Top tips: On how to 'have one hell of a recession and still make a profit'

John Demartini. Photo / Supplied

Author John Demartini gives tips on how to "have one hell of a recession and still make a profit".

How can I make the most of what I have financially?

Firstly, you have to be clear where you are. List all you have, all you owe, all you earn and your expenses each month. In four columns total up each area so you have a real reading of where you are financially. You can then set realistic goals that are achievable and objective.

What is the most important thing to do with your money in these times?

Don't forget the importance of saving. Put a portion of what you earn into savings every month, no matter how big or small that portion is. Those who manage money wisely get more money to manage. This will also lead to greater confidence and a sense of stability no matter what the markets are doing.

I am in debt and fear losing my job. Do you have any advice to people in a similar position?

Always focus on adding value in every way you can. Fear and worry stifle growth and creativity. If you have debt, divide your debt into hours of service and focus on delivering additional service to earn the additional income to pay off your debt.

I am a small business owner. How can I have one hell of a recession and still make a profit?

Restructure where necessary and look for where you can become more efficient. In good times, companies become over-fed and overlook the decline in efficiencies. Recessionary times force companies to become lean, fine-tune their marketing campaigns, streamline areas of ineffectiveness and create a well-oiled machine that prospers when the tide turns. This is possible for any business if you ask the right questions and focus on value-added solutions.

* John Demartini is the author of How to Make One Hell of a Profit and still get to Heaven.