Develop an action plan for stock market decline and recession.

How much has your retirement plan and investments declined since January 1, 2008? Determine the exact amount. Your goal could be to replace this loss as soon as possible. Here’s how to proceed:

1. Prepare an expense analysis for business and personal. Where is your money going?
   
   
2. If business owner, identify potential areas to reduce business expenses: meals & entertainment, travel, other discretionary items such as club dues, subscriptions, promotional items, trade shows/events, etc. Also consider buying used vs new equipment etc., hire part time vs full time employees. Reduce payroll thru attrition. Streamline your inventory.
   
   
3. Analyze your debt and interest rates:
   Good debt is usually real estate, vehicles and secured business loans.
   Bad debt is usually credit cards or high interest installment notes.
   High interest rates should be refinanced.
   
   
4. Increase your income:
   Work harder and smarter
   Collect billing more aggressively
   Work more overtime
   Spouse should consider going back to work
   
   
5. Minimize your taxes.
   
   
6. Consult for more specific ideas for reducing expenses, increasing income and maximizing net profits.