How To Protect Yourself
Let’s face it; we are now entering the Unites States of America’s Second Great Depression. It will have devastating effects on the American people, businesses, and what is left of our growing economy.
This is not a minor problem that might limit your shopping sprees or your Starbucks coffee addiction. It is a major economic meltdown that will affect everyone and for those who are unprepared my find yourself unemployed, bankrupt, homeless, etc.
What do we have to do to protect ourselves in a crisis like this?
Follow these simple steps to reassure your survival in this bad economy.
1. You must find a means of making a secondary income or a full-time income that is worldwide, not just local, and has little to no overhead. Having a home-based business will create an income that is separate from your local economy with the advantages of having the worldwide market place at your finger tips.
2. You must watch closely at which bank you decide to put your money in; find a bank that has world wide locations or that is smaller with sound financial statements. At this moment the FDIC has exhausted its coverage abilities and may not have the funds to replace your savings if it was lost.
3. If you are getting ready to buy a new home, make sure that you could sustain the mortgage for up to 6 months with out a paycheck. Many people have already bombed this suggestion and their actions have created the housing crisis.
4. If you are a business owner or self employed, make sure that you are getting paid on time. If the payment is late, you should be implementing a more aggressive collection system. The last thing you want to do is let someone get a month or more behind, to find out that they just went broke.
5. If you are buying services on a regular basis from a company or person, make sure that they are delivering the services or product with the same quality. If any aspect of their service has changed it could be a sign of them going broke, and you do not want to be the person that paid for something and did not receive it.
6. If you rent an apartment or home, it would be an excellent idea if you watched for leans or signs that the landlord is not paying the mortgage. In repossession, you will be removed from the home when the property is taken back by the bank. This could leave you and your family without a home costing you several thousands of dollars; all while paying money to a landlord for months that he was just pocketing until the bank repossessed the building.
7. If you are an employee, beware of losing your job. If you are seeing sales decline there is a good chance that many people will be let go with no chance of returning. If you feel that you are irreplaceable and that somehow the business can not run properly with out you, think again. When a company is loosing money and needs to find a place to reduce expenses in order to continue conducting business, it is the employees who are cut first.
It is best to be prepared and learn how to protect yourself during times of economic trouble. Those take action and are prepared with fair best in the long run.
Jason Allen Miller is an entrepreneur, inventor, business owner, investor, speaker, educator and author. After college at the University of Wisconsin and a brief time as an employee, he decided to begin purchasing investments and owning businesses. He owns or has owned numerous traditional businesses and investments ranging from small businesses, real estate, franchises, home-based businesses and inventions, to large conglomerates with hundreds of employees.
www.jallenmiller.com
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