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