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3 Areas You Must Invest in During an Economic Recession

3 Areas You Must Invest in During an Economic Recession

20090428-invest3 Areas You Must Invest in During an Economic Recession

    The global economy is plummeting and people are starting to lose hope, faith in our government practices and in their

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      ability to be successful during these challenging times.  With millions of job losses and the media poisoning our minds with information that may be only half accurate, we need to start taking the time to invest in three main areas: our financial education, our personal brands and building strong relationships that will last through the recession.  It’s really easy to lose hope now, but you must remain calm, cool and collected or else you’ll lose focus, money and you won’t get a job anytime soon if you’re currently unemployed.   Many people who are getting laid off are taking a risk to start their own businesses because  they feel like they have nothing to lose.  One in four workers who have not found jobs is considering launching a business, according to a CareerBuilder.com survey.  For the rest of workers, who feel like they could be unemployed today, tomorrow or in two weeks, please read this post so that they can at least start protecting yourself against a future tragedy.

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      1.  Having a financial education

        We don’t really learn how to manage money in College, so we have to figure out how to on our own.  Of course, school teaches us the basics, such as balancing our check books, but we aren’t prepared for a financial crisis and we don’t have enough of an understanding of “cash flow.”  I recently started reading Robert Kiyosaki’s new book, which is being published free online for the time being, called “Conspiracy of the Rich.”  So far, I’ve read to Chapter 6, patiently waiting for the next few chapters to be complete and uploaded to the site.   Robert, who also wrote the bestseller Rich Dad Poor Dad, is convinced that we’re headed into a depression (worse than a recession) because of bad debt, a corrupt banking system and the reality that the our paper money isn’t backed by anything anymore (our money will be worth nothing at some point).  Understanding our history, as well as new trends (the internet), and how money is changing, will benefit you greatly during this time period.  I recommend reading this book, finding someone whose rich (that has money coming in even if they stop working) and getting advice.

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        2.  Your personal brand

          Investing in your personal brand is going to be critical to surviving in the future because of the popularity of the internet, the fact that more business is being taken place each day on the internet and because, competitive, you have to.  There are two main things you need to know.  First, protecting your personal brand is something that you can’t neglect now because other people may share your own name and claim your digital real estate first and then charge you later (possibly).  Second, promoting your brand is how you’re going to find work during these tough times because visibility creates opportunities and because you need endorsements from other people in order to secure a job without much effort.  Obtaining digital assets in your name, such as your domain name and profiles on social networks, is what’s going to get your name out there, at the cost of your time.   During this recession, you’ll need to spend more of your time on building your brand because you’ll need to invest your money to be financial stable.

          3.  Building strong relationships

          It’s not just about forming any type of relationship.  During this economic crisis, strong ties are going to count and weak ties are going to break.  The key is figuring out who you want to be extra close with and being honest with yourself as to who you think will actually take care of you and become your “safe haven.”  Your family and closest friends will hopefully be there for you, but, depending on their own interests and financial situation, things may change a bit.  Relationships are more valuable than money because they can help you become more productive, allow you to scale your personal brand so you can service more people (clients/management), and because they can help you stay employed or find a new job.  Aside from investing in your financial education and your personal brand, spend at least 10 hours a week forging stronger relationships with other people.

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          More by this author

          Dan Schawbel

          Dan Schawbel is the leading personal branding expert for young professionals.

          Personal Branding Basics You Need to Know for Career Success 3 Areas You Must Invest in During an Economic Recession Your Personal Brand is Equal to Your Google Results Command and Control Your Google Results 5 Things to Do Before You Build Your Personal Brand

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          1 7 Helpful Reminders When You Want to Make Big Life Changes 2 Why Do I Procrastinate? 5 Root Causes & How to Tackle Them 3 9 Powerful Questions That Can Improve Your Quality of Life 4 How to Plan Your Life Goals and Actually Achieve Them 5 20 Time Management Tips to Super Boost Your Productivity

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          Last Updated on September 15, 2020

          7 Helpful Reminders When You Want to Make Big Life Changes

          7 Helpful Reminders When You Want to Make Big Life Changes

          Overcoming fear and making life changes is hard. It’s even harder when it’s a big change—breaking up with someone you love, leaving your old job, starting your own business, or hundreds of other difficult choices.

          Even if it’s obvious that making a big change will be beneficial, it can be tough. Our mind wants to stay where it’s comfortable, which means doing the same things we’ve always done[1].

          We worry: how do we know if we’re making the right decision? We wish we knew more. How do we make a decision without all of the necessary information?

          We feel stuck. How do we get past fear and move forward with that thing we want to do?

          Well, I certainly don’t have all the answers, but here are 7 things to remember when you want to move forward and make positive life changes.

          1. You’ll Never Have All the Information

          We often avoid making important decisions because we want more information before we make a tough call.

          Yes, it’s certainly true that you need to do your research, but if you’re waiting for the crystal clear answer to come to you, then you’re going to be waiting a long time. As humans, we are curious creatures, and our need for information can be paralyzing.

          Life is a series of guesses, mistakes, and revisions. Make the best decision you can at the time and continue to move forward. This also means learning to listen to and trust your intuition. Here’s how.

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          2. Have the Courage to Trust Yourself

          We make all sorts of excuses for not making important life changes, but the limiting belief that often underlies many of them is that we don’t trust ourselves to do the right thing.

          We think that if we get into a new situation, we won’t know what to do or how to react. We’re worried that the uncharted territory of the future will be too much for us to handle.

          Give yourself more credit than that.

          You’ve dealt with unexpected changes before, right? And when your car got a flat tire on the way to work, how did that end up? Or when you were unexpectedly dumped?

          In the end, you were fine.

          Humans are amazingly adaptable, and your whole life has been helping you develop skills to face unexpected challenges.

          Have enough courage to trust yourself. No matter what happens, you’ll figure out a way to make it work.

          3. What’s the Worst That Could Happen?

          Like jealousy, most of your fears are created in your own head.

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          When you actually sit down and think about the worst case scenario, you’ll realize that there are actually very few risks that you can’t recover from.

          Ask yourself, “What’s the worst that could happen?” Once you realize the worst isn’t that bad, you’ll be ready to crush it.

          When you’re preparing to make a big life change, write down all of the things you’re afraid of. Are you afraid of failing? Of looking silly? Of losing money? Of being unhappy?

          Then, address each fear by writing down ways you can overcome them. For example, if you’re afraid of losing money, can you take a few months to save up a safety net?

          4. It’s Just as Much About the Process as It Is About the Result

          We’re so wrapped up in results when we think about major life changes. We worry that if we start out towards a big goal, then we might not make it to the finish line.

          However, you’re allowed to change your mind. And failing will only help you learn what not to do next time.

          Furthermore, just because you don’t reach the final goal doesn’t mean you failed. You chose the goal in the first place, but you’re allowed to alter it if you find that the goal isn’t working out the way you hoped. Failure is not a destination, and neither is success.

          Enjoy the process of moving forward[2].

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          5. Continue to Pursue Opportunity

          If you’re on the fence about a big decision, then you might be worried about getting locked into a position that you can’t escape from.

          Think about it a different way. New choices rarely limit your options.

          In fact, new pursuits often open up even more opportunities. One of the best things about going after important goals with passion is that they open up chances and options that you never could have expected in the beginning.

          If you pursue the interesting opportunities that arise along the path to your goal, then you can be sure that you’ll always have choices.

          6. Effort Matters, So Use It

          It sounds simple, but one of the big reasons we don’t make life changes is because we don’t try. And we don’t try because then it’s easy to make excuses for why we don’t get what we want.

          Flunked that test? Are you stupid? “Of course I’m not stupid. I just didn’t study. I would have gotten an A if I actually studied.”

          Stuck in a job you hate? Why haven’t you found a new job yet? “Well, I haven’t really tried to get a new job. I could totally ace that interview if I wanted.”

          Why do we make excuses like these to ourselves? It’s because if we try and fail, then we just failed. But if we don’t try, we can chalk it up to laziness.

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          Get over it. Failure happens to everyone.

          And the funny thing is, if you actually try—because it’s pretty clear that most people aren’t trying—then you’ll win a lot more than you think.

          7. Start With Something Manageable

          You can’t climb Everest if you don’t try hiking beforehand.

          Maybe applying for your dream job seems intimidating right now. What can you start with today?

          Can you talk to someone who already has that position and see what they think makes them successful? Can you improve your skills so you meet one of the qualifications? Can you take a free online course to expand your resume?

          Maybe you’re not quite ready for a long-term relationship, but you know you want to start dating. Could you try asking out a mutual friend? Can you go out more with friends to practice your communication skills and meet new people?

          You don’t need to be a world changer today; you just need to make small life changes in your own world.

          More Tips to Help You Make Life Changes

          Featured photo credit: Victor Rodriguez via unsplash.com

          Reference

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