Pinoy Survival Guide to Recession
Posted by: admin in Business, International, Life, Work, tags: Business
Recession… we are getting there.
Here are some of the survival tips to keep you afloat during recession…. heres your tips for surviving recession.
1. Pay all your debts
Pay your credit cards debts, loans, every debt you have.
2. Save Money starting now!
Save money that will let you survive for at least six months.
3. Downsize.
Downsize everything, if you like big mac before go for single cheese, instead of large frap go for small, sell your Chevy Tahoe and buy Toyota Prius, eat dinner at home and reduce eating out. and so on.
4. Stocks.
If you have asubstantial amount money in bank go buy Blue Chip stocks it has been proven several times these stocks go down with the market but recover right away when the recession is done.
5. Decrease remittances to home.
We Filipinos have obligation to our parents and families at home, right?! (Well I am still thankfull that my parents sent me to school and where I am right now reminds me of them alot that I feel responsible for their wellfare… I will futher elaborate that in the future). This will be the best time for you to tell your family that US will be hit by hard time… tell your families that they need to start investing because there will be a time we can’t send money home for our survival here.
6. Work two jobs.
We need to work extra and earn some more because that helps the economy and it adds money to your wallet for future spending. Don’t worry about rising taxes when you get your salary because you are still earning big. Rising tax rate is increasing money in your savings account.
7. Recession is the right time for investing.
Make sure before recession starts stock lots of money in your savings account to buyinvestments, it is expected that real estate prices go down to more than 30%, so thats the best time to invest. If you got thousands to millions go find a cheap company who you think will do good after recession.
Just take for example Warren Buffet, the richest man on planet earth, he started his company by buying the undervalued Berkshire-Hathaway and now Berkshires stock price is more than hundred grand a piece.
8. Knowledge.
Go quench your thirst for learning more recession issues. That will help you a lot. Primarily because the more you ar informed the more chances you will survive.
9. Prepare for the worst to come.
Because the worst is not here yet, but its at your doorstep.
10. Protect your Assets.
To protect your assets you can go buy gold, which is the standard but there are other ways to do that, ask your financial planner and he will lay you the plans.
11. Consider relocating to a place with low living expenses.
12. Learn.
Well recession is just a cycle, this is just temporary which could last a decade, don’t forget theres an END to this. Take it a lesson well learned so that when it hits you again you know how to stand up again.
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