Tips to Survive a Recession
As forwarded by a financial consultant, in Dubai. In Recession, make your own judgment, don’t panic! Do what is wise.
The recession looks very eminent. It is really time to take pro active steps to avoid a painful time for next few months which is how long the recession is expected to last.
Suggestions:
1. Don’t take any loans, buy homes, properties with loans, or even cash. Keep as much cash as possible.
2. Pay off as much of personal loans, private loans, as debt collection will be hastened.
3. Sell any stocks you can even at lower prices.
4. Take money off from Trust Funds.
5. Don’t believe in huge sales forecast from customers, be extremely prudent, lowest inventories, reduce liabilities.
6. Don’t invest in new capital.
7. If you are selling homes/ properties/ cars, do it now, when you can get good prices, they are going to fall.
8. Don’t invest in new business proposals.
9. Cancel holiday plans using credit cards.
10. Don’t change jobs, as companies will retrench based on ‘last in first out’.
Stay cool, wait, and if you took all of the above actions and more, you probably will be better off then many. Many banking and financial institutions that will start falling in the not too future.
India and all those self economies will be the most protected, but not gullible.
Just wanted to say HI. I found your blog a few days ago on Technorati and have been reading it over the past few days.
Nice writing. You are on my RSS reader now so I can read more from you down the road.
Allen Taylor