Saturday, February 21, 2009

Al Walsh.... Buckle Your Seatbelts We're In for a Bumpy Ride

A Survival Guide for Strange Times

Every day brings more grim economic news.
Layoffs are rampant, and many more are coming.
I’m a business advisor, and I track economics & finance as part of my routine, so I feel confident in stating that I’m farther ahead than most in understanding what’s going on. I wish I had good news about what to expect going forward, but I think we’re in for many more nasty surprises to come and it’s going to take a long time to dig out.
Surprises are coming from strange places.
Just yesterday I wrote an article about a Forex derivatives problem in Eastern Europe that’s threatening to spill over into the Western European banks. They’re already talking about a $ Multi-Billion bailout from the U.S.

So where does all of this leave you?

• If you have a job, hang onto it for dear life. Do everything you can to make yourself useful and build your image. It’s never too late.

• If you lost your job, look for whatever you can get. This is not a time to be proud. A paycheck’s a paycheck.

• Conserve your wealth, move it out of anything that could be considered risky, and cut your spending to a minimum. Save if possible.

• If you have the wherewithal to eliminate or reduce debt – do it.

• Don’t just sit there – be active on the internet. Network. Read & Learn. Look for niche opportunities. There’s a wealth of information and resources out there if you take the time to look for it. Most of it is free.

• Don’t sit in a corner and sulk. This is not the time. You’re not unique; you’ve got lots of company out there.

• Don’t be shy about seeking someone to talk to. Being able to talk through your problems will help unburden you and keep you focused on the positive. The right attitude is going to see a lot of people through.

• Get a full night’s sleep. Don’t pace through the house. You need your energy and a clear mind.
Don’t look for “big brother’ to bail you out. Ain’t gonna’ happen. Big brother’s got enough problems of his own.

These are strange times we’re living in, and you have to assume the worst so that you’re not caught flat-footed.

If you’re snickering at me right now because you think I’m overreacting – wake up and look around you.

If you’re thinking that the sky is falling, it’s not that bad; but it’s certainly not one of the mild little recessions we’ve been accustomed to. There are real dangers out there.

Keep your options open, stay alert, be creative, be productive, conserve, and you’ll get through this.

Good Luck, Al Walsh, Owner/Founder
Walsh Enterprises, Business Advisors
Huntington Beach, California
Al Walsh is a valued advisor to this site. He welcomes your questions and comments and will answer personally and privately if you wish. His financial and business experience span over two decades in executive and leadership positions in the USA. He has a sense of generosity and shares his thoughts with us often. I am grateful to Mr. Walsh as a special advisor to The NEW New World of Work. Patty De

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