Tips to stay afloat in bad times

As anticipated by many people, its here ... India is starting to feel the effect of bad economic conditions which is prevailing all over the world. Started in US and spread like a wild fire all over the world, its affecting each and every person around the world. Job Losses, Less money in hand, depreciating assets, mounting liabilities are causing lot of worries to people. We have to take some effective steps to overcome this situation which is not appearing to last of couple of years.

Here are some tips which make you sail this troubled times without drowning.

1. Loans .... These will have snowball effect in these times. So, clear as much loans as possible. Avoid taking any loan.
2. Keep cash in hand. Delay any investment particularly related to risk prone sectors such as equity, real estate and commodities.
3. Gold and FD's are good investment options.
4. Try for prepayment of any outstanding loans and credit card balances.
5. Be ready with cash which can be deployed easily in case of trend reversal which may happen any time.
6. Don't even think of Job change. Cling on to existing jobs at least for another year in the mean time try to improve your skill sets and job expertise.
7. Try to create some income generating assets such as rental income, interest income etc.
8. Not a good time to buy or sell real estate and vehicles.
9. Don't plan for any expensive vacations.
10. Avoid expensive eat outs or entertainments.
11. Bring down house hold expenses by cutting down unwanted spendings.
12. And most important thing of all .. Don't panic .. Its all in the game ... Its like a cycle .. and conditions will and have to pick up and for India population which once was considered problem will definitely become an asset and growth story of India is not hoax... Its real and India will become the next super power and economic center point of the world and land of dreams.

Hope for the best and plan to make it even better.... :)