There is no question about the fact that we are deep into an economic recession. Many of us are asking how we are going to get through this unscathed.
The way I see it, there are only three possible outcomes. Things could stay the same for us and we would see little change, we could be adversely affected or we could even prosper. If you are like me, then this latter scenario is what we would like to see happen to us. The question is, how can we make that happen?
I think we all realize that there is certainly an ebb and flow to the economy. There are times of great economic growth, times of relative stability and then times when the economy draws back and we find ourselves in a recession, or perhaps even a depression.
We do not have to be frightened by this economic recession. There is so much hype in the media that sometimes it puts people in panic mode. It would be a good idea to get a little education on the causes of recessions and how to cope with them. I highly recommend a book by William Bonner entitled “Financial Reckoning Day: Surviving the Soft Depression of the 21st Century”. Perhaps you can find a copy at your local library. Most libraries will order a book if it is not yet part of their inventory.
It is important that we are very careful about the way we are spending our money during an economic recession. Obviously, we still have to eat and most of us have to drive our cars to and from work, so food and gas would be classified as necessities. We should also try to save some money, even if it is just a little, for the possibility of even tighter times ahead.
Right now the cost of vehicles has come right down. The automakers are really hurting and are offering some great deals. It would not be wise to be sucked in. Maybe we can afford that shiny, new car this month but what if we lose our job in a few months time — what is going to happen to our ability to pay our car loan then?
There are numerous way to earn a little extra income. One idea that comes to mind is renting out those few extra rooms in your basement or home. With so many people losing their homes, there would be no trouble at all getting those rooms rented out.
McGraw-Hill Research did a study and found that companies that maintained or even increased their marketing during the 1981-82 recession actually saw a 275% average sales growth over the following five years. In comparison, those companies who cut their marketing, only saw a 19% minimal increase over the same 5 year period. Starting a home based business during a recession is a great idea. The experts say that this is actually the best time in 70 years to build a profitable business.
This is really great news!
Donald Trump and Robert Kiyosaki have both gone on record to praise home based businesses, particularly utilizing the Internet. The experts are saying that more millionaires are going to be made doing business this way than any other way at all. I don’t know about you, but if that’s the truth, then I for one want to learn as much as I can about this internet marketing way of doing business. If it’s good enough for “The Donald”, then I’m sure it’s good enough for the rest of us!
The future can be very positive if we just take the proper actions. I wish you every success in your endeavours during this economic recession. We can all succeed!