How to Survive This Economy

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How to Survive This Economy

• Even if you fail, at least you had the courage
  and self respect to try. Remember, 90 of the
  population spends their working days helping the
  other 10 achieve their dreams. Which camp do you
  want to be in? If you are philanthropic, drive to
  control your own future and once you have
  achieved the success you desire, you can use your
  good fortune to assist those less fortunate than
  yourselves. Let me give a few examples of
  potential mistakes many make. We have mortgage
  interest rates at pretty much their lowest ever
  level. So what are many mortgage borrowers doing
  with all of the money they are saving on their
  mortgage payments? They are using them to reduce
  their mortgage balance! You may think that is a
  good idea but I would contest that for many this
  is not a good idea. Here we are with such low
  mortgage payments, so why pay off the mortgage?
  Your response may be, 'if I get made redundant I
  will owe less'. Great, all you will have
  succeeded in doing is giving the bank more
  security for you debt. If you get made redundant,
  the bank is not going to lend you your mortgage
  over payments back!

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• Yet you would need that money to live on until
  you can get back into work. So when the bank does
  get around to repossessing your home because you
  have no money to service the mortgage, they are
  in the position of being more likely to recoup
  their capital when they sell the house and you
  are likely to have nothing to show for it. This
  problem is compounded by the fact that getting
  access to credit at present is much more
  difficult.
• So surely it makes more sense to build up your
  cash reserves where they are accessible to help
  you through the lean times should you find
  yourself in this position. Many of you have
  deferred buying a new car 'just in case'.
  Strangely enough, if you base all of your actions
  on the negative 'just in case' approach, the
  likelihood 'just in case' will become a reality
  for you, is significantly greater. So why not go
  and buy that new car, help kick start the economy
  and grab a bargain in the process. For many, the
  money spent on a new car is not likely to have a
  significant impact upon their ability to survive
  financially if they were made redundant.

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• Why not use the money you are saving on your
  lower mortgage payments to help fund setting up
  your own business. Then you can spend your spare
  time building up the future you want and one you
  control. It may sound scary but I would venture
  to suggest it is no more so than having your
  daily life controlled by those very highly paid
  people who profess to know much more than you do
  and often do not. Even if running your own
  business does not appeal, you can use the money
  saved to pay for a course to improve your skill
  set, thus make you a much more attractive recruit
  for a future employer. Invest in yourself. What
  of those of you who have pulled their investments
  and turned them to cash. Why? Yes they may be
  performing poorly at present but bank deposits
  returns are not exactly setting the pulses racing
  either. When will you go back into the investment
  markets? When they have gone back up 20 or 30?
  When you do, who do you think is going to be
  selling those assets to you?

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• The Lost Ways Review
• Probably the very institutions or investors who
  'chose to buy' the investments from you when you
  'decided to sell'. Remember, selling your assets
  only works if someone is prepared to buy. So ask
  yourself, why someone wants to buy what you are
  desperate to sell? Then ask yourself why you are
  selling. I am not advocating you all rush off and
  treat the above as personal instructions. Instead
  you should simply use these questions and others
  besides to challenge yourself as to what you are
  doing, why you are doing it and the wisdom of it.
  Think a little out of the box and establish if
  there is a better way forward for you. Then find
  the help you need to make things happen.
  Remember, in times of adversity there is also
  opportunity! You may also find it useful to read
  this article in conjunction with an earlier
  article I wrote, titled, 'Recession Beating
  Strategies' which you can find on the website.
• http//thebonusbustersreview.com/the-lost-ways-boo
  k-review/