Be Prepared For Down Times
Tags: preparation, savings
Article Summary:
| Be Prepared For Down Times | |
 | In business, down times happen. Regardless of the reason, they happen. Maybe your sites are seasonal. Maybe your niche caters to a crowd that is more active during certain times of the year. Maybe your income is affected by economic shifts. Maybe your great search engine rankings disappear. Many things can cause a down time, [...] |
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Wise advice Donna, that would keep most entrepreneurs out of trouble…one small detail I would change though. You recommended setting aside 2-3 months of expenses, I recommend 6-8 months.
Suze Orman actually recommends a *minimum* of an 8 month emergency fund.
LOL, obviously more is better, Jeremy, but there are few people I know who can manage to sock that much away. Maybe we run in different circles.
But yes, to anyone out there who can, more is better.
Twitter: DonnaFontenot
Hi dd, this is a great time to start this conversation. With the holiday season approaching quickly, many bloggers will benefit from higher earnings on AdSense and affiliate sales. So it’s good to plan ahead and save for those “lean” summer months. Thanks and enjoy the rest of the week.
Ileane recently posted..How to Run Your Blog Like a Business- 10 Tips
Thanks for the quick tip Donna. It’s a good idea to have a little nest egg set aside for the downtimes in any business. This isn’t unique just to blogging.
Richard recently posted..Timesaver Tips- Gain Twitter Followers Overnight
I actually wasn’t referring to blogging, Richard, but to ebusiness in general. Of course, the topic applies to every business, that’s true, but I was specifically speaking to online business. I guess a lot of people see me as a blogger, but that’s only one small part of me. My business revolves around ebusiness, and blogging is only a fraction of that for me. So unless I specifically mention blogging, there’s a good chance I’m speaking about ebusiness in general.
Twitter: DonnaFontenot
Staying out of debt and keeping some money in reserve is always a good thing. After the financial security bit is in place then there are a few steps to more secure and provident living.
1. Food storage: Keep a minimum of 3 months worth of food, water and hygine products. It is cheaper to buy in bulk and you will have some security in case something really bad happens.
2. Real money: Gold, silver and barter items. It is really easy to buy scrap gold and silver for less than spot. Unlike the fiat currencies like US dollars, gold and silver are real money. You can use it for bartering and trading virtually anywhere in the world and throughout most of the history of mankind.
3: Weapons and ammo: For those that live in the US there is no excuse for not owning a AK or AR system. Those of us that live in countries with strict gun laws have to look into other options. You need to be able to defend your food, water, real money, yourself in case there is a situation where you can’t call the emergency services and expect them to respond right away.