towards a second income stream.  It’s so crucial to have diversification with regards to income, and who couldn’t use a few extra bucks each month.  What skills do you possess that you could do some work on the side?  I like online income, but you can do handy work, wash cars, lawn care, etc.  Talk to people you know and find out what needs they have and might be willing to pay somebody to handle.  Maybe you can babysit your brother/sister’s kids.  Get creative and work hard.

#4 – Grow Your Skill Set

Lastly, you need to still be thinking about your long term abilities.  Consider picking up a new skill.  It might be able to develop into a second income stream or maybe a completely new career.  It might turn into a full fledged business.  Use your spare time wisely and work on improving your portfolio of skills.

What does your game plan look like these days?  What are you doing with your spare time?  How’s your job outlook?

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