Over the last several days, I have heard several reports on both the U.S. and the global economy and it is/was, as always, a mixed bag of news. Most recently’ the United States GDP (Gross Domestic Product) was revised downward for the 1st quarter of this year. Things around the globe are up and down. What can you do in this economy? The answer is pretty simple yet difficult.
Manage your own economy!
None of us, you or I, have any control of the overall economy in this country or of the world’s. We can be a victim or we can be prepared – in good times and bad.
Things, what ever they are, happen all the time. Your choices will prepare you. What can you do?
- Get rid of your debt – debt keeps you hamstrung. Free up cash by aggressively paying down and paying off your debt! Position yourself outside of a bind!
- Have an emergency fund – Emergencies happen. Save cash and be prepared.
- Be diverse in your investments – Whether you are currently investing or have some investments maybe from a previous job, make sure you are adequately diversified. Spread out any potential risk.
- Have a plan of action when things happen – What will you do “if?” Define what if is and have an action plan. Make sure you and your spouse or your accountability partner are on the same page so that you can move quickly “if”.
People and families who are successful are prepared! Where do you stand in managing your economy?
What advise can you give others to be prepared and manage their personal economy? Leave your comments below.