Okay...so we are "officially" in a recession - and have been since December 2007. The National Bureau of Economic Research affirmed what most of us already knew in our hearts. Our shrinking 401(k) accounts and empty wallets knew it, too.
If money isn't tight for you right now, then I am so happy for you. You should feel relieved!
For those of us who have had to tighten our belts, or had to sell them for gas money, it looks like we're going to be in this mess for a little longer. Many people that I know - including myself - have had to reduce spending in some areas, eliminate spending in many others, and live a lifestyle much differently than in the past. Money is still tight for me but I credit my survival to the elimination of a lot of expenses. They were hard to cut at first but now I don't even realize they're gone! I am building up my savings slowly yet steadily.
One thing is for sure: desperate times lead to __________ __________ __________. You're probably thinking, "'Desperate Measures' only has two words, Manoj!" right? You're right - it does. But, that's not what I'm talking about. Desperate times lead to increased financial intelligence! When you're stuck between a rock and a hard place, all of those dusty gears in your head that haven't been used in a long time start to turn and bright ideas start to form. At least that's what happened for me. I'm sure it's happened for you, too!
Here's an example: I needed extra pocket money for gas and food expenditures throughout the week. I didn't want to tap into my work earnings so I suddenly had the inspiration to become a math tutor. I've always been good at math and I figured it would be a great way to pick up some extra cash each week. A few internet postings later, I had my first student. Then another. And then another. See what I mean?
Other personal examples include innovative real estate marketing ideas, increased awareness of various financial tools and products, hunting for discounts when going shopping, etc.
What examples can you think of? Please share because I would love to know! I'm sure your peers would, too!
The point is this: don't let this economy get a one-up on you. Don't let this economy win! Stand your ground and fight this recession until it's over!
"But Manoj, you make it sound so easy." It's not easy...trust me. Remember, I'm dealing with the same issues myself but I have made a decision to overcome my financial obstacles and come out on top. You can, too. It's either you make that decision or you allow the economy to ruin you and your dreams.
Please don't let that happen.
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1 comment:
I think that everyone has felt the financial "squeeze" right now. Its important to remember that just like everything else in life, finances have their ups and downs. Let today's difficulties be a reason to appreciate tomorrows success. Now that we now how difficult things can acutally get it gives us the advantage to more prepare ourselves better for future dips in the economy. Recognize your struggles as an opportunity to learn from your mistakes and make the appropriate strides to prevent those struggles in the future. good Blog!!
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