7 ways to position yourself for recovery
- 1. Entrepreneurship
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7 Ways To Position Yourself For Recovery
7 Ways To Position Yourself For Recovery
In a gloomy economic marketplace, it's easy to have a negative outlook on the future. Many become worried about
the state of the economy and simply focus on surviving and staying afloat amidst the uncertainty.
What many of us forget is that economies recover, although we rarely know when. But if you prepare yourself for
the road ahead, your financial outlook for the new economy will leave you sitting pretty.
For further information on this article and the
coaching programs available please contact:
Image Group International
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©2009
- 2. Know Your Time Horizon
It's important to make sure your investment goals are aligned with your investment time horizon. Reviewing your
investments and making sure that those investments are still appropriate for the stage of life you are in or will soon
be entering is extremely important.
Individuals approaching retirement will have much different needs from their investments than young graduates just
entering the work world. Aligning your goals with your investments is fundamental to being a successful investor.
Lock In Low Rates
During times of economic uncertainty, it is not uncommon for interest rates to drop to very low levels. At times like
this, it can be in your best interest to take advantage of lower interest rates, especially for homeowners. Locking in
at a low interest rate for five or 10 years can save mortgagors thousands of dollars over the course of their
mortgage.
Even if you are locked in at a higher rate already, you might still come out on top by remortgaging at a lower rate,
even after paying penalties associated with renegotiating that rate. Weighing all your options to make the best
decision can really pay off.
For further information on this article and the
coaching programs available please contact:
Image Group International
Asia Pacific Head Office
Tel: (+61 3) 9820 4449
E: info@imagegroup.com.au
W: www.imagegroup.com.au
©2009
- 3. Pay Down Debt
It can be easy to run up a big debt load when the economy is not cooperating, but this is not a smart move in any
economy. Instead, take advantage of the economy. Typically, low interest rates can help you pay off your debts
more quickly, as more of the payment will go to principal rather than interest.
Paying off high-interest debt, such as credit cards, should be the first priority for people during uncertain economic
times. Carrying balances on high-interest debt vehicles can make it very difficult to build savings when
the economy turns around.
Diversify
We've all heard the old phrase "don't keep all your eggs in the same basket". This old adage couldn't be more true
when it comes to your investments. Keeping a diversified portfolio of investments protects your nest egg from
risks that can ravage your portfolio.
It's no coincidence that the professional money managers who are constantly preaching to investors about
diversification are the same ones who tend to escape market downturns and negative economic news in a far
better position than those who don't.
For further information on this article and the
coaching programs available please contact:
Image Group International
Asia Pacific Head Office
Tel: (+61 3) 9820 4449
E: info@imagegroup.com.au
W: www.imagegroup.com.au
©2009
- 4. Make A Budget
It's hard to believe that many people still do not take the time to create a budget. For those who have refused to sit
down and take an objective look at their spending habits in the past, there is no better time than during an
uncertain economy. Simply sitting down and comparing spending habits to the amount of money you have to spend
can be a real eye-opener.
Quite often it can be easier to ignore the obvious or put off financial planning for another day. However, by knowing
your financial situation and knowing steps you need to take to achieve your goals, you can put yourself on the path
to a positive and successful financial outlook.
Don't Go At It Alone
It can be difficult to make a financial game plan when you don't have the slightest idea about personal finance.
Fortunately, you don't have to go at it alone. Talk to your financial planner, and if you don't have one, go get one.
Financial planners are trained professionals and personal finance is their forte.
A financial planner can help you set up a financial game plan and make sure that you stick to it. Take the time to
meet a few financial planners and get a feel for them as people. You should be 100% comfortable dealing with the
person who will be helping you handle your finances.
For further information on this article and the
coaching programs available please contact:
Image Group International
Asia Pacific Head Office
Tel: (+61 3) 9820 4449
E: info@imagegroup.com.au
W: www.imagegroup.com.au
©2009
- 5. Smile
Don't let tough economic times get the best of you. Feeling stressed about money is an issue for everyone, but
worrying about things that are out of your control only adds to your stress. By putting a smile on your face and
living your life with passion and enthusiasm, you'll find that the everyday stresses of life won't bother you the way
they used to.
By using the tools we've discussed here, you can put yourself in a position to be financially confident in your future
prospects when bad economic times turn around.
For further information on this article and the
coaching programs available please contact:
Image Group International
Asia Pacific Head Office
Tel: (+61 3) 9820 4449
E: info@imagegroup.com.au
W: www.imagegroup.com.au
©2009