We’ve all seen the headlines. To say times are tough would be an understatement. But this is no time to panic, sulk, or sit around waiting for someone else to make this problem go away. Each and every single one of us owns a piece of this mess and we owe it to future generations to clean it up. As it just so happens, in doing so we can set ourselves up for success by seeing the opportunity where others see disaster.
Depending on your financial situation, here are a couple of things you need to be doing if you aren’t already.
1. Pay down your credit card debt
Are you carrying a monthly balance on that Master Card yet you have a few hundred sitting in your checking account? A big part of the problem is all the banks have lent you money when you charged that new Plasma TV. Now you fool yourself into thinking you have money when you really don’t. It’s better to have no money and no credit card debt. Stop being part of the problem and pay off that balance. As a token of their appreciation, the banks will stop charging you those ridiculous interest rates and monthly fees.
2. Pay your mortgage
If you’re behind on your mortgage then you have no business eating out, stopping at the bar on the way home from work, or buying yourself a new toy. Take responsibility for your decisions and repay the banks that lent you the money to buy your home. This will keep your credit rating where it belongs and keep a roof over your head.
3. Work harder
That’s right, work harder. Regardless of what the news will tell you, the true strength of the American economy is the innovation and productivity of the American worker. Give your company more bang for the buck and you can help to prevent the need for another bailout. As a token of their appreciation, you might find yourself up for a promotion when the economy turns for the better.
4. Invest in cheap stocks
You don’t make money by buying high and selling low. Now is the time to buy up all of those undervalued shares of solid companies that have been dragged into the toilet by a few incompetent executives of other corporations. Do your homework. Look for companies with low debt and tangible assets. When the economy turns, you can kick back and watch those tickers with a smile on your face.
5. Buy houses in foreclosure
Some call these “toxic assets.” That is only because the banks don’t make any money by owning a house that nobody lives in. They are willing to sell perfectly good homes for dirt-cheap prices just to free up the capital they need to stay afloat. You just might find yourself the proud owner of a valuable home that you purchased for a bargain price.
6. Conserve energy
The only good thing about this economy is energy prices have dropped. Now is not the time to increase demand and drive those prices back up. Carpool, turn down the thermostat, and make efficiency improvements to your house. This way, the prices stay down and you have a bit more cash in your wallet.
7. Don’t panic
This is not the time to sell. Hang on to those investments. Panic selling will only make a problem worse. Rest assured that those shares are undervalued. If you sell now, you will kick yourself when the market rebounds.
8. Invest in that 401K
If your not investing at least the maximum amount that your company will match then you are giving away free money! By investing in your 401K you will put money back into the market and you will be providing for a comfortable lifestyle when you retire. As a nice bonus, you will not be a burden on your children’s economy when Social Security tanks because you’ve been responsible and taken control of your own life.
9. Buy Health Insurance
I’m sorry, but if you are walking around unprotected, then you are being irresponsible and you are causing someone else to foot the bill if you get sick. If you do not have coverage, then you have no business having a nice car, a stereo, cable in your house or even a television for that matter. Stop buying that crap and protect yourself so your neighbors don’t have to.
10. Find a job, any job
Unemployment is on the rise. If you are one of the unfortunate few who lost your job recently then you truly have my sympathies. But, now is not the time to feel sorry for yourself. There are 20 million undocumented workers in this country because there are jobs here that Americans think they are too good for. If you are on unemployment, then there is no excuse for you not look for a job washing dishes, mopping floors, or flipping burgers if you have to. Now is not the time for ego. It is only temporary. Do what you have to do to take care of yourself so the rest of us don’t have to.
11. Help a friend in need
This one is the most important item on the list. So pay attention.
If you are fortunate enough to have a job, a home, and financial stability than you have a moral obligation to lend a hand when others around you are in need. Weather it be a loan with handshake or helping a neighbor do some work around the house, now is the time when we all need to pull together and get ourselves out of this mess that our own greed and selfishness has gotten us into.
~Man Overboard
Image used in this Post
Opportunity photo courtesy of Flickr user Mike Love published under the CC license.
One Comment
“There are 20 million undocumented workers in this country because there are jobs here that Americans think they are too good for.”
This is an excellent point. You might not get health insurance, but there are tons of jobs, and if you need the cash its worth putting down the pride even if you have to work 7 days a week. It’s not unheard of. Just a change of lifestyle.