Happy New Year! I would be remiss if I didn't take a minute to thank God for all the blessings during 2008.

I'm delaying the bit about road safety for the New Year - this week I wish to express concern that Bermudians don't seem to realise that there is a global recession taking place, especially in North America. We all spent like crazy this Christmas. I am guilty of this as well.

Hopefully next year I can move my family entirely away from gift giving and not celebrate Christmas in this manner. While this year we made some strides in this direction, we were nowhere near where I wish to be.

Some people say that Christmas is for children but kids emulate what their parents do and if a pattern of expecting gifts is developed over the years, then of course they think that they are entitled to gifts every year. This is one way we sow the seeds of a sense of entitlement amongst our people.

Although many people think the recession will not affect Bermuda, I have reason to believe that it will shock many and disappoint even more over the next 18 months.

More on this after The Top 20.

Holding at number one to finish out the year is Single Ladies (Put A Ring On It) by Beyonce.

Up to number two is Live Your Life by T.I. featuring hot girl and Bajan Bombshell Rihanna.

Tumbling to number three is Miss Independent by Ne-Yo, the hottest love song of the moment and DJ LT's current fave.

Falling to number four is the hip and cool new track by John Legend and Andre 3000, entitled Green Light.

Up to number five is the new one from Jazmine Sullivan entitled Bust Your Windows. This is a bad song which gets lots of play that I notice a lot of young ladies like. However, there is a challenge version that puts a different twist or slant on Jazmine's hit. Her hit tells the story of a girl who thought her guy was sleeping with another woman, so she busted the windows in his car. The challenge features the guy's response, where he states that it wasn't him and she didn't really look carefully.

Falling to number six is Whatever You Like by T.I.

Slipping into the number seven spot is the new hit from Ne-Yo, entitled Closer.

Falling to number eight is Mrs. Officer by my namesake Lil Wayne featuring Bobby Valentino and Kidd Kidd.

Climbing to number nine is Right Here by Brandy, which is currently number one in a few dance and club play charts.

Down to number ten is Dangerous by Kardinal Official, from Canada, featuring Akon. This one rocked in the summer and is a hit, but there are other newer and now hotter tracks on the market.

Slipping to number 11 is Jennifer Hudson's monster new hip-hop track, Pocket Book, a duet with Ludacris, which is just a banging track.

Improving a touch to number 12 is Get Up by Gospel Sister Duo Mary Mary.

Tripping to number 13 is Don't Call Me Baby by Kreesha Turner.

I Hate This Part, by the sexiest group of ladies around, the Pussycat Dolls, climbs to number 14.

Now some new hits. On the way up at number 15 is Chopped and Screwed by T Pain featuring Ludacris, this week's essential new tune.

Up at number 16 is Trading Places by Usher.

Jumping to number 17 is Sandcastle Disco by Solange, Beyonce's little sister.

Tumbling to number 18 is current dance anthem Disturbia by hot girl Rihanna.

In at number 19 and this week's essential selection is Miles Away by Madonna.

Also new, but entering at number 20 is Pop Champagne by Jim Jones featuring Juelz Santana.

Now back to this week's words: wake up Bermuda - a recession may be on our doorsteps soon. Many people living in Bermuda seem to think that the recession will not affect them. They may be wrong.

Quietly, many companies are packing up and leaving. They are not saying much about it and are not making a lot of noise, but they are cutting a trail.

A friend of mine told me that you cannot hire a moving company in Bermuda between now and March - they are all booked solid with companies and expats leaving the country. The Bermudians who are xenophobic and would like for these folks to leave may be happy for a moment but when things start getting tight and tough, they, too, may say that maybe things were not so bad before.

Alternatively, the exodus of many people is slowly driving down the cost of real estate (praise God for that). The dream of owning a home in Bermuda may one day come to pass for many Bermudians who don't earn $200,000, which is about the current requirement for a family to comfortably afford a home.

There is clearly something wrong with an economic model whereby the poverty line is $100,000, where if a family doesn't earn at least that amount, they cannot live comfortably. One hundred thousand dollars should be enough to live comfortably anywhere, but that currently isn't the case in Bermuda. Housing is the major expenditure for most families and the declining prices can only help the average person.

Folks should start saving some cash. In the next 18 months, I predict that there will be a surplus of dwellings on the market, meaning that rents will come down. There will be people who can no longer charge inflated rents for their houses and they will have to come up with the balance or shortfall to cover their mortgages each month. What if those very same people lose their jobs, due to companies leaving the island? How will they make those mortgage payments?

Unless they have a plan for this or alternative sources of servicing this debt, we could see foreclosures in Bermuda as soon as January 2010, unless things change. Bermudians should start to plan for life without the luxuries to which we have all become accustomed!

By 2010 we could see less people taking shopping jaunts to New Jersey, simply because they can't afford it. The number of vacations may decline or be downsized. People who had part-time jobs and relied on them to provide a certain quality of life may find that those jobs are no longer available. And, then there goes the quality of life that the part time gig provided.

I'm not spelling doom and gloom, just providing a reality check. Quietly, many companies are leaving and/or downsizing their operations, the signs are there. The impact of this will eventually find its way throughout the entire economy and many people will be surprised about the outcomes. I just hope that when the 'fit hits the shan', we are all ready, prepared and will be able to weather this storm.

So, the best advice is to save your money, pay off a few extra mortgage payments, reduce your debt, make intelligent investments which are safe with low risk, do not take on additional debt unless you are sure that you can service it over its entire life, cut back a bit on unnecessary expenditures and prepare for what could be a long and rainy day.

May everyone have a happy New Year filled with good health and prosperity!

Peace...