Global Slowdown, plan your career and finances

How are you doing?  Here I found very good article regarding managing finance during slowdown. I hope it this will help you in to manage future decade for your career and finances. Also, Let’s hope Indian economy will continue performing good and survive with global economy crisis.

We’ve learnt our lessons the hard way. But rather than wait for the next
recession blow, one can play it safe.   Sanjeev Sinha  ( The Economic Times)

10 points that can equip you to deal with similar situations

THE OVERALL impact of the financial meltdown, which is certainly huge, is
now evident across the world. Particularly, the pain of job losses and drop
in savings is being felt everywhere. This, in turn, has instilled a sense of
fear and cynicism in the minds of investors globally. Still, while we are
making vast efforts to extricate ourselves from the current crisis, little
effort is being made to prevent the next one. Rather than wait, however,
there are many things which can be done now to avoid another crisis, or at
least cushion the blow when it comes. Listed below are 10 personal finance
lessons we can and should learn from the meltdown:

CONTROL EXPENSES & STICK TO THE BUDGET

You are more likely to face financial problems, if you have been extravagant
in your expenses. However, in a bid to tide over the current crisis and also
avoid such crises in future, you need to adhere to some financial
disciplines, and making a budget and sticking to it is one of them. Sticking
to the discretionary budgets, in fact, can help you handle the uncertainty
in the non-discretionary expenses.

9 to 5 Office Worker Will Become a Thing of the Past

In your personal life, when attending to business or working on side
projects, how often do you spend 8 consecutive hours in front of a
computer? It doesn’t make sense because we lose the ability to
concentrate effectively within a few hours.Everyone goes through
alternating periods of high and low mental acuity. There are days
when I work on personal projects for well over 8 hours, but the time
is always divided into multiple sessions. I might spend a few hours
coding a design, a few hours writing, and a few hours reading feeds,
moderating comments, and responding to email.

I work this way because it aligns with my mental energy cycle. Any
more than 3 hours in front of a computer and my eyes start hurting
and I become restless. I lose the ability to do my best work.
Instead of forcing myself to continue, I switch to an activity that
allows my mind to recharge. These breaks maximize productivity by
eliminating down periods. It’s counter productive to force work when
the mental energy isn’t there.

The Problem with an 8 Hour Work Day

A continuous 8 hour work day is a relic of the past. It makes sense
for physical labor and manufacturing work, but with information
workers it doesn’t account for the mental energy cycle. The ability
of a factory worker to think analytically is irrelevant, he’s either
cranking widgets or he isn’t.

In the case of the modern information worker, nearly all tasks
involve creative or strategic thinking. The way someone answers an
email or interprets a piece of information can differ drastically
depending on his or her energy level. Nobody does their best work
5:30 in the afternoon after they’ve been sucking down coffee all day
to stay awake.

When to start

• The best time to start is when you’ve got enough money in the bank to support all contingencies.
• The best time to start is when the competition is far behind in technology, sophistication and market acceptance.
• The best time to start is when the competition isn’t too far behind, because then you’ll spend too long educating the market.
• The best time to start is when everything at home is stable and you can really focus.