Good Strategies in Bad Times

There is no doubt about it; our economy is at a thirty year low. Luckily, virtually all of the experts conclude that an economic comeback is not more than a few years away.

The big question is, what to do until then. Here are some good tactics.

1. Ask your boss what new skills would improve your value to him/her. Then, immediately begin to develop them.

2. Consider an online degree or online certificate program which can make you a better candidate for a promotion, new job or career change.

3. Update your resume and cover letter on an ongoing basis. Make minor adjustments in them, as appropriate, whenever you use them.

4. Resist the temptation to sell off your stocks simply because they are down. Hang on to the good ones until they come back.

5. Consider regularly scheduled investments in undervalued stocks or assets. Use only funds for which you will not have an immediate need.

6. Reduce debt aggressively. Do whatever it takes to pay off all of your debts as quickly as you can.

7. Pay yourself first. Before you do anything else, take a fixed amount out of each paycheck and put it away until you have saved enough to cover your expenses for at least six months. Think of this strategy as an investment in your peace of mind.

These simple strategies will not only help you survive tough economic times, they’ll help ensure you a strengthened financial position long after the economy has recovered.

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