10 ways to survive the current economic crisis.
- Cut down your energy consumption. This is completely in your control. You don't have to compromise on comfort. Some ways to reduce energy consumption are: CFC light bulbs, having programmable thermostats, turning off electronics when not in use. This can save you $100 - $200 every month.
- Pay off debts: If you have any spare cash, use it pay of credit card, car and other loans. The only loan you should have is your home mortgage.
- Work extra hard at your job. These are hard times for your employer. You should make sure that your employer is getting every dollar's worth.
- Shop local: The money you spend at a local store stays in the local economy. This Christmas, instead of giving toys/clothing for gifts think of giving locally produced products.
- Drive less: Think before you make a trip, can this wait?. Can you combine this trip with another trip. Car pool or use public transport to reduce your fossil fuel consumption., telecommute. Every dollar you spend at the pump goes out of the country and does not contribute to our economic growth.
- This season, instead of buying products use services. Money spent on services aids to the growth of the local economy, instead of lining the pockets of big business.
- Be charitable: if you are hard hit, think of the less fortunate ones. Be extra generous to raise money, or volunteering your time for the local charities.
- Be extra vigilant in protecting yourself, your family, and your assets. With growing economic hardship expect rise in crime and fraudulent activities.
- Buy stocks: this is the ones in a life time opportunity to buy quality stocks at a reasonable price. Warren Buffet is buying stocks right now while hedge funds are selling.
- Go vote: we got into this mess because of our economic policies. You can't affect policies without voting.
- Be optimistic This too shall pass. One consolation is that in the internet age, the periods of boom an bust are shorter but the troughs and peaks are more pronounced. So the pain is greater but it is for a shorter time.
posted by Vijay @ 9:10 PM
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