How to recession proof your life!

If you have been watching the news lately you have probably heard that times are tough and it may possibly get tougher. Well that does not have to apply to you personally. Below are a few suggestions to help you ride through the turbulent times with a smile on your face. 

1) Trim the fat. As obvious as this seems, some people do not see it. There is no better time than now to pay off your debt and cut the ties to your creditors. Doing it may be easier than you think and you can do it with the money that you are currently making. Contact my office today and we can show you how to put you on the fast track to eliminating all your debts.  

2) Make cash king. Now that you are well on your way to paying off all your debts you do not want to run them up again. Put the credit cards on ice, (literally and figuratively). Everywhere you had used your credit cards before also take cash, debit or certified cheques and if you have to use your credit card pay it off as soon as you use it as interest is charged from the date you use it rather than when you get your bill. You should also know that by paying off your credit cards and not using them greatly improves your credit. 

3) Plan your purchases. I am not saying that you should not take a vacation, buy the new iphone or a new flat screen television, save up and then pay cash for them. Don’t get sold on no money down, interest free or no payments,  promotions at the big box stores, as they are linked to taking their in store credit cards.  

4) Start your own business. The idea here is to develop another income stream, and multiple if possible. Don’t quit your day job if you have one. Many times you can do this while still working a full time gig. Click here or here for some idea’s for home based businesses. I also recommend Ed Dale’s “Thirty Day Challenge” to show you how to start an internet business.  There are tax advantages to doing this as well, consult your account for full details.

5) Focus on income producing activities. As exciting as having your own business is, it is still required that you work in it if you want it to produce an income. Concentrate on activities that will generate revenue for you and your business.  

6) Share the wealth. Last but certainly not least, as you are riding out this possible recession remember others may not be as fortunate. Sow the seeds of your success, and share with others what is working for you and also what lessons that you have learned along the way. Also do not forgot about local charities that also need your financial help, as their services will be needed more now than ever before.  

Cheers,

Pat

“If you can’t convince them, confuse them.”- Harry S. Truman