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November 04, 2010


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Time Frame- do your analysis as listed above, then double it. I give the same advice to people who are starting their own business- if you think you will start making money in 6 months, expect it to take at least 12.

to me all 8 points boil down to one advice - adjust and accommodate to the situation you are in. just like business strategy has to be shifted in changing economic times, personal strategy is no different. . . and you can apply that same logic for pretty much anything else

As someone who is just coming out of a short period of unemployment, I can say that #2, 4, 6, and 7 are the first things you should do, like asap! My wife and I found places to cut in our food spending, gym membership, gas expenses, and others. Fortunately I was only out of work for just over one month, but if it had been longer, I think we would have found even more ways to cut spending. You gotta cut spending drastically if you don't have much of an emergency fund built up (our case, since we both have only been working for a short time.. just starting our careers).

Great advise for so many that have lost their jobs in this economy. It is surprising how many expenses can be cut when need be. So many people are realizing how much they can do without and a new way of living that when they do get a new job and money is flowing in, they will be much smarter with their money and have more left over for savings and paying off debt.

Great tips. Another idea is to put all your tax returns into a savings account. This is a quick way to beef up your savings account every year. Also, it is important to start cutting back right away, not after a few months when you realize you almost have no money left.

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