| Please feel free to use this article as long as | | | | know what is really important to you? Is it your |
| credit is given to the resource box. | | | | home, your car, your medicines, or your life |
| © Copyright Arthur Levine, 2008 | | | | style? Something is going to have to be cut. |
| Words: 471 | | | | 7. Alternate Income source – If you want to |
| Keywords: Recession, Survive, Prevent, Debt | | | | survive this recession you may need an extra |
| Control | | | | source of income. Examine your talents. What |
| We can’t prevent a recession from | | | | kind of part time work are you good at? A |
| happening, but there are a number of things to do | | | | second income is better than none. |
| so that we survive it with a minimum of pain. | | | | 8. Marshall your assets – Are you sitting |
| 1. Have the proper attitude – you have to | | | | around holding onto antiques or jewelry or other |
| have faith that you can do something positive if | | | | unused assets that you don’t like or need? |
| you are going to survive the coming recession. | | | | Sell them and build a nest egg to give you more |
| 2. Have faith in yourself – you have to believe | | | | security in these trying times. |
| in your own abilities if you want to be successful | | | | 9. Your family – If you are really experiencing |
| at surviving a recession. | | | | trying times it is okay to ask relatives for a loan |
| 3. Don’t panic – this is not the time to | | | | to help get you through them as long as you |
| start selling the investments in your 401K. We are | | | | intend to pay it back. Worst case you can move |
| probably closer to the bottom than the top and | | | | in with your relatives or if you are doing okay |
| you don’t want to create a tax liability for | | | | have them move in with you. |
| yourself. | | | | 10. Debt Control – Talk to your lenders, your |
| 4. Think long term – You are probably going | | | | mortgage holders, your credit card company. |
| to recover most of what you have lost if not all | | | | They can help you spread out or defer your |
| when the recession is over. Historically things get | | | | payments so that you both recover from these |
| better over time. | | | | trying times. |
| 5. Reduce Your Expenses – Sit down and | | | | It’s really up to you. You can survive this |
| make a budget. Try and decide what expenses | | | | recession if you believe that you can. This is not |
| you can reduce if you lose your job and you | | | | the end of the world. It is only a stage in your life |
| need to make limited resources do. | | | | that you are going through. So are the rest of us. |
| 6. Decide what’s Important – Do you | | | | We all have to learn to cope. |