Coping with the hard times is still unavoidably felt by many people around the world today. Indeed, the 2008-2009 economic downturn that has hurt many people and businesses still lingers its effect in the overall economic activity. Experts say that it may continue for the rest of this year- possibly even for a good part of next year. However, the difficult times notwithstanding, the future would not have to be that bleak for people who choose to strive.

The times call for even more perseverance to counteract the effects of the tough economy. Still, there are smart ways that one can do to meet the challenges of the hard times. One of the most doable ways to do this is to augment one’s income with a home-based small business while keeping the regular morning job. By doing so, one increases his/her opportunities and potential to find a market segment where a product or service is needed despite the trying times. People still have basic needs that need to be satisfied and finding ways to fill those needs will help one to fill his/her own for survival and growth.

In addition to this, one should be wise enough to manage his/her cash flow and not prioritize purchasing ultra pricey items. Instead, one should take note that cash is king during the hard times. Thankfully, there are many frugal ways to save up when buying one’s basic needs and that is through discount coupons being offered by certain stores to their consumers to save up on their purchases. By being resourceful, it is not surprising that one can still find ways to satisfy his/her needs, as well as stretch finances to get the most value out of one’s hard-earned money.

Just like any other economic cycle, the hard times will pass and wouldn’t last forever. Changes call for new demands that abound and need to be met. No matter what the prevailing economic conditions might be, it is always best to jump start improving one’s financial standing by being persevering, creative, resourceful, frugal, and innovative.


Posted by: admin in Credit Cards,Debt,Personal Finance on November 29th, 2011

In his book, Retire Young, Retire Rich, Robert Kiyosaki’s rich dad quoted, ‘All debt is good debt. But not all people know how to use debt, so they turn good debt into bad debt.’ Explaining further, Kiyosaki said that most people know how to get into debt, but the problem is they get into debt and get poorer. He pointed out that debt can be used as a leverage to be financially free, but most people do not know how to use debt in their favor.

True enough, we have heard of countless stories of people getting into debt, some even reaching breakdown due to credit card woes. Many resort to denial and eventually hiding, then haunted by the collection department about overdue payments. It is therefore very important to stress out the responsibility of owning a credit card. The best security that a credit card holder can do is to know the credit card rules as well as the various charges added to the monthly bills. Basically, one has to pay at least the minimum due each month to maintain a good standing. If you are not able to make a payment, it is best to coordinate with the bank before they call you as most banks can help you make a special arrangement and discuss ways to work on finances charges, late charges, etc.

Credit cards can indeed work in your favor to improve your financial standing. When used wisely, it can give you the advantage of purchasing power especially if you have a business. It can also help you build a good credit history which is a valuable asset when applying for car loans or mortgages. If there are horror stories of the use of credit cards, there are also those who enjoy the benefits of owning a credit card as a safer and more convenient tool to make online and phone purchases. Remember that a credit card is an unsecured loan and along with its benefits comes the responsibility of owning one.


In the world of finance, a savings account is considered one of the more reliable investment tools through which individual or institutional investors can expand their assets. It may provide lower yields but an investor is confident that his or her investments are protected. This is an ideal investment vehicle for people to accumulate and build wealth over the long term. It is also a popular vehicle for retirement savings as well as building lump-sum amounts to achieve one’s life goals.

Cash is indeed king especially in times of crisis. The more cash you save, the higher your chances of surviving any financial drought. To maximize the benefits of a savings account, many people are finding the benefits of utilizing a savings account interest calculator. This is a smart tool to help you compare savings rates as the impact on your savings balance can be affected over time even with a small percentage on the difference of interests.

If you have a good tolerance for risk, you may invest your money in non-guaranteed funds or trust products for higher earnings. Common trust funds pool resources from various investors and then invest the money in mutual funds or stocks for higher earnings. On the other hand, if you are a conservative investor, you can invest in government securities, bank products or guaranteed funds that provide stable returns. Bank products like time deposits and government securities provide lower yields but protect your investment. It is notable also to consider the annual percentage yield (APY) which is the total amount of interest paid to the depositor by a financial institution. Interactive calculators are available to help you compare the actual rates of return of your chosen financial institution. It is recommended to seek a good investment professional to build your portfolio. Make a research on your potential financial institution’s or bank’s past performance, its staff, reputation, and how it serves its clients before deciding if you want its business.

As a smart entrepreneur and investor, it is imperative that you learn the importance of understanding risk and rates of return, asset allocation, and diversification. If you have a business, it is important to build up your cash reserves and maintain a degree of liquidity equal to at least six months of overhead expenses. If your current cash balance is not sufficient to meet this requirement, you can work on this by examining your sources of cash. Information and interest calculators are indeed effective business tools in keeping you and your business on good footing.