You Don’t Have To Topple With The Giants - While global financial giants may continue to thump on the deck with resounding clangs, you can survive the credit crunch.
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You are here: DIME Home > Finance > You Don’t Have To Topple With The Giants
While global financial giants may continue to thump on the deck with resounding clangs, you can survive the credit crunch.
Author: Lyn Thomas
Date: Apr 15, 2009 - 12:11:47 AM
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Globally financial giants
continue to hit the deck with resounding dumps, as the financial world reels in
shock and horror. There are world-wide scenes of confusion and lack of
confidence not witnessed since the Great Depression in the early 1930’s. This
is not the time, however, to panic and let your emotions rule the day.
So what are the true
facts?
·
It
is the giants of the finance world who have been cut off at the ankles, through
over-borrowing and not having the ability to pay back. They might be sobbing in
their caviar, but when 18 billion becomes a mere 3 billion, who's counting,
apart from the filthy rich?
·
Many 'average' business owners are cringing under their bed covers quaking in fear.
The current circumstances have been
compared to economic Darwinism, where survival of the fittest is top dog. You
have a choice. You can either let yourself drown in doom and gloom, or
contemplate survival.
The key to your survival
is how you manage your money. Okay, that sounds like some of the same old
stuff, but in this new age you have to rethink everything. You can survive the
financial crisis, but it may mean you have to make a few changes.
·
The
first and most important principle is, don’t panic. Don’t respond emotionally
to the situation and don’t let your emotions rule what you do and how you
think. Operate from the head, not the heart on this one.
·
Secondly,
it is urgent that you assess the universal situation for yourself, not going
along accepting whatever the media hype is selling you. They will tell the
stories in a way that sells copy. Remember they are the experts in Bad News. Do
your own research.
·
Globally
we have become a consumer society on a horrendous scale, so take a good hard
look at your personal circumstances and reassess coldly and calculatingly. Cut
down on your expenses in every possible way. Streamline for more efficiency and
cut back on wastage. Spend your money wisely and save it wherever you can.
Now is the time to divide your wants
list from your needs lists. It’s great to have dreams, but they are something
you must work into.
You are being constantly
overrun with hundreds of different methods to spend your hard earned cash as
quickly as possible, particularly if it involves giving you credit – where only
the bank wins! It’s time to wake-up and become aware of the fact that credit is
a product the same as any other consumable product. One that is constantly
being sold to you.
Reporting from the World
Knowledge Forum in
"An enormous amount of
opportunities will emerge as a result of the current global economic slowdown",
said Sir Richard Branson, “But companies have to be nimble in order to be able
to move quickly and decisively to make the most of these opportunities".
This is not a time to
slink away in fear, or bury your head in the sand and trust it will all go
away. This is the time to take positive action. Sort out what your options are,
plan carefully and step forward boldly. When things get tough, the tough get
going.
View all articles by Lyn Thomas
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