Wednesday, 15 April 2009
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After Living Through This Recession, What Advice Would You Give The Younger Generation?
After living through this recession, what advice would you give the younger generation?
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Comments (24)
Live within your means.
1. Protect your job by being early, productive and working late.
2, Be ruthless with personal expenses. Only purchase needs.
3. Update your resume and start networking for possible jobs.
4. Cash only. Stop using credit cards, Pay down the balance.
5. Have a garage and/or yard sale.
6. Switch to mass transit if possible.
7. Walk to nearby stores. Switch to nearby stores.
8. Start saving 5% of your income not matter how small.
9. Since home values are down, bring in a renter.
10. Find cheaper rent or take in a co-renter with approval.
11. Down size your car if you are making payments.
12. Make your coffee at home and take it with you in mug.
13. Take your lunch if not unprofessional.
14. Pay every bill ahead of time.
15. Entertain at home instead of going out.
16. Use coupons
17. Buy gas a cut rate stations.
18. Ask the doctor for free medication samples.
19. Take excellent care of you body--especially teeth.
20. Don't be careless and cause a pregnancy.
21. Buy drug store reading glasses.
22. Don't divorce now.
23. Check the credit rating of a future spouse.
24. Take short range vacations.
25. Ask if vacation time can be turned in for cash.
26. Get second opinions on all car repairs.
27. Use only modern light bulbs--replace as old ones burn out
28, Use the library--free videos, computers and books
29. Look for a part-time job.
30. Look for free food--in churches, workplaces and hotels.
31. Drink more water and less soda pop.
32. Reduce car trips by planning all shopping.
33. Wash your own car.
34. Mow your own lawn.
I once asked a 102 year old woman (my husband's gramma) how they got through the depression, and she said they ate a lot of creamed radishes. I've given that a LOT of thought. Ever since then, I decided to live more frugally and appreciate what I've got, and to be wiser about being ready for emergencies and stuff.
@NVRSAD_DAY@xanga - I think you covered everything
You do not need all the crap you think you do.
"Don't be a dumbass: Spend responsibly."
Save $$$$ !
Learn the art of the ponzy sceme. When at all possible, insider trading. Inflate the value of your company stock and then sell it to unsuspecting buyers just before it tanks. Don't go to congress in your new jet when served with a subpoena. Hide all tangable assets with close trusted family members. Claim your other bussiness ventures were all on the up and up and had no connection with all your illegal ventures. Always give money to political campains. You never know when you are going to need some bail out money. Golf with senators and congressmen.
But if your are a schmuck losser worker bee, I got nothing.
@NVRSAD_DAY@xanga - great advice!!
@iamhyokim@xanga - Thanks. Most of it I learned the very hard way.
The same advice that has worked through all of the other recessions this country has faced over the past 100 years! Its gonna happen, expect it!
Dont use a savings account. A CD works much better.
don't go out to eat, stay in and cook meals, cheaper and often healthier if you are into nutritional value...don't go out to the movies...rent/buy half price videos/watch them online..don't be afraid to shop at thrift stores...
Take a conservative approach to your finances. Make savings a habit. Once you have a sufficient amount of savings, invest wisely.
Albert Einstein said the greatest discovery of mankind was compound interest. $2,000 that gains a few percent a year, compounded, will become several million dollars in 30 years. I wish I knew that 30 years ago. If we were all taught proper investing, there would be no need for social security and no poverty with our elderly. Start now.
@NVRSAD_DAY@xanga - It's really cool that you're sharing your wisdom
everything above :)
Live at home as long as possible even if you do have to pay rent. Don't get behind on bills.
Save your money wisely.
1. Ban dollar store & flee market visits (If possible)
2. take out all those plastic cards except one(preferably debit card) from the wallet and store them in a safe place and forget about them for some time..
3. clear the bills ASAP
4. Eat only home made food as far as possible.
5. minimize mobile, cell phones daily usage.
6. minimize the gas budget.
Do your research, invest wisely. If you're going to save money, save it in a CD or something that earns more interest than a savings account. Also, don't just put money in a savings account, it's useless to the economy and it plugs money flow.
save
I'll let you know after I live through it... :D
Thanks for the advice. I think coupons are a small, but important way to save. It doesn't take too long to clip coupons for products you are going to buy anyway.
"You don't need it!"