Almost every Ordinary Joe is looking for some advice to make them recession proof, but it might take either an extraordinary person or someone who’s hit rock bottom to accept the advice of one candid advisor.
Neil Joseph told The Daily OBSERVER that people – those who fall in the poor and middle classes – must finds ways to reduce their spending and that, for the next two years, that they should not do anything to tie up their finances.
In fact, he’s ruled out most things – building, purchasing vehicles and other large consumer items, racking up credit card debt, and he’s also advocating deferring tertiary education.
“People who are thinking of studying and going to a university, get real. Nobody’s paying you for a degree (any) more; hold off on that stuff,” Joseph said.
His pronouncement was met with a “for real?” that caused him to clarify.
“I’m not saying don’t go; I’m saying don’t go now. Don’t get yourself engrossed in any educational loan at this time. Be sensible about it. And as for doing a Master’s Degree, don’t even think about that; that’s just a waste of time.
“Hardly anybody is getting paid for a Master’s unless you are in a position where you know for a fact you are going to get a salary increase; but don’t just jump up and get more qualifications because you think it will get you more money,” Joseph said.
He, however, advocated professional designations, such as those for CPAs and the like, as well as technical and vocational training.
The other piece of advice is to carefully set goals. “If you don’t have a plan for your life and set goals, the winds of life will blow your sails any place. You have to write them down and look at them every single day,” Joseph said.
He said people are in for a shock the way the economy will go despite predictions from some quarters, including Prime Minister Baldwin Spencer, that there are signs of an ease-up, possibly by year’s end.
Joseph’s measured advice in a nutshell: “Don’t do anything for the next two years that is going to change your financial future – don’t buy a house, build a house … ride it out for the next two years; don’t do anything major.”