Prepare yourself for recession
Posted on 15. Oct, 2009 by admin in economy
A Healthier Bottom Line
During the recent recession many of us discovered just how important a well funded emergency fund is. Those who had an emergency fund in place were certainly glad they did, while those who had saved little or nothing were left scrambling to make ends meet. Smart workers can use this important lesson to make sure they have between six and twelve months worth of living expenses socked away. Saving just a few dollars a day can help you build that fund.
A More Realistic Attitude
Before the downturn hit many of us believed that we needed to have the latest stuff to feel fulfilled, but a funny thing happened when the economy went south. Suddenly many of us discovered that we could leave rich and fulfilling lives without the latest electronic gizmo or new designer dress. If nothing else the recent recession allowed many of us to focus on the importance of friends and family, rather than the illusory allure of shiny consumer goods.
A Chance at Retirement
Many of us saw our 401(k) balances shrink significantly during the recent downturn, and that caused many workers to feel that they would be forced to work until the day they died. But now that the market has begun to recover some of its earlier losses things are looking decidedly rosier. Workers who want to get a head start on rebuilding their nest eggs have been putting extra money aside for retirement. This may mean not only a chance at a comfortable retirement but for some a chance to retire earlier than anticipated. Of course there are no guarantees, but forgoing a couple of luxuries now may mean you can enjoy a more luxurious lifestyle when you decide to stop working.