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 M¢25  Funded By Mahalo ? |  March 01, 2009 05:15 PM

What's the best way to beat the recession?

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spoon spoon
 
 March 01, 2009 05:43 PM
The best way to beat the recession is to take a VERY close look at your finances. Where can you save money? Maybe you don't need that netflix account... perhaps the cellphone bill can be lowered to a cheaper plan... maybe it is time to sell the car and purchase something that won't require monthly payments.

While these steps can be difficult to deal with they allow you to afford the items you NEED through the recession. These steps are also things that would only need to be done for a short time (short being a relative term depending on how long the recession continues). Just keep in mind that during difficult times you need to focus on Needs and not Wants and if you can find a way to pay for the needs without using credit you will be better off when things straighten out.


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cjd cjd
 
March 01, 2009 05:32 PM
Keep on lending money and nothing will work. I think the only way, and most controversial way, is to restart an economy from scratch.

Literally, restart banks and everything. There is so much money borrowed - don't you think it would be best to restart everything but change the way banks work, maybe limiting the amount one can borrow.

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spoon spoon
 
March 01, 2009 05:39 PM
While "restarting" would give the economy a chance to start without the issues there is too much money in loans and credit to do this without a complete collapse of the system. Look at countries that have attempted to do this before (focused heavily in africa) and you will see nothing but disarray and unsuccessful attempts.

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cjd cjd
 
March 01, 2009 05:42 PM
But letting an economy grow worse...is that what we should do? We can't just keep on putting money in, because where is that money coming from!

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drmatt drmatt
 
March 01, 2009 05:41 PM
Read and implement the ideas found in Think And Grow Rich by Napoleon Hill.

Invest in yourself.

Cycle money locally.

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spoon spoon
 
March 01, 2009 05:47 PM
I need to reread Think and Grow Rich, it has been a few years and the timing is right to have it fresh in mind!

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hillo hillo
 
March 01, 2009 06:18 PM
I agree. Invest in yourself or 'pay yourself' first (save!) and if you have debt (especially high interest rate credit card balances) get out of debt as your top priority. Find ways to pay down that credit card balance and then cut them all up except one or two and pay them off each month. For most of us, this is an approach to budgeting and financial success that works in any economic climate.

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srgothard srgothard
 
March 01, 2009 06:02 PM
Work hard, buy nothing on credit, and do not accept a dime of federal money. We the people, not the government, make the jobs, make the products worth buying, and make the decisions that will lead us out.

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drivel drivel
 
March 01, 2009 07:18 PM
The problem with the economy is that there is too much debt because people and organizations have been spending more money than they make. The solution is not to add more debt, but my reducing the existing amount of debt.

While reducing debt through bankruptcy and restructuring will initially be very painful for individuals and for companies, Individuals and companies will be much better off after getting rid of debt they have no hope of paying off.

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