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The Biggest Money Mistakes People Make in a Recession Facing a downturn is hard enough without falling into the common traps of how we save, invest and spend our money
How To Make Money On Recession
Avoiding common pitfalls will help you weather an economic storm and be better prepared for the eventual recovery. Justin Metz
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Many people are faced with a situation they have not had to deal with for a long time: an economic downturn. And they need help navigating it.
So we reached out to financial advisors, researchers, academics and other experts and asked them a simple question: What are some of the biggest mistakes people make in hard times, and how can they avoid them? After all, facing a downturn is hard enough without making it worse by falling into common traps in how you spend, invest and save.
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This article was co-authored by Benjamin Packard. Benjamin Packard is a financial advisor and founder of Lula Financial based in Oakland, California. Benjamin does financial planning for people who hate financial planning. He helps his clients plan for retirement, pay off their debts and buy a home. He earned a BA in Legal Studies from the University of California, Santa Cruz in 2005 and a Master of Business Administration (MBA) from California State University Northridge College of Business in 2010.
There are 16 references cited in this article, which can be found at the bottom of the page.
Recessions are generally times of economic hardship when companies cut staff and stock prices fall and remain low. If you are looking for ways to make money during a recession, you can consider selling and renting out things you own, as well as making more money in the evenings and weekends to boost your income. If you have cash, there are smart investments that can help you make the most of the recession.
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This article was co-authored by Benjamin Packard. Benjamin Packard is a financial advisor and founder of Lula Financial based in Oakland, California. Benjamin does financial planning for people who hate financial planning. He helps his clients plan for retirement, pay off their debts and buy a home. He has a BA in Legal Studies from the University of California, Santa Cruz in 2005 and a Master of Business Administration (MBA) from the California State University Northridge College of Business in 2010. This article has been viewed 68,965 times.
To make money during a recession, sell unwanted or unused items online or at thrift stores, as people are more inclined to buy second-hand during a recession. Additionally, if you own your own home, you can rent out a spare room, which can help pay the mortgage and reduce the amount you have to spend on utilities. If you live in a big city, you can also rent out your parking space. To earn a little extra money in your spare time, consider tutoring or doing odd jobs, such as painting or gardening. To learn how to make money investing during a recession, keep reading! When a cold comes around, I decide not to catch it. I know this sounds ridiculous, but it worked for me for several years. And I consider discussion of a recession to be a bit like an unpleasant virus because it can be contagious.
Reports in the media about the credit crunch, escalating bills and reduced spending paint a picture of general doom and despair. Are you infected?
Now, don’t get me wrong, I appreciate that many people, both consumers and businesses, are finding things more difficult. I also believe that as business owners we have a decision to make; accept all the negative reports, participate in the recession and accept the dire consequences to which they lead.
Tips For Marketing In A Recession (with Examples)
Or decide not to participate. Decide to take actions that make us – and our business – stronger.
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I was talking to a good friend and business entrepreneur. And we realized that we both came out of previous recessions stronger than we expected.
Why did we survive so well? Because we both avoided… The biggest mistake businesses often make in a recession.
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When I say active, I’m talking, as you’ve probably guessed, about marketing. Being seen as a vibrant, open-for-business company is vital to your survival, let alone your growth and success when there is an economic downturn.
But as soon as business slows down and the order books start to drag, for many the thought of investing in advertising and marketing is distasteful to them. The mentality is “We can’t afford to spend on advertising and marketing!”
Why is this when the reality is “They CANNOT afford to spend?” The best investment during the recession is to improve marketing.
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Best Investment During Recession
I believe that the reasons why some business people think this way is the lack of knowledge in two specific areas…
Measuring your marketing spend against the value of sales it attracts is the only way to be sure you have control of your business at all times. If you have this control, you can choose not to participate in a recession if it comes.
There’s only one way to be sure that your marketing spend – whether it’s time or money – is a good investment…use only direct response marketing in your letters, ads, websites, newsletters and flyers. Gear them up to achieve immediate action from your target audience. And monitor the responses you receive. Like any investment, you need to measure your marketing. For a business, this is the best investment during the recession
As the best investment during the recession, you decide to place an ad in a local publication targeted at your specific market.
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You create a direct response ad and include a unique code so that you can measure the response to that specific ad, in that specific publication and in that specific issue.
The publisher tells you it has a readership of 25,000 – and says “It only costs you 2 cents to reach each reader!” That would be a fantastic investment if all those readers are real prospects and there is a high chance they will respond. You wish!
The only figure that is relevant to you is the actual number of people who act and respond to your ad.
Your ad goes out and you get 10 requests. You now know that it will cost you $50 to receive each request. Let’s say you convert half into sales. You have 5 new customers, each costing you $100 to acquire. (The price of your ad divided by the total number of new customers).
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The next point is the one on which many businesses base their future marketing decisions. And it is where they often go wrong.
At face value, you might say “No!” decide! if the direct sale – the first sale – does not provide a high enough profit to cover the advertising costs. The real question should be “What is the profit value of all the subsequent sales I make to this new customer?”
If you are going to thrive in a recession, you must have a strong, effective, follow-up system; sometimes called the back-end. If your new customer buys, especially if you have provided a good product or service, they will be more open to consider other products or services that you can provide. Add these to the initial sale and you may find that the best investment during the recession is not such a drain on your resources!
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Multiply these two numbers and you have a fair idea of the true value of your new customer (sometimes called lifetime value).
Let’s be conservative here and say your first sale profit value is only $80. That means you make a loss of $20 on every new sale. At first glance, it looks like this isn’t a worthy ad to run again. And as I said, this is what many business owners base their decision on.
But if you have your strong follow-up in place and you know that on average your
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