Coventional “wisdom” says save your money but you should make extra money now during the recession instead.

Fiscal prudence is typically advised but if you fall back and slow down your investment and income, then you are missing the big financial boat.
This is what I do whenever a slow down comes around:

1) Don’t Panic! Start re-examining my investment portfolio; assess for further investment or divestment.

2) Search for stable or rising industries (there will always be a star industry) to invest in or build a new business.

3) Educate myself in the new industry (knowledge is power).

4) Hire people (if necessary) with the relevant skills for the business or an existing one.

5) Build portfolio in the relevant and more profitable industries as the economy rises.

6) Work my butt off to build wealth and diversify when cash allows.

7) Divest some of my portfolio after a strong rise in performance and do it all over again.

8) Oh, yes. Get some quality time with family.

Now, this is not to say you should get into make money fast schemes. But it may be as simple as making good money from a simple home based business (read original post).

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