The Building Wealth Blog
Recession Proof Your Life Part 2
October 23, 2008 by Mark T. Rafter · 1 Comment
Part 2 of my 5 part series on Recession Proof Your Life contains a variety of guidelines on what you can do to protect your finances and manage the money you have when the economy is looking grim. In Part 3 we will discuss how you keep the income coming in so you actually have money to manage (and buy food, shelter, gas … things like that which we have become used to).
There are 8 different things to do to manage and protect your current financial situation.
- Set Up an Emergency Fund. Most financial advisor recommend having three to six months’ worth of living expenses held in savings or a money market account. In the event that you lose your job (we’ll talk about how to avoid that in just a little bit), you don’t want to end up tapping your investments or relying on credit cards. For most people, it’s pretty hard to put the money away all at once (and even harder to keep your hands off of it). If you do a little at a time, adding to it no matter what, you’ll sleep better at night knowing that you have a cushion. This is no different than the ongoing philosophy of ‘paying yourself first’ that you hear with regards to saving money for the future. Except now you really need to do it. Read more
Entrepreneurship Is On Hold
September 13, 2008 by Mark T. Rafter · Leave a Comment
I’m serious … I’ll write more about this soon but the realization just hit me that the approach I have been taking with clients and in my talks to various groups about being more entrepreneurial may be less appropriate given the current economic climate.
I’m going to have to think more about this … stay tuned, check back soon, dont be a buffoon stay away from monsoons.
You don’t need a Weatherman to know which way the wind blows.
Indeed.
