..."Rescession Upon Us" Suggests Tito
Basotho ba heso it is very much apparent that the global economic meltdown has hit our shores in a big way. We saw on our televisions yesterday that Tito Mboweni, Governor of the South African reserve bank hinted that the country is slipping in a state of recession and that the situation is not going to get better any time soon. We all know that South Africa is the power house of the entire Southern African region (if not the whole of Africa) as a result when it sneezes we all catch a cold. BizLesotho has been out and about to try to find best tips on how to avert the current crisis and this are the best tips we could come up with:
Protect Your Job – Stay put with your current job. A new job is a lot harder to find in a financial crisis like this.
Have an Emergency Fund – I recommend setting aside at least six months expenses in a separate account. You should never touch this account unless you lose your regular job or your regular monthly income stops flowing in. If you don’t have an emergency fund, start building it now. This is something you need to do only once in your lifetime.
Reduce Your Debt – When you have debt, you are no longer in control of your life. You are instead working hard to pay interests to your financial institutions. Stop borrowing more money and concentrate on paying off your existing debts.
Reduce Your Expenses –If you can reduce you expenses here and there for small amounts, it will all add up and turn into a large amount at the end of each month.
Have An Additional Income Flow – Start looking into generating a second income. You can earn additional money on top of your regular nine-to-five job by starting an ebusiness, writing a book, starting a blog, doing a part-time job, starting a home business, etc.
Continue Automatic Saving Plan – If you are saving automatically from your pay cheque or bank account, there is no need to stop it. Continue your long term saving plans.
Learn To Invest – If you are not familiar with investments, learn how to invest. Asking you to learn investments may sound conflicting in a financial crisis like the one we are going through now, but don’t make the mistake of staying away from investments.
Live A Simple Life - We spend our precious life energy on the weekdays to earn money so we can spend it on the weekends. We work to pay our daily expenses, but we end up spending more than we make on things we do not need.
Diversify, Diversify, Diversify – The old adage “Don’t put all your eggs in one basket” is still true to this day. Regardless of market conditions, some sectors will always go up and some will always go down.
Relax: Don’t Panic – Relax—this is not the end of the world. Avoid unnecessary risks by not making panic-filled emotional decisions. We survived the Great Depression of the 1920s-30s, the 1970s oil shock, the 1980s crash, the 2000 tech crash, and we will survive the 2009 meltdown as well.
Protect Your Job – Stay put with your current job. A new job is a lot harder to find in a financial crisis like this.
Have an Emergency Fund – I recommend setting aside at least six months expenses in a separate account. You should never touch this account unless you lose your regular job or your regular monthly income stops flowing in. If you don’t have an emergency fund, start building it now. This is something you need to do only once in your lifetime.
Reduce Your Debt – When you have debt, you are no longer in control of your life. You are instead working hard to pay interests to your financial institutions. Stop borrowing more money and concentrate on paying off your existing debts.
Reduce Your Expenses –If you can reduce you expenses here and there for small amounts, it will all add up and turn into a large amount at the end of each month.
Have An Additional Income Flow – Start looking into generating a second income. You can earn additional money on top of your regular nine-to-five job by starting an ebusiness, writing a book, starting a blog, doing a part-time job, starting a home business, etc.
Continue Automatic Saving Plan – If you are saving automatically from your pay cheque or bank account, there is no need to stop it. Continue your long term saving plans.
Learn To Invest – If you are not familiar with investments, learn how to invest. Asking you to learn investments may sound conflicting in a financial crisis like the one we are going through now, but don’t make the mistake of staying away from investments.
Live A Simple Life - We spend our precious life energy on the weekdays to earn money so we can spend it on the weekends. We work to pay our daily expenses, but we end up spending more than we make on things we do not need.
Diversify, Diversify, Diversify – The old adage “Don’t put all your eggs in one basket” is still true to this day. Regardless of market conditions, some sectors will always go up and some will always go down.
Relax: Don’t Panic – Relax—this is not the end of the world. Avoid unnecessary risks by not making panic-filled emotional decisions. We survived the Great Depression of the 1920s-30s, the 1970s oil shock, the 1980s crash, the 2000 tech crash, and we will survive the 2009 meltdown as well.
Information Courstesy of www.adawnjournal.com
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hello,
ReplyDeleteYou have posted my article without attribution. A valid, clickable link is required at the end of the article. This link is - http://adawnjournal.com/2008/10/30/ten-tips-to-survive-the-2008-global-financial-meltdown/
You have two option. Either you can put the above link in working condition at the end of my article or you can remove the whole post. Please let me know once you do that.
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