Archive for the ‘Money’ Category
How to get ahead in the recession
By Stephen Pate, NJN Network, Charlottetown, PEI, February 5, 2009
This is not a get rich quick scheme or a pitch for some course or tapes. This is just the best tried and true way I have of making more money during a recession than any other time. Since I retired at 50, you might consider it. I’m posting this to remind us, myself included, that someone else’s misfortune need not be our own. I’ve been through 5 or 6 recessions since I started working and the 1981-1983 downturn seemed like the worst. Inflation was out of control. Loans cost 23% interest and unemployment hit 10.8% in the USA and Canada nudged 11%. Pretty bad but consider that 89% of people who wanted to work were working throughout the recession. So here’s the trick. Focus on you, your family and those you support. I like simple math. In 1982, I billed $27,000 in accounting services to clients. The GDP of PEI back then was about $900 million. By my calculation, I only needed .003% of my province’s total GDP to break even. Surely there would be enough for me and my family without breaking the bank.
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