Getting Rich During The Rough Times

Many of us fell prey to the pernicious cycle of the great recession of the modern times. Others managed to strike gold while the majority is left penniless. However, this time poses plenty of opportunities for people who have saved enough, for those who have withstood the test of times and for the astute who have the knowledge and skills to make more money fast despite the recession by devising ways to earn more.

Some people are lucky enough to maintain their 5 or 6 digits salary jobs while the countless number of unemployed are still on the rise. The fresh graduates are in for a tough time because of the stringent employment openings. Those who have experience in their belt who are willing to take in any amount of salary just to be employed will pose a great threat to the newbies. With this unemployment scenario in mind and the other gloomy accounts of recession, how do we get rich then? Here are some tips:

• Amassing great wealth does not happen overnight but having the correct attitude and knowledge to handle your finances is one step to get rich.
• Acquire a positive outlook in life. While a lot of people are wallowing in sorrow for the loss of their jobs and foreclosure of their properties and bankruptcy of their business, some people pick up themselves and go out on the streets to look for another job or sell some properties or even do sidelines. 
• Turn your hobby into money-making activity. If you have a penchant for writing then offer your freelance writing service. There is money in blogging. Start a blog or submit articles to websites for a fee. If you are the crafty one, dust those equipment and put them into use. Sew small garments or create projects you can sell. Create a website to sell your wares and merchandise online or offer your services too via this medium.
• Practice the "need vs. want" attitude when purchasing anything. Weigh the pros and cons of buying something even the simplest grocery item. Ask yourself if what you are going to purchase is something really required or something you fancy. If the reason is the latter then put the merchandise back to the shelf. That means, you can do without it.
• Use cash and use it sparingly if you have to. This is applicable to all factors in life and is related to the "need vs. want" policy. Clinging to your money like a vine is not bad as long as your intentions are all for the right reason - saving for the rainy days. It is not gluttony but a wise practice to perfect just in case emergencies like the recession arise.
• Always keep at least 20% of your monthly salary as a fixed saving. The higher the percentage, the better. Ensure that this fixed saving is never withdrawn for unnecessary purchases or projects.
• Stop hoarding. You certainly do not need two of the same items or submit to panic buying. Clean out your closet. Empty your cabinets with clutter and make money out of them by selling them to eBay or organize your own yard sale. 
• If you are still employed then keep the job as long as you can and as long as you are not yet kicked out. Do a part time job on your spare time to augment your salary and save.
• Avoid using your credit cards. The interest in this kind of credit facility is very exorbitant. Try to pay off more than the minimum amount required to lessen the finance charges. Better yet, do not use it at all.
• Simplify your life. Living large is no longer an in thing but more of a high-maintenance lifestyle. Live a frugal life and practice simplicity. You do not need a fancy car nor a shiny solitaire diamond on your finger. What you need is a windfall and that is your savings.
• If you are the smart one and knows something about trading then do so. Allocate a portion of your savings to stocks.  However, watch your stocks like a hawk and know when to withdraw and switch. Start small. You do not have to use all your savings to buy stocks but invest on few companies that are worth the dime. Check the stock and business news for more information and learn from traders some tips on how to go through stock investment.
• Lastly, pray and absorb God's blessings in any shape or form. Be thankful for the little gifts you have in life because without those little things are also invaluable wealth in your spiritual life.

Real Estate Leads in time of Recession

The economic doldrums must have been very difficult for the real estate industry and the real estate agents. Even the banks and property owners with house mortgages are not exempted from the bitter reality of the great recession of the 21st century.

While a lot of home owners, real estate builders and real estate agents suffered a big blow in this negative occasion, others thrived because of the money they have saved. This gives the thriving public purchasing power. Moreover, some real estate business still managed to perform as top producer 8i. Their listings of properties available for sale increased because of foreclosures and voluntary revocation in the part of the home owners.

Real estate companies have become very robust and creative with their marketing to attract buyers and real estate agent to sell on their behalf. Their goal is to stay afloat and dispose as many properties in their lists to the public. Despite the economic situation, it has brought about a window of opportunity for others to acquire these properties in a much lesser and affordable price.

The situation in the real estate industry is still very volatile. Real estate companies are still cautious with their future projects and keeping their business thriving in this harsh time.

Lower Rents in Dubai

The world has seen the rise and fall of Dubai's mighty real estate market. Dubai's prime lands before the recession were selling like hot pancakes. Now that the bubble has burst, Dubai is left with numerous finished and unfinished metal buildings and other concrete construction.

Some well-known real estate companies here in Dubai has dramatically slashed the rents to 30-60% because of the lack of demand to fill the numerous empty commercial and residential buildings. Classic example is the building where we are staying. We paid AED 73,000 per annum as rental fee for our flat in 2007. That is rough estimate of US$ 21,000 in one year! That's where our money is going month after month. Then when recession hit, our rental fee was reduced to AED 63,000. It was further reduced when we renewed our contract last year to AED 48,000. That's 35% off the original contract leasing rate we signed for.

We are expecting a further reduction this August when we renew our tenancy contract. Let's face it, the supply and demand is now tilted and the real estate boom is no longer making a loud bang.

Managing Credit and Finance during Recession

People are smarter now when it comes to managing finances and credit. Ever since the global economy took a nose dive last year, people have learned to appreciate the value of money. Many who fell into a big credit sink hole are now seeking personal finance help to put them back on track. A lot of people are now watching what they buy with their hard-earned money. Many credit card users are also taking into consideration the finance charges they will incur if they do not pay their credit on time.

People are not wary of all these before the advent of recession. A household will generate expenses relentlessly because of the assurance of getting monthly salaries to compensate the flow of cash. Many are not mindful of their credit score range because the market was not strict in lending money to borrowers. Money just flowed easily. That was what everyone believed until the great market plunge. Due to the economic downturn, people learned to save and live within their means. Budgeting has become the by-word of every household in the world. Cutting back on the usage of credit cards is one of the top means to save money. People have learned to be smart with their existing mortgage by either selling their properties or applying for a new re-mortgage scheme being offered by banks to lower the interest rate and keep them afloat.

All of these economic uncertainties have taught every one a lesson in handling one's finance and credit. People are now informed and will be better prepared in case of another major recession.

Save A Lot

The global recession has put everyone's spending habits to the test. No one knew when it would hit and when it did, plenty of people were not prepared to face the great depression of  the modern time.

People who managed to save enough to cushion the blow of unemployment, deflation, and economic crisis are ones to be emulated. These people are the ones who seek discounts and great deals from internet sites like Savings.com, cut out coupons from newspapers and magazines, recycle things and re-use them, and ask themselves hundred times whether they should buy or not before making a purchase.  Many people have sacrificed the comforts they once had to be able to save money. Some go through the length of cutting back or downgrading their common services like cable subscription, telephone and internet lines, mobile phone line subscription, magazine and newspaper subscription, membership fee in gyms and other health or recreational clubs. Other sold their other properties to retain one and have taken the task of public commuting to save on gas consumption.

Saving has become the trend of most people now. The majority of the masses have reconsidered the art of spending less and thinking twice whether a purchase is necessary or not. Gone are the days of living in the lap of luxury. People have gone back to the conservative and time-tested methods of saving. People are now re-inventing ways of saving more and spending less by being wise and frugal. 

My Goals this 2011

A lot of us made our new year's resolution for 2011. I have and I am resolved to do few things which will bring continuous and positive effect until the coming years.

My goals for 2011 (and hopefully to spread all the way to the coming years):

1. Be more healthy. This will stave illness and keep the medical bills away.

2. Be more active. I am done sitting in front of the computer and playing games on Facebook. Yes, I am also one of the millions who got hooked at one point on the ever-addicting social network. I imagined how my life was pre-Facebook. I used to do a lot of stuff and recently I was in a rut because all I did was play some games in that social network.

3. Pay down my credit cards. I do not have to elaborate on this. Many share this sentiment with me. I am tired paying for the finance charges. This borrowing thing has to stop. And it will this 2011.

4. Save, save, save. I used to be very thrifty when I was single. After having my own small family, I noticed my budgeting skill  went a little wayward. I used to save big time and wonder what happened to my spending habits. I counted the chicks when they weren't hatched yet so I used up my savings for things and services I didn't actually need. I am re-focusing all my energy and will-power to save.

5. Be more sociable. I am an anti-social! There, I said it. When I say anti-social, I don't mean the hermit-kind of reclusiveness. I just enjoy small gathering of people I truly know. So, I have to muster the guts to attend to social events where I barely know anyone. I have a problem breaking the ice. I don't have the gift of gab like most people do. That has to change. I have to face my fear of public-speaking and overcome my shyness. Now you know why I enjoy blogging than partying...

6. Learn a new language. I used to speak Japanese, a bit of Arabic and French. All those were side-tracked because I focused more on helping my daughter with her school stuff. I want to challenge my mind and continue learning different languages. I don't know if I'll be able to use any of them in my daily life but it does help to know a different language because we travel a lot. During our trip to France, I was able to communicate with my very little French and found our way around town. I know they have their benefits. I will soon find that out.

7. Move to a new department or have a career change. This one is my last goal for 2011. I am aiming to empower my career so I can earn more but if I don't see any light at the end of the tunnel for the current economic situation, I may have to shelve this temporarily until the dust settles. Our company is still very stable and I don't want to shoot my foot by jumping out. I will probably find another higher position within the company if the recession's tide has still not ebbed.

So, do you have your goals for 2011? 

                                                                                                               

Earn Extra from Home

My friend and I have been wracking our heads thinking of a good opportunity where we can earn extra income from home. We have a very nice office timing to allow us to spend time at home for a viable business to augment our income. This recession has really brought the best in us in terms of sticking to stringent budget, fewer money to spend on unnecessary things and wiser investments.

My handmade cards have given me extra income on the side but a steady flow of cash from another activity may just do the trick. Any suggestions?

Of Earthly Things

Times are hard and the security of jobs and finances are even harder. I think most of us are affected by this global recession. Sometimes I regret my "seemingly" incurable obsession to shop for no reason. I kept telling myself then that I worked hard for that money I have spent and I deserve a little treat. That line is too cliché now because money does not flow as easy as it used to be. I begin to re-think my priorities and have come to a conclusion that money does not grow on trees nor it will come from the sky. I just have to spend according to my "needs" and not "wants" when most of the time, these wants are just frivolous things to satisfy my whims.

Who ever said "You are rich when you never need more than you have" is absolutely right.

Spring with New Hope

Winter posed itself longer than usual this year. We did not experience heavy rains on March but this year was different. Spring has taken a back seat for a while and now it has sprung!

I welcome the entry of this wonderful season called Spring. Although here in the hot climate of the Middle East, we are not privileged enough to enjoy Spring season in its full scale. We don't see enough verdant greens and natural blossoms of beautiful spring plants. Most of the plants here are artificially cultivated because they won't survive the harsh summer months.

Spring brings new hope after a gloomy season. It beacons new life. With all the problems the world is facing right now, the "seeming" pandemic around us because of the H1N1 virus, the dissent of other countries, the oppression of the poor, the compromising of peace talks, the global recession and the increasing number of poverty, we could only pray and hope that Spring brings a bright future as it enters the changing of the season.