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Attacking the Economy

December 30th, 2008 Posted in headlines, reflection

During our economic downturn, it’s hard for small businesses to get a lead on things. While I am not a business owner myself, my parents and many of my aunts and uncles and other extended relatives are. It’s not encouraging and it makes me worry about their financial stability during this time of need in the U.S. While Canada’s economy isn’t as bad off as the U.S.’s, Canada is still affected. And besides, most of my relatives and family and friends are in the U.S., so I know they are affected as well — sometimes first hand.

My parents are talking about possibly needing another loan, perhaps one of those merchant accounts that we have been hearing about from so many different places. In order to keep their business afloat, they will have to make sure they have a solid, dependent, loyal clientele list — people who will come back and over and over again because they are loyal to my parents and because they have been doing it for years. They have to also give clients what they are asking for, and perhaps even more, in order to keep the new people coming back as well. During these times of financial stress, we need all the financial know-how to keep ourselves from going under. Sometimes that means getting more credit and getting another loan. Other times, it means thinking more creatively and knowing how to stay on top of such times of stress.

I know my parents are wise beyond their years when it comes to financial risk taking. I know they will be okay. I just hope everyone else affected by this economy will be as well.

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