Is This Economy Getting You Down?

How you view these times may depend on how long you have lived and what you have survived. I truly do feel lucky that I am not in my early 30s with a mortgage, two car payments, kids in expensive sports and after school activities, and realizing that I don't have a job. That is where it hurts. But, you will get through this. I thought the 80s were bad here in Tucson. The mines closed down and there were many foreclosures, people out of work, RVs for sale at gonga deals and then the Savings and Loan debacle happened followed by the stock market crash. I know people who lost everything they had. So, if we can learn from our past, we can move forward. Staying out of unnecessary debt is important. You don't need those new shoes or a dinner out if you have to put it on a credit card and not be able to pay it in full at the end of the month. These are not investments. Your home is a good investment and the interest works for you. Cars don't appreciate so pay them off and keep them.

I know it is bad and people are losing jobs but this is also a time for opportunity. If you stay fearful, you will become frozen and ill-prepared for opportunities. Also, make sure you have the true facts. The media is cramming a lot of negative information down our throats and some of the statistics are skewed. Daily I hear people say that there are no loans available, no lines of credit and that people can't get credit. People are getting loans. There is money out there. People are starting businesses and getting loans for them. Use this as an opportunity to shop around and find a Banker. Yes, a true Banker who knows you and your business. Develop a trusting relationship. Find a Banker who is a decision maker. Use a local community Bank if you can. Don't just look for a good rate on your checking account, that will get you NO WHERE. A Banker on your side during these times or for that matter, during any time is a cornerstone in creating sound financial backing. Refinance your mortgage if you will be saving on interest.

Make sure you have a financial planner. No matter how little or how much you make, investing is key to success.

Find time to volunteer. Volunteering will make your community better and it puts you in front of more people. You will learn new skills and employers, clients, and or customers will appreciate your service.

Keep your resume up-to-date and shop around for jobs even if you have a job. Look for companies that are growing. In my business, the foreclosure industry is booming. Homes for sale between $100,000- $150,000 in good condition are selling quickly! Investors know it is a great time to buy. I also see the Internet offering new pathways for buyers to find homes and sellers to sell. I get pschyed about the great possibilites while some other agents are morning the easy times and looking for work.

Develop your hobby into a part time business. This is the time for entrepreneurship. Stay open to possibilities. Support your local businesses. And, find time each day to be grateful. My former business was in the Healing Arts and I learned a lot about the physiological changes in the body through thought. Do you realize that the cells of your body react to your thinking? So, don't let these times drag you down, learn new habits and create a solid future for yourself and loved ones.