Dear friend,

Tough economic time can be very trying for alot of people. One thing almost all economist can agree on is that at the very least, we will go into a recession in the near future. So what do you need to do to prepare for such an economic event?

- Save Money! You have to look out for number one! One thing this financial crisis has pointed out is that your neighbors probably do not know how to manage money. People are spending more than they have! When everyone else is going out to dinner, you may want to cook a great meal at home!

-Make Extra Money!  Whether this means selling your stuff on ebay, getting a second job, or starting an online business(very cheap), you need to have a little extra income coming in. If the credit markets freeze up, saving money may become a little easier seeing that it will be hard to get financing for a new car, house, flatscreen etc... Use this as an opportunity to start an online business in your spare time.

-Improve Your credit score! The credit score needed to finance anything has gone up substantially over the past six months. Use some of the money you are saving to pay down your credit cards, because you interest rates are about to skyrocket! Our financial system has learned a valuable lesson here, and the credit score needed to purchase a car, house, etc.. will go up and stay there. Get it above 720.

-Adjust your tax withholding! If you recieved money back from the irs last year then you payed too much in taxes. Now give me one good reason why you would let the government keep your money instead of you having that money in an interest bearing account making you money. Ask your employer for a w-4 and get it right.

These are things that almost anyone can do. When things get back to normal, you want to be in good shape financially. Survive now, but prepare to profit later. As I stated above, now is the perfect time to start an online business of your own. It can be profitable and fun!

make extra money 

Till next time,

CGCallam