Wednesday, December 7, 2011

How will you survive this recession?

How will you survive this recession?

It is evident from the events around the developed world that another financial hurricane is coming to our shores sooner or later. Back in 2008, India was able to wriggle out of the mess due to strong local growth, however this time it is a different story altogether, what with double digit inflation, economic slowdown and RBI's interest rate tightening, high fuel prices and more (remember that one of the triggers for 2008 recession was the $140+ crude oil price among other things).

If Europe's and USA's banking sector failure and debt crises hit the world economy it is going to wreak chaos, cause a loss of millions of jobs in a spiral and even possibly a meltdown of modern society (yes these might sound extreme but hasn't been ruled out).

How do you plan to survive this recession and what are your preparations?

It would be helpful to get an insight into other fellow citizens' awareness of the situation and how they're handling this. I am pretty frightened by the goings-on and have started saving (not in cash) as much as possible on my paltry salary. I've also kept my spending very low in order to be ready for the day when I (might) have to live on less or nothing. I've started cycling short distances to keep fit and I hope to increase the distance slowly, one way to wean off automobiles (!). (Survivalist ideas)

If this sounds like a ridiculous thread, feel free to delete, maybe this is taking "Shifting gears" too far from automobiles.

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