18 September 2011

Getting Rich During The Rough Times

Many of us fell prey to the pernicious cycle of the great recession of the modern times. Others managed to strike gold while the majority is left penniless. However, this time poses plenty of opportunities for people who have saved enough, for those who have withstood the test of times and for the astute who have the knowledge and skills to make more money fast despite the recession by devising ways to earn more.

Some people are lucky enough to maintain their 5 or 6 digits salary jobs while the countless number of unemployed are still on the rise. The fresh graduates are in for a tough time because of the stringent employment openings. Those who have experience in their belt who are willing to take in any amount of salary just to be employed will pose a great threat to the newbies. With this unemployment scenario in mind and the other gloomy accounts of recession, how do we get rich then? Here are some tips:

  • Amassing great wealth does not happen overnight but having the correct attitude and knowledge to handle your finances is one step to get rich.
  • Acquire a positive outlook in life. While a lot of people are wallowing in sorrow for the loss of their jobs and foreclosure of their properties and bankruptcy of their business, some people pick up themselves and go out on the streets to look for another job or sell some properties or even do sidelines. 
  • Turn your hobby into money-making activity. If you have a penchant for writing then offer your freelance writing service. There is money in blogging. Start a blog or submit articles to websites for a fee. If you are the crafty one, dust those equipment and put them into use. Sew small garments or create projects you can sell. Create a website to sell your wares and merchandise online or offer your services too via this medium.
  • Practice the "need vs. want" attitude when purchasing anything. Weigh the pros and cons of buying something even the simplest grocery item. Ask yourself if what you are going to purchase is something really required or something you fancy. If the reason is the latter then put the merchandise back to the shelf. That means, you can do without it.
  • Use cash and use it sparingly if you have to. This is applicable to all factors in life and is related to the "need vs. want" policy. Clinging to your money like a vine is not bad as long as your intentions are all for the right reason - saving for the rainy days. It is not gluttony but a wise practice to perfect just in case emergencies like the recession arise.
  • Always keep at least 20% of your monthly salary as a fixed saving. The higher the percentage, the better. Ensure that this fixed saving is never withdrawn for unnecessary purchases or projects.
  • Stop hoarding. You certainly do not need two of the same items or submit to panic buying. Clean out your closet. Empty your cabinets with clutter and make money out of them by selling them to eBay or organize your own yard sale. 
  • If you are still employed then keep the job as long as you can and as long as you are not yet kicked out. Do a part time job on your spare time to augment your salary and save.
  • Avoid using your credit cards. The interest in this kind of credit facility is very exorbitant. Try to pay off more than the minimum amount required to lessen the finance charges. Better yet, do not use it at all.
  • Simplify your life. Living large is no longer an in thing but more of a high-maintenance lifestyle. Live a frugal life and practice simplicity. You do not need a fancy car nor a shiny solitaire diamond on your finger. What you need is a windfall and that is your savings.
  • If you are the smart one and knows something about trading then do so. Allocate a portion of your savings to stocks.  However, watch your stocks like a hawk and know when to withdraw and switch. Start small. You do not have to use all your savings to buy stocks but invest on few companies that are worth the dime. Check the stock and business news for more information and learn from traders some tips on how to go through stock investment.
  • Lastly, pray and absorb God's blessings in any shape or form. Be thankful for the little gifts you have in life because without those little things are also invaluable wealth in your spiritual life.

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