What To Do During Recession? – Tips

What To Do During Recession? – Tips

Author: Unknown

I just want to share some tips during recession. I got it from my in-box. I hope these would help us in time of crisis.

Market

1. We all know that the market have slumped

2. We read about the jobless in news paper

3. People talk at least 24 months of recession

4. Early entrants are not getting jobs

5. Companies are closing

6. Sales not picking up

7. Suddenly cash has evaporated from the market

8. Profitability is severely hit

A. I am an Employee

1. I need to keep my job

2. I need to pay EMIs

3. I have a family to run

4. I need to keep working to sustain myself

5. I need to feel secure

6. I need to save a little money for a rainy day.

7. …

B. Basic Don'ts

1. Don't take too much vacation

2. Don't complain

3. Don't waste time gossiping

4. Don't resist transfer

5. Don't resist travel

6. Don't resist salary cut

7. Don't resist extra work load

8. Don't resist extra time in the office if needed

9. Don't don’t change job in this market. It's too risky.

10. Don't ask for promotion, Don't ask for salary increase. If you ask , you may soon not have a job. Remember there are people available with better skill at a lower salary levels.

C. Basic Do's

1. Be punctual to office

2. Ensure you pick up new skills

3. Ensure you deliver as per deadlines

4. Ensure that you contribute to knowledge forum, etc

5. Do something innovative

6. Take training programs

7. Organize team meeting to improve productivity

8. Always be engaged and productive

9. Work doubly hard and save money for your company

10. Remember, you r boss is always right and is the best (recession or no recession)

11. Be cheerful, keep smiling, life goes on.

D. Daily expenses

1. Take stock of your expenses – actually write it down

2. Tick " No need to have" vs "Nice to have"

3. Knock of all " Nice to have expenses" – right now

4. Assuming you don’t have a job. – Plan for cash to service for 24 months. Apparently, this recession will take at least 24 months to come out of sit on cash

5. Other tips to cut expenses

a. Going mall is expensive

b. Good restaurants are expensive

c. Impulsive is expensive

d. Taking flight is expensive

e. Eating out daily is expensive

f. Check services which are not using but have subscribed to

g. Going on vacation is expensive

E. The big loans

1. Home loan and EMI

a. If you own a home and you are living on it and paying EMI, then see if you can partially fore-close it.

2. If you have two homes and paying EMI on both

a. See if you can rent a second home – Don't bother the amount of rent. Rent to get cash flow going. Don't feel bad that the rental is not good enough. Trust me it will soon be a great feeling to rent.

b. If you have enough money, then fore-close a significant part of it if your interest rate is less than bank FD (which I doubt.) then you don't have to fore close.

c. If you think the property have a descent value, then sell it (though it is a buyer's market).

F. Do I buy anything now? Do I invest?

1. Investing in stock and mutual fund?

a. Generate money every month – take a systematic investment plan (about 15% of your salary) keep at low values for the next 24 months.

2. Buy an asset – Buy house/apartment/land?

a. If you have cash and feel secure, this is the great time to buy. you can negotiate hard with builders/developers. Actually you can write your own term of agreement.

· First Preference – buy (always buy small sites, it is easier to dispose. Else farm land is a great option, big land low cost.)

· Second Preference – buy house and land (again buy from known developers.)

· Third preference – Buy Apartment (you always wanted to buy 3-bed/4bed apartment from reputed builders, but could never afford). Now is the right time to ask for free. Some being sold at ridiculous prices.

G. I am looking for a job – What do I do?

1. Enroll to course/training/education as you searching for a job. To enhance your skills.

2. Enroll as a trainee anywhere you can get an opportunity. Most trainees end up getting confirmed employment as a build relationship. In a company.

3. Don’t have reference regarding – city, salary, location, designation, shift etc. just take it and gain experience. It is a first step for a long career.

4. Go through references of people who are already working.

5. During job interviews – the keywords which employers are looking for is “Flexibility”.

6. Agree for any “place, date, time to take job interview.

7. Please improve your communication skills. This is one skill fetches job!

H. These suggestions are tough – Do I live life or not?

1. The new principles – Happiness is inversely proportional to expectations/desires. More the expectations/desires – lesser the happiness and vise versa.

2. Some other ways to live great life.

a. Spend time with family – go for a picnic in a nearby garden.

b. Exercise and walk a lot, drink lot of water.

c. Listen to radio, watch some TV.

d. Visit libraries, read books which you purchase, but never have a chance to open them.

e. Go to friends and place for dinner.

f. Enroll into hobby – music, painting etc.

g. Do social service – start teaching, mentoring

h. Spend more time with your children.

i. Join laughter forum, attend conferences and meet interesting people

j. Go for concert

Don’t worry! What goes down will always go up. Market will rebound. These tips will prepare you to be a winner.

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