Recession Proof Your Life Part 5

This is the 5th and final installment of my series on Recession Proofing Your Life.  In this blog, I talk about where you really want to be going in the long(er) run and that is owning your own business, the statistically best chance for you to become a millionaire.

Part 5 – The Real Opportunity

In my wealth coaching practice (a hybrid of business and life coaching), I have talked to any number of people – peers and clients – who have said “losing my job was one of the best things that ever happened to me.” ‘Why is that?’ you might ask. Because it forces us to re-evaluate our job situation and, hopefully, the rest of our lives. We all too often get weighed down by “what is.” What we’re used to, the status quo, not rocking the boat, etc. Often, we attach far too much importance to a J.O.B. and rely on them not only for our self esteem, but as the focal point around which our lives are defined.  Some people are lucky and really love their jobs. The last I checked, the percentages who claimed this mythical status was in the low 20% of those employed for someone else (the number goes up significantly for the self-employed). In general, being an employee turns out to be better than nothing (quite often a true statement) and the path of least resistance.   In the current economic climate, the best job in the world could indeed be the one you have (last Friday’s unemployment numbers were the worst in years) so let me say this again: THERE IS NOTHING WRONG WITH HAVING A JOB.  However, in my experience, the employee route is typically - there are always exceptions - antithetical to growth and keeps us from our full potential as human beings. Read more

Recession Proof Your Life Part 4

This is the 4th of 5 parts in my blog series on Recession Proof Your Life.  This segment contains the final item regarding the Best Job In The World (the one you have!) and how not to lose it.  It has to do with a generally valuable and ubiquitous skill that can be used in all different areas of your life,  learning how to handle conflict (something I could have done better at in any number of jobs I have had, by the way).

Learn How to Handle Conflict - Face it, the workplace is full of people not all of whom have you on their Christmas card list. The following few points will help you emerge intact from the high tension environments of general chaos, layoffs and the always present possibilities of interpersonal warfare should they arise.  With the number of mergers already underway and more bank failures and challenges to come, there will be plenty of conflict to come as everyone scrambles to cover their own butt.  You need to be ready for it. Read more

Recession Proof Your Life Part 3

Part 3 of my 5 part series on Recession Proof Your Life contains some guidance on keeping the best job in the world … the one you have!

I will argue against that being true in the long run (see Part 4 of this series), but if you are currently gainfully employed, good for you. Let’s assume for the moment that you want to keep your job.  This is generally a good choice, particularly in troubled economic waters.

There are 6 things you can do to have increase your chances of keeping that job.  The first 5 are listed below.  Item 6 is pretty long and will be included in Part 4 of this series.

1. Add Value. This is a business.Your boss, and his boss and however far up it goes to the top are there because in theory, they are a part of a much bigger system that actually produces a profit for the owners/shareholders.If you can figure out how to pull it off, become indispensable.  Know how to do things (expertise with a particular piece of software, machinery or relationship with a customer).  Show that you can multi-task.  Take on additional responsibilities, especially where there is the opportunity to learn (and become the expert: see previous point made above). Read more
   Filed Under: Markets and Money, Small Business
   Tagged: economy, how not to get fired, Mark T. Rafter, recession proof your life, what to do in a recession

   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.

   1. 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
      Filed Under: Investing, Markets and Money, Stocks
      Tagged: recession, recession proof your life, what to do in a recession

      Recession Proof Your Life Part 1

      October 20, 2008 by Mark T. Rafter · 1 Comment 

      I was actually out doing various speaking programs on this subject back in the beginning of 2008.

      No one wanted to listen to me, “Mr. Gloom and Doom”.

      Yeah, you know what?  Reality bites … can you hear me now?

      This is the first of five parts of an article I wrote in January 2008 summarizing the material from my talks.
      ———————-

      With just about every financial prognosticator coming around to the view of “not if, but when” the US economy will be in a recession, now is time to take action.  Waiting until the next few quarters of economic growth have confirmed that a recession is upon us, lumps you in with the rest of the crowd.  Just like any good investment, you want to get in on it before everyone else figures out what’s going on.

      This Article is organized into 5 parts.  Part 1 briefly discusses the mechanics behind the current economic situation and just what a recession is (kinda boring but if you don’t know, read it anyway).  Part 2 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.  Part 3 discusses strategies for keeping your current job (if you are lucky enough to have one).  Part 4 gets into one of my specialties: helping you to thrive.  Wouldn’t you like to be in the situation of not only being unconcerned about what is going in the broader economy but actively excited and anticipating these changes and the opportunities they will present?  I thought so.  The fifth and final part will provide you with a list of resources that you will find useful as you make some decisions – both near term (tactical) and long term (strategic) – about your future.

      What Is a Recession Anyway?

      That’s when your neighbor loses his job (a depression on the other hand, is when you lose your job). Read more

      Filed Under: Markets and Money
      Tagged: are we in a recession, definition of recession, recession proof your life