How to Survive an Economic Recession

Economic recession is a fact of life, part of the ebb and flow of the economy. There are times of great economic growth, times of little change, and periods where the economy draws back, or recedes. Times of economic recession do not have to be frightening, especially if you prepare ahead of time. Some entrepreneurs even profit from an economic recession. Here are a few simple starting tips to help survive an economic recession.

Difficulty: Moderate

Instructions

1. Read about how to survive an economic recession. Buy or borrow "Financial Reckoning Day: Surviving the Soft Depression of the 21st Century" by William Bonner and "Conquer the Crash: You Can Survive and Prosper in a Deflationary Depression" by Robert R. Prechter.

2. Work in a critical sector to avoid job loss during an economic recession. Consider health care, food production and supply, government jobs and military careers. Avoid managerial jobs in retail sectors or construction-related jobs that may feel the pinch when cash is tight.

3. Minimize spending during an economic recession and save money for the tightest times. Buy only necessities, such as food and fuel, if money is extremely tight during an economic recession. Learn to make and fix items as much as possible.

4. Find a niche. Even when cash is scarce, there is still money to be made if you have the skills and services people need. Grow extra food to sell, learn to repair roof leaks or rent out a basement apartment to someone downsizing their living space. Help others save money and you may have a side business.

5. Take on no new debt during an economic recession. Your ability to survive tight times is hampered by debt; learn to live on less money than you make, saving as much as possible for potential loss of income and inflated prices.

Resources

• Buy the eBook

[jaheekin]

on 10/28/2008 Check this article out if you are buying a home during these times and see how you can benefit, and be sure to make the right choice. http://www.ehow.com/how_4547574_choose-right-home-recession.html

[oldsouthpubco]

on 10/16/2008 Great article…When one door closes another one opens! It just takes a little bit of motivation, and personal drive in order to make yourself succeed during a recession. The good thing about the internet and the opportunity to make money is that you can do it with very little overhead! I started a blog not to long ago that deals with surviving during a recession or tough economic times. I actually wrote a small book on it that is loaded with information and I have priced it at the affordable price of 5.00 for an immediate download. If you get a chance, check out my site!
http://recessionsmart.blogspot.com

[JerryAlex]

on 10/12/2008 Great..Good tips, But if you are really in a debt trap or expecting a financial crisis soon the book " Act Now..Tomorrow may be too late" by John Walker published by JTS Books (www.jtsbooks.com)will be the best to follow. Very practical action plans walker provides.

[erniemink]

on 10/6/2008 Here are great ways to survive LIFE, not a so-called recession like this one is NOT. This is NOT the 1920s either. Dont have kids, dont own a house, dont own a car. You will do just fine if you live that way. I have been doing it since I was 18 and I have EVERYTHING I need and want and NO debt.

[turbochic]

on 9/17/2008 Some ways that we have saved money is through www.livingonadime.com, www.mamasource.com and through the Yahoo group freecycle. You can also Google "Frugal Living" to see more sites. We have a family of five and purchase needs off of Craig's List or shop at thrift stores if we cant find it at the above places I listed.