Setting up an emergency fund will be very useful especially when there is a recession. This will enable you to survive several months without worrying if you still have money to buy stuff especially when there is a slowdown.
But when it hits you, cleaning up your balance sheet is just one way to survive the financial crisis. To help you along, here are a few other ideas which you may find useful.
In 2008, the unemployment rate grew by 6.1%, its highest level in 5 years. The last time it hit this mark was in 2003 as the economy was still recovering from the 2000-2001 recession. These job cuts happened in the airline, travel, retail and service industry just to name a few. If you happen to work in one of these industries, you should probably consider a career shift to an occupation that is more stable even if it means going back to school.
Going to school is not an option if you are raising a family. The next best thing to do will be take an extra job. Just make sure that the time you spend here does not affect your primary job otherwise, you could lose it.
Most Americans have invested in the stock market and if you are one of them, dont panic and...
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