What's your plan during the economy recession?
November 17, 2008 10:53pm CST
Have the economy storm attacted your country and affected your life? I live in China and feel the influence of the storm stongly: many chinese workers working overseas go back to home earlier than usual. The flow of the returning workers give a lot pressure on railway station and long distance bus station which usually occurs during the spring festival. And people are covering their pockek tightly than ever. What's the situation in your country?
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16 May 09
I think you have said it best - earn more and spend less. I mean what else can one do in an environment when cash is the most precious of all resources. I mean not all of us are rich and can afford vast paper losses. However, most of us need to have some money in the bank just for our daily expenses to live. Without money in the bank it is very hard to function in a modern environment. Another way to conserve cash but ensure that we have the ability to function is to use barter for some of our daily out goings. Barter is an ancient way of dealing with things but it helps you get services that you need without having to expand some cash. One of the examples I can think of is an accounting firm that barters its services with an IT provider. The IT provider needs someone to keep its books and the accounting firm needs someone to manage its servers. Both firms get services they need but don't spend their very precious cash resources. So, for me, the key is to look for more work because I need the cash but I am also willing to look for interesting barter deals because with such deals I can also get things without having to lose cash that I don't have. Hopefully I'll be able to get through this recession with enough cash in the bank to achieve a few dreams that I have.
18 Nov 08
Well fortunately, I think it hasn't reached our country but I've heard some local economists say that it's not a farfetched idea that it will soon reach us here. I have heard from the local news that aside from other regions, some Asian countries namely Singapore and Japan, are now being affected by this economic crisis or 'recession' as they call it. Also, we have a lot of overseas workers who are basically depended upon in terms of finances by their families living here. Locally, it is believed that either displacement or shortening of working hours and days will occur. Even without this crisis, I'm afraid that early next year, I will be one of the many Filipino employees who will be displaced from our jobs because the company I'm currently working with for nearly four years now is planning to close until the first quarter of next year. Initially, it was set at December 31, 2008; but another request was made to the governing authorities. So, as early as now, I am trying to pay-off all our existing monetary obligations with various individuals and companies so that we don't have to worry about these when this crisis besets our country. Also on a personal note, I've been trying to minimize on public transportation costs through taking a less expensive mode of transportation and walking a hundred meters or a few more; eventually gaining much needed exercise in the process.
18 Nov 08
I am from Philippines. A lot of oversease filipino workers are also affected by the slippery slope of the other countries economy. This in turn will affect the dollar / foriegn currency remittance within the next coming months. Hopefully this will not last long though. Personally, i am wiser now in my spending. Better safe than sorry =)
10 Apr 09
Hi Garfield_Zhou, My personal plan about this Global Crisis is to adapt Frugal Living. I am also looking for a side line to support the growing needs of my family. I just hope I'm on the right track. I have seen overseas workers went back here due to the recession. Some factories here already closed down, and these are prestigious companies! I am working in a call center and I have heard that other call centers already cut their budgets like some of them were no longer providing annual appraisals ato their employees. It is a grusome truth that should be faced head strong inevitably so this early, I am just covering my base for me and my family. I hope everything will work out all right... All's well that ends well... All for the best. May you have a good day and a better tomorrow!