Financial Survival Tactics for Today’s Economy

Financial Survival Tactics for Today’s Economy
by: Charrissa Cawley




Today’s economy has economists, government officials, and investors of
all kinds scratching their heads trying to figure out not just what broke
the economy, but how best to go about fixing it. Fear seems to be the
word of the day, so if fear is ruling your life, keep reading. I’m going
to give you some must-have financial survival advice that will help you
to keep your sanity – and maybe even get rich at the same time.

Take Stock of Your Finances – You may be one of the millions of Americans
who have seen jobs disappear. If you have, my heart goes out to you. If
you haven’t, it’s critical that you realize that in today’s economy,
there’s no such thing as job stability. Your employer can decide at the
drop of a hat that they’re eliminating ‘X’ number of jobs tomorrow. If
yours happens to be one of them, you’ll join the ranks of the unemployed.

It’s more important than ever before that you examine your personal
finances and see exactly where you stand. Gather all of your financial
data and do a balance sheet. How much do you owe – and how much do you
have? If you don’t have a rainy day fund with a minimum of 3-6 month’s
worth of your necessary living expenses, it’s critical that you get one
started today.

Cut Unnecessary Expenses – Successful businesses lives by a budget and
you should, too. In normal economic times, you might be able to fly by
the seat of your pants and pay what you can as your income allows,
knowing that you can easily make up for a temporary financial shortfall
the following month. You may not have that luxury right now, so set a
budget. Once you’ve established a budget you can live with, slash some of
the luxuries.

While you may think that you can’t survive without hitting the
drive-through every day for a $5 cup of coffee or that breakfast biscuit
and hash brown, keep in mind that drastic times call for drastic
measures. If an expenditure isn’t a true need, get rid of it. You may
discover a lot more pork in your budget that can be sliced and diced than
you knew existed.

Cut the Plastic – Credit cards can be a useful tool that can help you
achieve some of your financial and real estate investing goals. They can
also be a crutch that can put you deeper into debt by enabling you to
make purchases that are beyond your current ability to pay. If you have a
documented track record of financial blunders, this may be the best time
for you to re-take control of your financial destiny by removing your
ability to add to your debt by cancelling unneeded credit cards.

If you are responsible with your cards, but you’re currently carrying
balances on some of your cards, consider paying off these balances or
transferring them to low-interest cards. Keep in mind that you might save
a few points in interest expenses by transferring your balances, but most
cards charge at least 3% of the amount transferred (with a minimum fee)
so do the math. If you won’t clearly come out ahead by transferring the
balances, leave them where they are and pay them down as quickly as
possible.

Invest in and for your future – While you want to survive financially
today, you also want to thrive tomorrow. If you haven’t already started
investing in some of the bargain properties available in today’s real
estate market, it’s time for you to get started. While the stock market
is a fool’s paradise, with stagnant or falling numbers, and limited
opportunity except for a lucky few who catch a lucky bounce or happen to
get wind of a hot “insiders tip”, real estate investing doesn’t have the
same limitations. You can generate positive monthly income which will
continue coming in regardless of what the overall real estate market
does. When the market comes roaring back – as it always does – you’ll be
poised to ride the equity wave to the crest of massive profits.

If your current education base doesn’t give you the confidence you need
to take advantage of today’s opportunity, it’s time to invest in your
financial future. The good news is that educational opportunities abound
– and not all of them cost money. To discover some of the knowledge you
need in order to take advantage of the current real estate investing
opportunities, head over to http://www.REIconferences.com (Link:
http://www.REIconferences.com)

Financial survival isn’t always a matter of being the sharpest tool in
the drawer. Sometimes it’s simply a matter of making the correct
financial decisions at just the right time so you’re in position to
capitalize on opportunities as they present themselves. There’s an old
proverb that says, “Give someone a fish and they’ll eat for a day; teach
someone to fish and they’ll eat for a lifetime.” Your financial survival
is very much like this old proverb. But you also have to know when to
reel in a fish when you feel a tug on the end of your line. Only then
will you truly eat well – and survive even the most severe economic
downturn.

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About The Author
Charrissa Cawley has a long standing reputation for excellence as a
gifted speaker, real estate trainer and wealth coach. Her strength lies
in training entrepreneurs in the areas of real estate, investing and
financial literacy. Her passion is bridging the gap between learning and
doing. She has helped thousands of entrepreneurs all over the world
seeking financial growth by equipping them with the tools, resources and
specialized knowledge to succeed. Charrissa offers accurate and proven
strategies to investors of all different levels and is the founder of
http://www.reiconferences.com, one
of the fastest growing real estate investment training organizations in
the US in addition to http://www.rewexclub.com, the top rated Real Estate Investor Community
on the web today.