Guard Yourself : The battle between you and market recession has been long enough already. As it aims to fire our economy with high inflation rates, increased unemployment number, expensive goods, among others; we need some tools to shield us against its detrimental effects. Here are some ways to win the fight.
Weapon 1: Know your enemy first. Market recession is simply defined as a situation where the GDP or Gross Domestic Product of a nation is suffering with a stable negative increase for the last two successive quarters. If this will last for more than two months up to years, then we will be experiencing economic correction. If longer than a year or two, then prepare yourself for economic depression. While we can mitigate market recession right now, then let us not wait for the worst situation to come.
Weapon 2: Save and earn extra money! A great amount of savings could create a strong defense against any untoward incidents like losing a job. Saving would mean creating an emergency fund for future use. You can deposit this on a bank to earn you interest or you can invest this on some business to earn income. Saving would also mean cutting of unnecessary expenses and turning away from debts. Guard Yourself This is possible if you make a realistic budget and follow it strictly. There should be a great distinction between the things that you truly need with those items that you just want to buy. On the other hand, if you have debts, then pay them as often as possible to avoid accumulation of high interest rates and other service fees.
Additional saving tip would be learning some basic household chores like cooking, gardening, fixing items and others in order to minimize paying other people to do it for you. If you are skilled on these, then you could have it as part-time job with other houses too. You could also earn income if you engaged yourself in small business such as selling items that you or your family is no longer using. In this time of market recession, consumers are also seeking items at its lowest price.
Weapon 3: Protect your job. Your job is your life. If your boss will realize your value, you’re probability of getting fired because of market recession is very slim. Take advantage of your job to make a network of connection. With so many contacts that you will know and become friends with, Guard Yourself the more number of hands will help you during the battle.
We cannot predict when will market recession ends. In this battle, the most guarded and prepared will only survive.