Eight Things To Do Now!

With the unemployment rate racing towards 10% and the unstable state of our financial markets. There is little wonder why most employees are feeling the squeeze and it's not only at the pump, ($2.66 national average) but also at work. Case in point, The L.A. City Council voted a 5% pay cut for non-union employees. No doubt to help offset the much publicized state deficit, but this seems to be the modus operandi every where . The Montgomery Township in New Jersey ( 6 miles from Princeton University) voted today on a 10% pay cut across the board including the mayor's salary. And even the much loved(tee-hee) Irish Cattle & Sheep Farmers’ Association has called for a 10% pay cut for public sector workers.
So you see the crunch is on. But it is important to make the best of these times and know that the markets will stabilize and we will be once again on solid ground.
Here are eight recession proof tips that will help you get the most out of life right now!
1) Invest for the long haul. Bloomberg says the S&P is at its lowest since 1991. Forget the so-called “hot tips” and follow renowned investor Peter Lynch's lead, who became wealthy with just a handful of ten baggers. Go with the tried and true, but do invest.
2) Update your skills. About 20,000 pink slips are issued every day. Make sure you have more to offer than the next guy by keeping your expertise fresh. The way to do this without disrupting your schedule is to look online or buy a book. Also industry specific trade publications can keep you in the know.
3 ) Set Goals. I help my clients develop a business plan for the business of life. Start small with a five year plan and be honest. What do you “really” want to be doing in five years?
4) If you've lost your job then it's time to update your resume and find “industry specific” recruiters to work with you. A well-connected recruiter can make all the difference in the world.
5) Have a hobby? Why not turn it into a business. Recessions are notorious for producing entrepreneurs. Here are some examples: http://tiny.cc/KU7lq
6) Think cash. Keep one credit card and pay off the rest. If, you can't pay them off then don't use them. Cash is king!
7) Stop Spending. Now is not the time to take on frivolous debt. Think of purchases as investments. Before spending your money think about what you are getting in return. Make sure it is worth it.
8) Lastly learn to be grateful. Count your blessings. Take pleasure in the small things in life. When was the last time you watched a sunset or went out for Ice cream? Reach out and talk to old friends and family.
Focus on all you do have and not on what you don't.

Ruth Alvarez is Director/CEO at The Galena Foundation.