What to do during a recession...besides pray:

[Dexter]

What to do during a recession...besides pray:

Weather you're still working or not, it's good to be aware of what to do financially with your income. That is besides worry if you're going to make it.

Chances are you know someone that has lost their job because of the current recession. Perhaps even you did.

Did you know Since the mid-1800s, when reliable economic data first appeared, the U.S. has suffered 32 recessions. Do you really think this will be the last one of all time? The answer is no.  So the question is, what will we do about it in our own lives knowing that not if but when a recession hits you will be ready?

There are two major points I want to make in being ready for a recession in your own life

1. Have an emergency fund of at least 3 months income but preferably 6 months to a year saved.

2. Create a home based business for a second income stream so if you ever loose your job due to a recession or some other reason, you still have income   flowing in.

Neither one of these steps is easy to take. We can find many excuses not to do them, but only one good reason to do them; your financial survival.

With #1 I'd suggest putting away 10% each time you get paid for your emergency fund until it reaches one years worth of income. If you can't do 10%, then determine what percentage you will do and keep to it.

With #2 I'd suggest starting an inexpensive business that requires:
A. No employees
B. Can be done from your own home
C. Has no inventory or very little
D. Low start up
E. Has residual income. i.e. make a sale and keep being paid for it over and over each month.
If you're looking for such a home based business, simple click on my profile name and read my profile for the link that will take you to my own home based business.

Dexter Black