Hi,
It never hurts to be well prepared for an eventuality , then to panic.
As the Old saying goes "Prevention is better than Cure".
Jotting down few pointers which might help during the slow down.
Few steps which can help in fighting the slowdown
1. Practice simple Living
I believe simple living is the basic foundation to sound financial success.
Spend less than you earn.
Buy only what you can afford — This means reducing your reliance on credit card, and paying off your balance in full every month.
Cut your expenses.
Reduce your debt — Except for your mortgage, you should actively try to eliminate your debt.
Make every Rupee count — Stretch your money and make every Rupee count.
2. Establish An Emergency Plan
If you lose your ability to generate income, do you have enough cash reserve to stay afloat? More
Importantly do you have an emergency plan to keep you out of trouble?
I think more emergency cash is always better, so I’m all in favor of this move. If you can move towards more short-term savings then do so. If you don’t have an emergency fund you
should start today.
3. Slim Down the Debts
It’s always a good time to do this, but apparently even more so in a potential recession. When your stocks are flying high you can afford paying a little debt interest.
4. Work Harder and Smarter:
For most people, their job is their biggest source of income. During recession, the chance of unemployment increases dramatically, and we have seen many examples this past few months.
Try to work on key projects for your company, which may make you less likely to lose your job if times get tougher.
Make sure you are generating revenue for your company. Any position can add value.
Be proactive and find the little things that add up to big savings for your boss.
Fortunately, there are a few things that you could do to project your job.
Networking - If you haven’t done it already, this is a great time to start.
Get to know your peers and the higher ups better.
Take on special projects that expose you to other people outside of your immediate workgroup.
Join HR groups, industry groups, and associations.
Help your company increase profit and revenue
Help your company reduce expenses
Make sure your good work is noticed
Expand your skillset — Getting a new certification or skill can make one much more marketable.
Market Yourself....
5. Get to the Office and Stay There
Make sure you are getting plenty of “face time” with your boss. If you work from home often, consider stopping that practice for a while. Also, you might want to be the guy or gal who is first in and last out. Can’t hurt.
6. Cozy Up to a Headhunter
Get on Facebook or Linked In now and connect with recruiters in your field. Believe me, they’d love to hear from you. While you don’t necessarily have to begin your job search, make sure you have a few connections. The few unwanted interruptions I do get from these recruiters I don’t mind because of how they’ve helped me out in the past.
7. Get Ready for Next Wave
Laying the groundwork for an industry switch. Health care & Mobile Platform , is now, and for a long time will be, a very hot field. Consider a career switch and begin investigating the path needed to get there.
"Your job is not going to be there forever. You can’t work forever. And you can’t retire until you figure out a way to replace income from your job."
Recessions: Learn the Facts
Apparently, the last time we were in this type of economic downturn was in the nineties. It took about 3 to 6 months for the economy to turn around once it hit full recession. I have no idea what this current down-turn entails, but if history repeats itself, and we do go into a recession, we’ll be up and out of this thing before too long. I’m not going to panic, but I still think it’s a good idea to brace yourself a bit.
Thank You
