10 Things You Can Do Right Now In Economic Recession

Economic growth is crucial for any country as it relates or acts as the pillar of the country. Now, if there is a decent economic growth, it usually defines that the businesses in the country are earning a good profit. And adding to this, it even shows that the rate of employment is high and the nation is keen on forex reserves. However, the reality of the other side of the coin is that the economic growth can’t always remain unaffected. The economy of any country goes through a cycle of ‘peaks’ and ‘troughs’ that constitutes the ‘Economic Cycle, ‘ and this relates to “Economic Recession.”

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Today an economic recession can be referred as a downfall of commercial activities over an extended period. What makes an economic downturn a serious issue for any country is that during a recession, the government implements macroeconomic policies like raising the supply of money and in return decreasing the taxation.

The bad news is that this trend doesn’t show any immediate signs of coming to an end, especially since gas prices continue to soar. The good news is that an economic recession is not always a bad thing! In fact, if you are a savvy investor and business owner an economic recession can help you. Why? Because there are certain things that happen during a recession that, if used correctly, can help you ensure your security and the security of your family for many years to come.

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Stressing out over the economic bad news? Here are 26 things you can do to relieve your worries and get yourself headed in the right direction.

  1. Reduce your expenses: If you must go out of recession; you must learn to reduce your expenses by a reasonable number-10%, 20%, 30%, even 50%, and set up a plan to do it. Reducing costs is the fastest way to increase your income…faster than making more money.
  2. Think outside the box: If you think like every other person then you are not likely to make much progress; you are just like every other person – don’t follow the crowd, walk ahead of it.
  3. Consider buying food in bulk: This is very important; instead of buying 2 cup of rice; buy a half bag of rice. Buying in bulk saves you some awesome amount of cash; remember, quantity, dictates the price – the more the quantity; the lesser the price.
  4. Buy what you need only: not until you learn to differentiate what you want from what you need then you are not ready to go out of recession. Maybe, I should quickly tell you the differences between want and need. Want, is something you desired though necessary but not compulsory. E.g iPhones, cars, e.t.c These things are good, but you won’t die without them! While Need, is something that is compulsory and you can hardly do without. E.g food, water, shelter, good health e.t.c
  5. Buy only quality: This is something I learned 10 years ago; if I must buy anything – it must be of quality. You need to buy highly durable, long-lasting products that may cost more, but are well made and will last a long time. You may find out that the cheaper versions can’t be replaced easily when they wear out.
  6. Plan with your family: If you are married and have set a goal of reducing expenses by 20%, make that across the board, and involve the kids. If this means cutting back on extra toys, clothes, mall trips, etc., give your children a say, in which things are cut out or reduced. This is important because it will earn you the respect of your family members.
  7. Learn how to stay home: Thought, it sounds funny, but for many people, “staying at home” may save them a lot of spending carelessly. Learning how to stay home will significantly reduce your expenses.
  8. Put your kids to work: There are so many reasons why you need to put your kids to work; not because you hate them, but because you need to teach them the value of earning. Thereby, saving a lot in this recession.
  9. Numerous sources on income: Do I need to say this again? I am dam sure you are not this is not the first time you hear this; if you must know – multiple streams of incomes are key. We are used to thinking about making money as the number one priority, but maybe it’s time to seriously question this assumption
  10. Keep the longer vision in mind: This is clear enough; the man without vision has no destination (Oluwabiyi Ayodele Samson). You need to keep your long term vision in mind and work accordingly if you must stay out of recession. And understand how the interim is likely to play out, based on that vision. Give yourself the space to make decisions now that you know it will not ultimately be your future course of action. To make sure you are heading in the right direction, ask yourself: “Is this moving me toward greater self-sufficiency?”

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