How to Beat the Recession.....Be Positive and Sieze the OpportunitiesAs we enter the recession these are dangerous but exciting times. What makes the world go round? Money. There are currently 8 million houses with negative equity in the U.S. Millions of home owners owe more on their house than it's worth. Similar problems are happening in the UK with re-possessions rising by the month. Everyone is being been hit - the poor, rich and middle class have all been severely affected. And it's going to get worse as the recession deepens.
By Christmas 10 million people will be unemployed in the U.S. The pundits are predicting upto 3,000,000 people in England will be without a job. Even undesirable jobs are getting hard to find. The big three car makers, G.M, Ford and Chrysler, are all facing bankruptcy with debate on whether they are worth the cost of bailout. Think about that statement. Consumers have begun to reduce their standard of living by cutting spending as the recession bites. But, if you are an entrepreneur you will have many options open to you, you can survive and even prosper during these times. To succeed in this environment you've got to look at the realities and ignore all the nonsense so-called experts and the media are currently reporting. They are talking us into crisis. These are a few facts. Every so often we experience a recession. Recessions are cyclical. This recession is worse than most because it follows a Banking Crisis. Remember where we started - money makes the world go round! You don't have to follow the crowd and there are people who make money during recessions. Why not you? If you can pass through these times unscathed, you will prosper like you never have before! Here are some survival strategies open to you for good times and bad: Debt. Plan to become debt free as soon as possible. You must do it. The only sure road to lasting wealth is the same as it ever was. Via savings and investment. To be able to save you must take immediate steps to get out of debt. This includes paying off all credit cards, car loans, your mortgage and any other loans. Just imagine what life would be like for you without car payments, credit card payments and mortgage payments! If you succeed you will be in position to help like never before. Taking care of your family, loved ones and favourite charities. You also must learn to generate several new streams of income. What rich people know that poor people do not is this. The best form of income is passive income. Poor people exchange time for money in a JOB. Just, Over, Broke. They live week to week or month to month their whole lives. Unlike poor people, rich people don't work for money. Instead they invest their money and make it work for them. Thus they collect various forms of passive income. Including rents, dividends and interest. The rich also recognize the very best form of passive income is from royalties. The resultant passive income from intellectual property is completely unique. You do the work once and collect royalties and commissions from your own writing and efforts forever from books, newsletters, special reports, software and inventions. The most outstanding wealth-building vehicle of all is starting and owning your own business. Every self-made millionaire and billionaire owns their own business. The good news is, it's easier, faster and costs less today to become an entrepreneur while holding down a job. You can start in your spare time while keeping your day job. And you can build a business working from home.
During a recession some business types perform much better than in good times. There may never be a better time to start a business than now. It follows you must take steps to reduce debt and expenses at once. Only then can you fully cash in on all the opportunities that may be open to you. Debt reducing actions include: Ignore the vanity associated with car ownership. Get rid of car payments. Sell or refinance your house. If you are really struggling it's best to talk with your bank now about a moratorium on further payments for a period of time. Or negotiate to refinance and reduce your payments until you sell it. If you were sell your house you could look for a property you can rent out part of and find a tenant who pays you enough to cover your lease. You can accomplish this and spend very little or no money At this time there are many properties available to rent and costs are coming down. Credit card debt can be costing you as much as 22 per cent or more in interest. This level of interest will kill your finances. Cut up all credit cards except one until you can completely pay it off. If you can't pay cash, simply don't buy! Slash clothing costs. Discover the beauty and creativity of shopping for beautiful clothes in charity and second hand shops. Savings. Master the art of delayed gratification. To become very wealthy, discover what has been deemed the "8th wonder of the world" - compound interest. Save and invest 15 per cent of your earnings from here on. Think about this, if you save just £1 a day from age 20 to age 60 you could retire with £1,000,000 in cash. Start a recession-proof business in your spare time. Some of the most attractive are those that help customers earn or save money. There are numerous examples. They include information publishing - secretarial busineses depending on your experience you could start consulting. Others are mail order companies, temporary help agencies, repair services and all types of computer consulting businesses. Governments Don't make the mistake of fully trusting the government. All governments work to perpetuate their power, not protect your rights and freedom. Investment Advice Make sure your advisers are successful. Never take investment advice from anyone unless they can prove they are wealthy, or at least as rich as you. And also have become rich by following the recommendations they are making to you. Choose advisers carefully. Stop taking business advice from "broke" people. This includes friends and relatives. When I started my consulting business I immediately became much more successful, wealthy and happy. The Best Investment The best investment you can ever make is in your own continuous education. Your knowledge can never be taken away from you. Invest in books, DVDs, CDs and attend seminars. Life is a continuing learning process. Skills Learn to sell. Effective selling may be the one skill that practically guarantees you will get or keep a job, especially during a recession. Business is selling. You cannot make money unless you master selling. The selling profession it is often looked down on, contrary to common belief effective selling is the highest paid job in the world. In my corporate life I cam across very few really effective sales persons to me selling where it all starts. I have studied this in detail and often refer back to what in my opinion is the best self help aid anywhere - Brian Tracy's Course - The Psychology of Selling Good sales people are like gold dust, particularly at times like the present.
Selling using the written word is far more lucrative than personal sales. The art of copywriting can be learned. You can learn how to become a wealthy and highly sought after copywriter. During tough times copywriters tend to be busier during these times than ever. Why? To survive, business owners must continue to bring in new customers regardless of the economic situation. Sales are the lifeblood of every business. If you are working for a company and can prove you can bring in sales through creating sales copy, you will never be laid off or fired. Show your self to be able to market and sell effectively and you will carve your niche.
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