Buckminster Fuller, famous financial writer and some say financial wizard, asks, “How many days forward can you go survive without a paycheck?” With unemployment now laster longer than ever before -21 to 24 months – and keeping in mind the fact that most Americans don’t save as much money as they could or should compared to Japan (they save at least 20% of their paycheck), what is going to happen when you run out of money and out of options to pay your mortgage?
Preparation. Discipline. Acceptance.
Prepare – Think ahead to what might happen if that day comes.
Discipline – You must be discplined to do what you prepared for.
Acceptance – In order to do either of the two, you must first accept that you could be in this position and you have to do something about it.
You could consider getting a heloc (home equity line of credit) but you must still be employed or you will get turned down. Remember, it is better to need it than to need it and not have it. If you get a heloc be disciplined not to use for a quick vacation or shopping spree – those things can wait or save the money in a separate account if you really must go but don’t use the heloc for that purpose.
Loral Langemeier of www.liveoutloud.com fame suggests that you make more money. In this economic climate don’t depend on just your job to sustain you and your family. Use your existing skill set to make extra money or even start a business. If you have great cooking skills, use them. If you have great driving skills – use. You get the idea. There is something we can all do to make extra money.
Well, what ideas can you use to make more money?