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how to be recession proof?

Our blog at Kashkats has the practical objective of teaching people how to manage their financial resources - we offer everything from working with credit repair specialist who will work with you on the computer on picking what items to dispute on your credit report, to surviving these hard economic times and becoming recession proof.

Have any of you in your path heard of Rich Dad Poor Dad? I am a grate fan of his principles. Many financial advisors advise their clients to save 3 to 6 months of their monthly expenses in a high yield no fee interest savings account or a money money account in case you

• Become ill and can no longer work
• Get laid off or get fired due to unfortuate circumstances
• get into a car accident and need the next 1 or 2 to recover from your traumatic car accident
• have a relative far away who is 1 month from dying of cancer and you have to fly over there to care give to this person
• hit a midlife crisis and can no longer stand your job situation and quit
• can no longer stand the gossiping, back stabbing co-workers and have to resign to maintain and preserve your sanity

I would highly recommend it is a safer bet to save not just 3 months or 4 months but rather a minimum 6 months of your total expenses. You really don't want to get in the habit of getting personal payday loans where you are paying up to 500 percent interest of the loan. If you live in a one income family and your spouse is a stay at home husband or wife, you really need to put away 6 - 9 months especially if you have children to support.

Economy experts say the hardest sector to be hit where people will be laid off are: financial services and construction. A builder in Arizona filed bankruptcy and left many people dangling after having spent over hundreds of thousands of dollars in a closed gated community.

I would highly recommend it is a safer bet to save not just 3 months or 4 months but rather a minimum 6 months of your total expenses. You really don't want to get in the habit of getting personal payday loans where you are paying up to 500 percent interest of the loan. If you live in a one income family and your spouse is a stay at home husband or wife, you really need to put away 6 - 9 months especially if you have children to support.

Economy experts say the hardest sector to be hit where people will be laid off are: financial services and construction. A builder in Arizona filed bankruptcy and left many people dangling after having spent over hundreds of thousands of dollars in a closed gated community.

What if you are self employed?

Being self employed you need to stash away 1 year's worth of living expense. A friend of mine who has just turned 40 and is self employed has about $6300.00 put away for emergencies. His name is Munro and works in the health spa message sector. His monthly expenses are roughly $1600 to $1700. He realizes actually needs $20,400 put away in a money market fund. So he is 14,000 short, one way he is accelerating his plan on putting away over $14,000 is to give up his office where he was paying $1800 a month and he is working out of his home.

How do you come up with cash to save for an emergency fund?

1) Have you heard of investing automatically? You can work with a mutual fund company. Most mutual fund companies have money market funds which are easy to liquidate. You will want to find a mutual fund company that does not charge a sales commission, get a no load money market fund. Yes, many mutual fund companies demand a high minimum deposit, but you can get around that by making regular monthly contributions that are taken bi-weekly out of your paycheck. This way you don’t even have the temptation of spending that money because it is automatically deducted from your savings account the 1st and the 15th of the month. This company below is a good option to try. Please click on the banner below. You can open up an account with Washington Mutual and get a high interest savings account