Are you tired of hearing about the recession? How would you like to make yourself recession proof?
What is up with all of the negativity and doom and gloom? If people would just live within their means, they would have a more positive outlook on the financial condition of our world.
Your work ethic, drive and stewardship will determine where you end up in times like these. Here are some ideas that can help you through this journey. This is my perspective so please donít get bent out of shape if you donít agree with my thoughts.
Get Paid What Your Worth
I think that most people settle for a average life and settle for much less than they are worth. To recession proof yourself itís vital to increase your income and minimize your expenses.
Step outside your comfort zone and release your full potential. Meaning, start working harder than you have ever worked in your life. I think a lot of people cut themselves short of what they are actually capable of. You will get paid in life the exact proportion to what you put into it. You can also get paid in life whatever you ask of it.
Donít be comfortable where you are. If your comfortable, your not growing. If your not growing, your dying. Both personal and financial growth start with you and how you think.
One of the best coaches in business I ever had was a guy by the name of Campbell Haigh. Campbell has been in the network marketing industry for twenty years and made it big in Amway. He once told me ďthe only difference between a ditch digger and a multi-millionaire was the way that they thought.
After reading Napolean Hills ďThink and Grow RichĒ, I affirmed his teaching.
Cap Your Expenses
People are living way beyond their means. For every $1.00 they make, the statistics say, the Spend $2.00. Stop trying to keep up with the Jonesís. Live within your means. If you cant afford to eat out, dont. Try bringing lunch with you to work instead of eating out and feeding the vending machines. This all adds up over time, and will keep money in your pockets if you can discipline yourself. By all means if your making $10K a month, go for it, if not, delay your gratification and set achievable goals for the things you want, then buy them.
Have More Than One Stream of Income
This is a huge one. All Successful people have more than one stream of income. To recession proof your life, your going to need to have more than one way to generate money. Today, there are over 175,000 people a week getting into the network marketing industry and starting their own home based business. Should one stream of income cease, you always have a backup.
Save 10% of Your Income and Tithe another 10% of it
For alot of folks during this recession, saving is tough, however itís very necessary. Put away at least 10% of what your making in a savings account. This will create a shelter net for you should anything happen income wise. Your goal should be to sock away at least 6 months of income in the bank.
This next one is colossal and most people miss it. Take 10% of your income and Tithe it. Yes I am a Christian and believe in the law of giving. The Bible talks about money and finances more than any other subject. Why? God knew we would have challenges with it. What you have today is a result of God blessing you with it. Just as easily he can take it away. Itís the law of reciprocity or sowing and reaping. Test me on this one as I have seen it at work big time in my life. Be a giver.
Make Sure Your Not Giving The Government all of your Money in Taxes.
For most people ,they claim ďOĒ on their W-9 form with their employer so that they get a tax return at the end of the year. This is what broke people do. I am no tax expert but I do know that because I have a home business, I get a lot more tax benefits that someone who doesnt have one. I write off my home office space, Internet, all of my education, the cost of my systems, etc.
When I worked a job, I always claimed as many exemptions as possible on my W-9 and took the money that the government would normally take and put it in an interest bearing savings account. The IRS does not pay you interest on your tax money.
There has never been a better time to recession proof your life. Sure there are other strategies. These are the ones that I feel are time tested and work like hotcakes.
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