10 Ways to Survive a Down Economy

Seek Fulfillment Beyond Your Work

STRATEGY #10 TO SURVIVE A DOWN ECONOMY

By Kevin M

When careers and money become questionable foundations in our lives, what’s left? It’s often only in bad economies that we even entertain the question.

In 10 Ways To Survive a Down Economy (published on Christianpf.com June 1) we listed ten strategies to help us deal with the bad economy. Our topic for today, the final strategy, Strategy #10:

Seek fulfillment beyond your work. In a world where careers are no longer either peaceful or progressive, self actualizing through your work may not be the path it’s been in the past. Fortunately, there are plenty of opportunities to find fulfillment outside of work. Take more active roles in regard to your health, family, faith and community.

Cultivate Multiple Income Sources

STRATEGY #5 TO SURVIVE A DOWN ECONOMY

By Kevin M

In the dreary job market of the moment, people are having difficulty with two major areas in particular: keeping a steady income flow and increasing that flow. The increasing level of unemployment is not only eliminating jobs, but it’s also putting a lid on raises and promotion opportunities. This is in large part, the driving force behind the credit crisis and the epidemic of foreclosures and bankruptcies. Is there a way to deal with it without taking unnecessary risks?

In 10 Ways To Survive a Down Economy (published on Christianpf.com June 1) we listed ten strategies to help us deal with the bad economy. Our topic for today, Strategy #5:

Be prepared to cultivate and balance multiple income sources. You may have a full time job and a part time business, or vice versa. Think of your work in terms of an investment portfolio, in which diversification adds strength. There are probably several jobs you are potentially good at; always be on the lookout for new opportunities.

Why increasing income or broadening the income base matter

Envision a Future Without Debt

STRATEGY #9 TO SURVIVE A DOWN ECONOMY

By Kevin M

In the best of times, borrowing seems to be a sensible way to get the things we want but can’t afford to purchase in full right now, but we’re sure we can tackle later with a predictably increasing income stream.

But when economic fortunes shift into low gear—as they are now—the same debt accumulated during better times can become a heavier burden, even one which is impossible to bear. Other than paying debt down and eventually off completely, there isn’t much we can do about the debt already accumulated. But the Great Recession should be a wake up call to all who might have come to view debt as a traveling companion in life.

In 10 Ways To Survive a Down Economy (published on Christianpf.com June 1) we listed ten strategies to help you deal with the bad economy. Our topic for today, Strategy #9:

”Envision a future without debt, and then pursue it.” Gradually pay down—then pay off—your debt. This includes your mortgage. It should go without saying that lowering your cost of living will be a crucial element in this effort as well. (Are you noticing a pattern?)”

Is that even possible any more?

Savings as a Survival Strategy

STRATEGY #8 TO SURVIVE A DOWN ECONOMY

By Kevin M

A robust bank account has traditionally been considered to be a desirable asset to have, even a sign of prosperity. But in the past 20-30 years, with easy credit and almost predictable double digit returns in the stock market, conventional thinking came to view traditional savings as boring and unproductive. Being “fully invested” became the new mantra.

But given the current state of the economy, and of credit in particular, it’s a good bet that many people followed the new directive to their own detriment. Alas, credit lines can be shut down like a faucet, and stocks and mutual funds are really speculative investments and not true savings.

In 10 Ways To Survive a Down Economy (published on Christianpf.com June 1) we listed ten strategies to help you deal with the bad economy. Our topic for today, Strategy #8:

”Accumulate savings. Make it a lifetime activity. This is the best insurance you can have against sudden income disruptions. At the risk of being redundant, you will need to lower your cost of living in order to do this.”

Previous generations viewed savings as a necessary part of survival, almost as important as earning a living itself. But today is a new world, with new rules—or is it?

Reduce Your Cost of Living and Thrive

STRATEGY #7 TO SURVIVE A DOWN ECONOMY

By Kevin M

In 10 Ways To Survive a Down Economy (published on Christianpf.com June 1) we listed ten strategies to help you deal with the bad economy. Our topic for today, Strategy #7:

Reduce your cost of living. What ever level you’re at, this effort will be crucial in the years ahead, much more so than it’s been in the past. Don’t assume a quick return to the easy money debt of the recent past will once again make thrift unnecessary. That thinking is a huge part of how the economy landed where it is now.

Simply put, it may be time to lower our sights in regard to our standard of living. Does that mean we lower our goals and make a conscious choice to accept a lesser life? Not at all! It would be better to say that it’s time to transfer our aspirations away from acquisition of the things we hope to own, and redirect ourselves toward goals in careers, savings and life in general.

Our lives after all, are what we do, not what we own.

Be Flexible in the Face of Changing Circumstances

STRATEGY #6 TO SURVIVE A DOWN ECONOMY

By Kevin M

If there’s ever been a time to adopt flexibility as a strategy, it’s now. The certainty we knew only a few short years ago is currently failing us, and our progress and even our survival may rest on our willingness to adapt to change and to new rules as much as anything else.

In 10 Ways To Survive a Down Economy (published on Christianpf.com June 1) we listed ten strategies to help you deal with the bad economy. Our topic for today, Strategy #6:

”Be flexible in your plans and ready to adapt to changing circumstances. If your job is eliminated, offer to contract or to work part time for the same company. If you develop multiple income streams, a shift to a part time arrangement may be to your advantage on a number of fronts. Be prepared to convert a negative development into an opportunity.”

Changing Careers in a Recession

STRATEGY #4 TO SURVIVE A DOWN ECONOMY

By Kevin M

When ever the economy turns sour, there’s a general tendency to stay on current jobs as long as possible, under the belief that it’s better to stay where we’re established than to go to another company where we’ll be the new/low man on the totem pole. In addition, an often reflexive response to the news of a job loss, or an impending one, is to immediately seek new employment at competing firms within the same industry.

On the surface, these strategies have merit. In the former, we hold on as long as possible, hoping that either we’ll keep our current situation as long as possible, or maybe we’ll even out last the downturn. It seems to make sense to stay in the same career and in the same industry—after all, that’s where our skills are concentrated, and where we have the greatest income potential. But do these represent the best strategies?

Strategy #3 to Survive a Down Economy: Improve Your Repertoire of Skills Constantly

By Kevin M

In 10 Ways To Survive a Down Economy (published on Christianpf.com June 1) we listed ten strategies to help you deal with the bad economy. Our topic for today, Strategy #3:

“Improve your repertoire of skills constantly. The better you are at what you do the more valuable you will be to your employer. The improvement can also be in preparation for future endeavors. It’s never a bad idea to have a skill or skill set which is totally unrelated to your primary employment. Hint: if it’s something you like to do, it may not even feel like work.”

The Importance of Skills

The job market today is largely skills driven. You may not get a job that you apply for if you lack a specific skill the employer is looking for, even if you have the education and experience for the position. In today’s job market there’s no shortage of credentialed candidates in most fields, so the advantage will often go to the person with the widest set of desirable skills.

Strategy #2 to Survive a Down Economy: Network OUTSIDE Your Career Orbit

By Kevin M

In 10 Ways To Survive in a Down Economy (published on Christianpf.com June 1) we listed ten strategies to help you deal with the bad economy. Last week we took a closer look at Strategy #1, now we’ll outline Strategy #2:

2. Move outside your comfort zone. Network outside your career orbit; you never know where the next opportunity may come from, or who might assist you in getting there. Pigeonholing yourself into a single job or industry may prove to be a strategic miscalculation in the future.

Strategy #1 to Survive a Down Economy: Assume Perpetual Economic Instability

By Kevin M

In 10 Ways To Survive a Down Economy (published on Christianpf.com June 1) we listed ten strategies to help you deal with the bad economy. Now we’ll begin taking a look at each in greater detail. Strategy #1:

1. Assume perpetual economic instability. You can’t go wrong with this. If that assumption turns out to be wrong I’m sure you’ll have no trouble adjusting! Otherwise, actively network your business or your job skills continuously. You can never know when the next job eliminated might be yours. Be ready.

Pages

10 Ways to Survive a Down Economy

Seek Fulfillment Beyond Your Work

Cultivate Multiple Income Sources

Envision a Future Without Debt

Savings as a Survival Strategy

Reduce Your Cost of Living and Thrive

Changing Careers in a Recession

Strategy #3 to Survive a Down Economy: Improve Your Repertoire of Skills Constantly

Strategy #2 to Survive a Down Economy: Network OUTSIDE Your Career Orbit

Strategy #1 to Survive a Down Economy: Assume Perpetual Economic Instability

Financial Management