HTML clipboard1. Learn something new
Recession is a time to take a deep breath and think how to increase one's efficiency and competitiveness. During the good times people usually educated themselves on topics such as "What is the meaning of life", "How to be happy" and "How to be a good team player" etc. Although these are important things to know about they are totally worthless during hard times like now. No one can improve his/her curriculum vitae with "soft courses" like those mentioned. Current employers appreciate "hard courses" and "tangible knowledge". Therefore it makes sense to subscribe to the next "Accounting course", "Basics of secretary" or "Spanish for beginners". Those are just a few to name. However a small course on a basic topic can provide a considerable edge over the competitors in the labor market.
2. Save money
During the hard times like now CASH is not only the king, but also the master, pope, CEO, conductor, captain, pilot and Pharaoh. The winners of this recessions are not the greatest money wasters but greatest money savers. During the bubble one could have been comfort having virtual money or intangible assets. Now instead the only comfort can be enjoyed of true cash in the bank.
3. Invest wisely
This again is closely related to the second suggestion. During the recession good investment opportunities do arise. But it is important to pay attention to separate the good ones and eliminate the bad ones. To make sure an investment is worth its cost one should ask two questions: does it give me an edge over my competitors and does it justify the exchange for cash? The investment should be considered if both answers were "yes". For example lets ask those questions about investing into a "Spanish course". Does it give me an edge over my competitors? - Yes, because I become definitely more competitive in the labor market. Does it justify the exchange for cash? - Yes, because if I become more competitive in the labor market there are better chances of securing my cash flows at the current employer or finding a new job.
If one obeys those simple suggestions analyzed above there are greater chances of getting the edge over the recession. The recession is the time to "load your guns" for the next upswing. Which "guns" should be loaded is the question to think.
