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STRATEGY #6 TO SURVIVE A DOWN ECONOMY
By Kevin M
If there’s ever been a time to adopt flexibility as a strategy, it’s now. The certainty we knew only a few short years ago is currently failing us, and our progress and even our survival may rest on our willingness to adapt to change and to new rules as much as anything else.
In 10 Ways To Survive a Down Economy (published on Christianpf.com June 1) we listed ten strategies to help you deal with the bad economy. Our topic for today, Strategy #6:
”Be flexible in your plans and ready to adapt to changing circumstances. If your job is eliminated, offer to contract or to work part time for the same company. If you develop multiple income streams, a shift to a part time arrangement may be to your advantage on a number of fronts. Be prepared to convert a negative development into an opportunity.”
Continue reading Be Flexible in the Face of Changing Circumstances →
STRATEGY #4 TO SURVIVE A DOWN ECONOMY
By Kevin M
When ever the economy turns sour, there’s a general tendency to stay on current jobs as long as possible, under the belief that it’s better to stay where we’re established than to go to another company where we’ll be the new/low man on the totem pole. In addition, an often reflexive response to the news of a job loss, or an impending one, is to immediately seek new employment at competing firms within the same industry.
On the surface, these strategies have merit. In the former, we hold on as long as possible, hoping that either we’ll keep our current situation as long as possible, or maybe we’ll even out last the downturn. It seems to make sense to stay in the same career and in the same industry—after all, that’s where our skills are concentrated, and where we have the greatest income potential. But do these represent the best strategies?
Continue reading Changing Careers in a Recession →
By Kevin M
A family living in a McMansion loses their home to foreclosure. An overbearing manager earning a six figure salary loses his job in a department shut down. The (former) most prosperous family in the neighborhood is forced to close down their business for lack of sales; there’s a for sale sign on their front lawn. A couple who drove high end cars and traveled often is facing bankruptcy. A women in old clothes approaches us in a shopping center, tells us her husband has lost his job several months ago, and they have no money to feed their children.
How do we react?
To the family who lost their McMansion: They had no business buying a house that large.
To the overbearing manager: It’s about time he got his—I remember when…
To the former most prosperous family in the neighborhood: They always thought they were better than everyone else—maybe this will teach them a lesson!
To the couple who lived the good life: It serves them right. They lived like money was no object, and now they’re in bankruptcy; they should have saved their money like I did.
To the women in the shopping center asking for money for food: I don’t have any money with me. (She’ll probably use it to buy liquor or drugs if I give it to her.) Get a job! Isn’t there an ordinance against panhandling?
Continue reading Lending a Hand to the Economys Victims →
OOYR Preface: Proper understanding of the big picture is the first, best strategy for preparing and rearranging your life to prosper in the future. In order to prepare effectively for the future—in regard to careers, spending, saving or investing—we must first have a realistic assessment of the situation at hand and where it can reasonably be expected to lead. In the current economic environment, an optimist isn’t one who expects a quick return to the prosperity of yesterday, but rather the person who considers the economy in realistic–though perhaps dismal—terms, and prepares his life, finances and occupation in a proactive manner. The post below, which provides that necessary perspective, is an article written by Charles Hugh Smith at OfTwoMinds.com, and reprinted here by permission. His blog is perhaps the most concise and easy to understand analysis of the state of the economy and the forces driving it as you will find anywhere. Charles is also the author of the e-book Survival+: Structuring Prosperity for Yourself and the Nation. Both the blog and the ebook are highly recommended.
A number of lethal traps hobble structural reforms to the failing Status Quo.
Continue reading Interlocking Traps (Or Why This Recession May Not Be So Temporary) →
By Kevin M
In 10 Ways To Survive a Down Economy (published on Christianpf.com June 1) we listed ten strategies to help you deal with the bad economy. Now we’ll begin taking a look at each in greater detail. Strategy #1:
1. Assume perpetual economic instability. You can’t go wrong with this. If that assumption turns out to be wrong I’m sure you’ll have no trouble adjusting! Otherwise, actively network your business or your job skills continuously. You can never know when the next job eliminated might be yours. Be ready.
Continue reading Strategy #1 to Survive a Down Economy: Assume Perpetual Economic Instability →
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OutOfYourRut Disclaimers
General: Any information in regard to money, credit, personal finance, or in regard to any other monetary topic, provided or shared on OutOfYourRut.com is presented for information and entertainment purposes only and does not constitute financial advice. It is intended to provide general information only and does not constitute personal financial advice in regard to your specific circumstances...MORE-->
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Lending a Hand to the Economys Victims
By Kevin M
A family living in a McMansion loses their home to foreclosure. An overbearing manager earning a six figure salary loses his job in a department shut down. The (former) most prosperous family in the neighborhood is forced to close down their business for lack of sales; there’s a for sale sign on their front lawn. A couple who drove high end cars and traveled often is facing bankruptcy. A women in old clothes approaches us in a shopping center, tells us her husband has lost his job several months ago, and they have no money to feed their children.
How do we react?
Continue reading Lending a Hand to the Economys Victims →