• Thankful For Your Family…. Business?
    Landscaping businesses are often family endeavors. While this can combine the best of both worlds (personal and professional), it isn’t always smooth sailing. Click here to read more.

If you have a job or income hold on to it

Just read a scary article in the NYT. Be thankful if you have a job or business producing income. Think twice before trying new paths unless you have another gig waiting. Until our economy flushes out years of excess it is going to be a long road to a real recovery. Prepare your life to be able to take a 50% pay cut and still make ends meet. Learn a second career on-line or in your spare time to add as insurance. Be willing to be mobile. Endear yourself to your boss by taking crappy jobs and hours when he needs it done. The joke in Fort Collins is chances are good the guy working the counter at Burger King has a Masters. Think twice about a divorce and see if you can't counsel your way through issues. Try and downsize your home. Do the math before you add any more children. Buy used cars.
I may be over stating but, for men especially those 50 or above, it is going to be a gradual slump in earning power.


Ditch the credit cards, if you can.
Ditto...The rules have changed and my understanding is the CC companies are doing everything they can to sock you with fees and get balances on slow payers paid off before the new rules kick in.

I don't regret it but in hindsight I would not have sold my business. I sold right before the market and economic tsunamai hit (Aug 2008). It hurt my house just when I was going to put it on the market. Still for sale. Doing it over I would have held onto the business for a few more years and sold early into the next recovery. Fortunately I had a lot of savings but I was really hope to find an outside sales job in the industry and their are none to be found.


LawnSite Bronze Member
We had a couple hit us with 6% rate increases right before the law took effect. They said they mailed us a letter last April but I don't remember getting it and as busy as we were, I probably overlooked it. Needless to say, those will be paid off immediately. I won't close the accounts out though, FICO scores are driven by ratios and closing out credit cards hurts your score pretty significantly. I've seen my personal score take a hit of as much as 30 points just because I closed out a card because it changed my debt to available credit ratio. It's much better FICO score wise to keep those cards and spend $5 or $10 a month on them so that they don't get closed due to inactivity and pay that off when the bill comes.