Economic Recession : How To Strive And Survive

Thursday Business Talk It is no longer a news that some countries including Nigeria is going through some challenging times which is termed as "ECONOMIC RECESSION". Every thing in the market is twice the amount it was last year if not more, some businesses are folding up while others are groaning at the prevailing economic policies which makes their business struggle to strive and this they try to take it out on the retrenching of staff, looking up to the bank for help and hoping miracle would come the next minute.

Salary earners are crying as the salary that refuses to increase is even swallowed up by the high increase in transportation, feeding,accommodation e.t.c , they also hope for a miracle. How to strife as a salary earner in this period of economic recession: 1. Create An Alternative Source Of Revenue: As a salary earner, you are sure of a month end salary,it is time to put your ends together before your ends put you together. Invest part of that income in something else, look for something to start up with, it may be a little gain or profit at first but as you move on, you gain wisdom and business experience which will help push up. 2. Invest In Assets Rather Than Liabilities : It is unwise for salary earner to invest in things that don't appreciate but rather depreciate.Assets such as Land, buildings, properties e.t.c liabilities such as cars, luxury e.t.c. Sit down and find out what investment plan can you put that small savings into and can produce at least a 5% profit. 3. Cut Down On Your Luxury Expense: To be Continued on Next Thursday Business Talk