There is a lot of talk about the financial crisis and its’ longer-term impact on our economy and your lifestyle over the next thirty years. Everyone is focused on how much money has been lost and the stress businesses and families are under in the current economic environment. In fact, everywhere you look people are focused on how to get your investments to “return” or “perform.” Because of this, it would be easy to miss where your focus should be placed now to best survive the current economy and keep your family on safe footing. And you should definately focus on the keys to getting through this period with as little difficulty as possible because there is a lot of stress and strain still coming.
There are two (2) keys that can best propel your personal financial success over the next ten (10) years of your financial life.
1. Keep your job, stabilize your income. Of course, you should do everything you can to be valuable and point out your value where you work. While many businesses are better positioned in terms of debt and effeciency than in past downturns, the current economic slowdown is one of the more serious downturns in history. The world is connected in ways that it has never been connected, and all of this can impact local jobs of any kind. Believe it or not, keeping your income is one of the two (2) most serious keys to surviving and even thriving in the next decade. While making sure you are creating value at work and that value is coming to light with your higher up managers, make sure you network with other people in your company, your industry and similar industries. In addition to keeping your job, you want to be open to ideas and ways to increase your income. You also want to position yourself to take advantage of any opportunities that will eventually come your way – especially if you are networking and building friends. You can network in so many ways in 2009. Use every tool, but recognize that you need to be open but don’t want to appear to be searching for new employment. Your goal is to be open to opportunity – not create the need for a new job. So, when you are posting on Facebook or other social networking sites or having contact with networking “friends,” just remember your image is important and these kinds of new social networks are more visual and open than people think.
2. While the “smart people on tv” (a questionable series of words) are focused on the stock market and investments, you must make sure that you understand the second important key to getting ahead in the next ten (10) years: Make sure you have a right-sized emergency savings fund. That means – brace yourself – your goal should be to build 15 to 18 months of savings in an FDIC-insured bank. The first six (6) months of that savings can be put in the highest interest money market savings account you can find (again – FDIC-insured). The balance of this “liquid money” should be put in very short-term certificates of deposit (nothing over 6 months). This recommendation is made because replacing your income may take much longer than you think in this economy or the economy that develops over the next ten plus years in the U.S. We constantly talk in both http://www.stickyasset.com/blog and http://www.boostmywealth.wordpress.com about how important systematic, automatic and regular savings is today. You will not likely do better than paying yourself first. To many, the question is how to do a good job of paying yourself first. We talk about this in depth in the free monthly e-saver we send out to members of our e-saver. You can sign up for free at http://www.stickyasset.com/blog.
These are the two (2) big keys to keep your family on firmer financial ground in the next ten (10) years. Of course, debt reduction is also important. We give you regular tips on saving and investing on this blog and our other free blog http://www.stickyasset.com/blog. It’s just time for the middle class to take action and control what we can about our financial future.
The only product we sell associated with any of our blogs or personal finance groups is “How To Survive Any Financial Crisis” ($4.95 at http://www.middleclassmoney.com). A lot of people ask us why we charge so little. Our response is that we want this information to be accessible to everyone who has an interest in increasing their wealth in the next ten (10) years. We also tell you that it is available for a limited time only at this price because we think people put more effort into something they purchase. That’s why “How To Survive Any Financial Crisis” is not free. If you want free, stick to our two blogs and our FREE Facebook group you can join. Just do a search on Facebook for “Live The Lifestyle Your Family Deserves.” Join there.
Thank you for reading. Our goal is to help people develop their own plan for saving and investing to build a safety-net and then wealth for the future. We’re gonna need it.