A recession is not the end of the world. In fact it’s a normal fluctuation in the business cycle which has peak periods and low periods. But this one touches people we know. Let’s face it, it touches you and me! The good news is that we can do something about it.

Know your finances: Knowledge is power. Have you been relaxed about keeping track of what your assets are worth and how much you spend? Find out exactly what shape your finances are in. What do you have and what do you owe? If you haven’t already done so, do this now! Only when you know what your present situation is can you do something about it.

Have you been spending all that you earn? Have you been living beyond your income so you are carrying a heavy debt? Or have you put money aside each month to build a financial cushion? No matter how hard your pocketbook has been hit, decide that you will learn from this experience. This is a wake-up call for young and old.

Let’s listen to it and learn from it in order to prepare for the future.

Bonnie Personal Finance economy, opportunities, recession

Today, we begin a weekly series about the recession and what you can do to…

Yes, we are in a recession. It is not the first time nor will it be the last. But it is the first that even baby boomers have experienced or felt personally affected by such a downturn in the economy. Have no fear, this too shall pass.

Meanwhile there are steps that you can take to combat the recession blues. Let me share one of those steps with you here. Take particular note that it is free. It costs you nothing to use it. And it can spill over into other aspects of life.

Take control of your thoughts. Remember that you control what you think, what you say, and the decisions you make. No one can force you to think a particular way. You have to allow those thoughts into your mind. Your attitude will influence how you thrive or dive during the coming months. Recession? No Way!

Remind yourself by affirming out loud to yourself, “An economic recession is temporary. I will learn from it and thrive.” Your attitude will influence how you live each day, how you act and react to events. It will also influence the type of people who choose to associate with you and the opportunities that are drawn to you.

Bonnie Personal Finance economy, opportunities, recession