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Thursday, November 20, 2008

Defend yourself against recession

Recession is happening now ....
  • Since Japan and few other europe countries like Germany declared RECESSION already, it is best to prepare ourself to overcome this hard time situation esp those who have financial commitment.
  • Things I need to prepare myself for the worse since I am tied up with huge loan and debt.
    - Save 6 months of money to pay shop loan - yve duty ~ hope my tenants won't go bankrupt.
    - Save 6 months of money to pay house loan - my duty ~ i dunwan to sleep on the street out there.
    - Save 3 months of money to pay club membership - my duty
    - Save money from eating outside, buy and cook at home.
    - No travel plans for next year 2009.
    - Window shopping only & less party! .... wonder how long I can tahan.
    - Stay sideline from stock market, hope wine investment will gain...else pokai.
  • Few tips to defend and safeguard yourself:-
    1. Get a firm grip on your INCOME. Find out exactly where every penny you make comes from and protect those sources. This means showing up on time and doing a good job at your job. It also means looking out for a possible layoff.
    2. Scout out other income sources to hedge your bets against hyper-inflation or a job layoff. Everyone right now should have second and even third sources of income. You do not want to get stuck without ANY income right now.
    3. Save your extra money. Put as much money into FD account. Build up your extra resources to smooth out any potential financial hick-ups you might encounter.
    4. Shop less and buy what you really need.
    5. Spend less on your fine and luxury dining. Go to foodcourt and street stalls to eat.
  • For more details bout recession and tips, read here

1 comment:

Tripzibit said...

Nice tips,bro. I guess we should prepare for the worst, or else we'll be sorry in the future

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