Wednesday, November 26, 2008

Recession-Proof Your Life

The best part about these habits is that they won't only serve you well during times of recession - they'll serve you well no matter what's going on in the market.

NVDL: I have some suggestions too:
- change your eating habits. You can't afford to waste good money on bad food. And it's unhealthy. Try to stick to drinking water only. No, not even fruit juice, and no sodas. You can make the occasional exception. Quit eating burgers and white bread, and cut out red meat. Fruit and vegetables are cheaper, and healthier
2) Exercise. This improves moods, discipline and will lower your sick bill. Also, the happier you are the less likely you will comfort-eat and comfort-spend. Exervise teaches you to enjoy the inspiration related to effort, even discomfort.
3) Watch less TV - read instead.
clipped from biz.yahoo.com

No. 1: Have an Emergency Fund
No. 2: Always Live Within Your Means
Debt begets more debt when you can't pay it off right away - if you think gas prices are high, wait until you're paying 29.99% annual percentage rate (APR) on them.

No. 3: Have More Than One Source of Income
Even if you have a great full-time job, it's not a bad idea to have a source of extra income on the side, whether it's some consulting work or selling collectibles on eBay. With job security so nonexistent these days, more jobs mean more job security. If you lose one, at least you still have the other one. You may not be making as much money as you were before, but every little bit helps.

No. 4: Have a Long-Term Mindset With Investments
No. 5: Be Honest About Your Risk Tolerance
No. 6: Diversify Your Investments
No. 7: Keep Your Credit Score High
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