How to Deal with the Tough Economy

By Adonal Foyle

This holiday season, times are going to be tough for almost everyone. The stock market is on a roller coaster ride, businesses are suffering and people are losing their jobs. Investors - that includes NBA players - are constantly watching their portfolios take a hit. Players may also see the affects of the economy by not playing in front of sellout crowds. Fans will likely cut back on luxury items, and that includes basketball game tickets.

It seems as though nobody is safe with their money. In fact, I know someone back home on the islands who tried to literally hide his money under his mattress because he was afraid to put it in the bank. Wouldn't you know it - one morning, he woke up and saw that all of his money had been eaten by rats. So if you're wondering what you should do with your money, I would not recommend hiding it under a mattress.

What I would recommend with your money is the simplest thing you could possibly do - SAVE! One way to start saving is to eliminate some debts (pay off high-interest credit cards, etc.) so that you can eliminate a monthly bill. I think if we can start putting our focus on really getting rid of our debts, it could really help your financial situation. Not only will you be eliminating a monthly bill, but when the economy eventually bounces back, you should be in good shape with a lot less debt.

Saving shouldn't be a problem. Think about it. We have enough money for everything we NEED - but we never have enough money for everything we WANT. It's time for us to live within our means and not worry so much about that new pair of shoes or video game. What's important is being able to put food on the table. So the formula for survival is a simple one - spend less, save more and pay off debts.

If you already have money invested in the stock market, I commend you because we cannot be afraid of the market. We should still invest - but do it wisely. There are several options you could explore. Among those options are multiple triple rated municipal bonds and treasury bills. There are interesting ways you can invest your money while keeping it safe.

No matter what your situation is, be careful with your money. If we look at it in any of the ways I mentioned above, I really think we will all be ok.