| Financial planning to survive a recession begins well | | | | several eggs in the basket of your career never hurts. |
| before the possibility of a recession. Not understanding | | | | 2. Maintain your savings: Think you want the latest |
| that a recession can occur is like assuming that a | | | | new car? Think again! Now is the time to be |
| sunny day will not possibly be followed by a rainy day. | | | | conservative and be very picky about your purchases. |
| Not preparing for possible challenging financial times is | | | | If you have to make a big purchase such as an auto, |
| akin to not wanting to grow up. There are several | | | | can you think outside the box and think of alternatives |
| actions and plans that must be carried out to ensure | | | | that will have less financial impact? How about using |
| survival during tough financial times: | | | | public transportation, moving closer to work or buying a |
| 1. Maintain your career: Have you kept yourself up to | | | | used vehicle? Do you really need that latte on your |
| date professionally? Are there skills you need to add | | | | way to work? How about cooking more and taking |
| to stay current and competitive? Make sure to keep | | | | your food to work rather than going out? Little |
| up with any advances in technology that impact your | | | | expenditures can add up. If you received that much in |
| career. Is your resume polished? Resume styles | | | | interest in your bank account, wouldn't that make you |
| change and sometimes it is important to have yours | | | | happier than caffeine could? |
| evaluated to make certain you are showcasing your | | | | 3. Cover yourself! Make sure you are covered in the |
| skills and accomplishments in the best light. Don't just | | | | case of any emergency. Make certain you have |
| state what your duties were. State your | | | | adequate insurance for any potential risks to your |
| accomplishments. | | | | finances - auto, homeowners, medical, etc. A medical |
| You can't wait for the writing to be on the wall to | | | | emergency not well covered could result in bankruptcy. |
| prepare for potential lay-offs. Is there education you | | | | Have you created a will to take care of any |
| need that you have been putting off? To effectively | | | | dependents? Do not leave them vulnerable. Insure that |
| maintain your career and hope to grow professionally, | | | | any children are well aware of the need to manage |
| it is imperative that one networks regularly. You never | | | | finances at an early age. They must also understand |
| know when someone you know is able to lead you to | | | | about the value of education and its usual impact on a |
| a different opportunity at just the right time. Make sure | | | | stable, financially secure future. Do not leave this to |
| to be building a network through a site like Linked is the | | | | chance. Have a continuous dialogue with them to |
| wave of the future to find work. Sometimes it matters | | | | cover yourself. You never know when you might need |
| most who you know rather than what you know. | | | | their financial assistance during a future recession! |
| Developing side interests seriously is smart. Explore | | | | Having these areas taken care of should allow one to |
| your hobbies to see what could result in possible | | | | endure the rainy days of life so the sunny days can be |
| additional funds (and enjoyment). There are also | | | | even more pleasant. |
| significant tax savings to take into account. And having | | | | |