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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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          Last Updated on January 21, 2020

          5 Steps To Move Out Of Stagnancy In Life

          5 Steps To Move Out Of Stagnancy In Life

          In the journey of growth, there are times when we grow and excel. We are endlessly driven and hyped up, motivated to get our goals.

          Then there are times when we stagnate. We feel uninspired and unmotivated. We keep procrastinating on our plans. More often than not, we get out of a rut only to get back into another one.

          How do you know if you are stagnating? Here are some tell-tale signs:

          • If you have been experiencing chronic procrastination on your goals
          • If you don’t ever feel like doing anything
          • If you keep turning to sleep, eating, games, mindless activities and entertainment for comfort
          • If you know you should be doing something, but yet you keep avoiding it
          • If you have not achieved anything new or significant now relative to 1 month, 2 months or 3 months ago
          • If you have a deep sense of feeling that you are living under your potential

          When we face stagnation in life, it’s a sign of deeper issues. Stagnancy in life, just like procrastination, is a symptom of a problem. It’s easy to beat ourselves over it, but this approach is not going to help.

          Here, I will share 5 steps to help you move out of this stagnation. They won’t magically transform your life in 1 night (such changes are never permanent because the foundations are not built), but they will help you get the momentum going and help you get back on track.

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          1. Realize You’re Not Alone

          Everyone stagnates at some point or another. You are not alone in this and more importantly, it’s normal. In fact, it’s amazing how many of my clients actually face the same predicament, even though all of them come from different walks of life, are of different ages, and have never crossed paths.

          Realizing you are not alone in this will make it much easier to deal with this period. By trying to “fight it”, you’re only fighting yourself. Accept this situation, acknowledge it, and tell yourself it’s okay. That way, you can then focus on the constructive steps that will really help you.

          2. Find What Inspires You

          Stagnation comes because there isn’t anything that excites you enough to take action. If you don’t have a habit of setting goals, and instead just leave yourself to daily mundanes, it’s not surprising you are experiencing stagnation.

          What do you want to do if there are no limitations? If you can have whatever you want, what will it be? The answers to these questions will provide the fuel that will drive you forward.

          On the other hand, even if you are an experienced goal setter, there are times when the goals you set in the past lose their appeal now. It’s normal and it happens to me too. Sometimes we lose touch with our goals, since we are in a different emotional state compared to when we first set them. Sometimes our priorities change and we no longer want to work on those goals anymore. However, we don’t consciously realize this, and what happens is we procrastinate on our goals until it compounds into a serious problem.

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          If that’s the case for you, it’s time to relook into your goals. There’s no point in pursuing goals that no longer inspire you. Trash away your old goals (or just put them aside) and ask yourself what you really want now. Then go for them.

          3. Give Yourself a Break

          When’s the last time you took a real break for yourself? 3 months? 6 months? 1 year? Never? Perhaps it’s time to take a time-out. Prolonged working can cause someone to become disillusioned as they lose sight of who they are and what they want.

          Go take some extended leave from work. A few days at bare minimum; a few weeks or months will be great. Some of my ex-colleagues have quit their jobs and took months out to do some self-reflection. Of course, some of us might not have that luxury, so we can stick to a few weeks of leave.

          Go on a trip elsewhere and get away from your work and your life. Use this chance to get a renewed perspective of life. Think about your life purpose, what you want and what you want to create for your life in the future.

          These are big questions that require deep thinking over them. It’s not about finding the answers at one go, but about taking the first step to finding the answers.

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          4. Shake up Your Routines

          Being in the same environment, doing the same things over and over again and meeting the same people can make us stagnant. This is especially if the people you spend the most time with are stagnant themselves.

          Change things around. Start with simple things, like taking a different route to work and eating something different for breakfast. Have your lunch with different colleagues, colleagues you never talked much with. Work in a different cubicle if your work has free and easy seating. Do something different than your usual for weekday evenings and weekends. Cultivate different habits, like exercising every day, listening to a new series of podcasts every morning to work, reading a book, etc (here’re 6 Proven Ways To Make New Habits Stick). The different contexts will give you different stimulus, which will trigger off different thoughts and actions in you.

          When I’m in a state of stagnancy, I’ll get a sense of what’s making me stagnate. Sometimes it’s the environment I’m in, sometimes it’s the people I’ve been hanging out with, sometimes it’s my lifestyle. Most of the times it’s a combination of all these. Changing them up helps to stir myself out of the stagnant mode.

          5. Start with a Small Step

          Stagnation also comes from being frozen in fear. Maybe you do want this certain goal, but you aren’t taking action. Are you overwhelmed by the amount of work needed? Are you afraid you will make mistakes? Is the perfectionist in you taking over and paralyzing you?

          Let go of the belief that it has to be perfect. Such a belief is a bane, not a boon. It’s precisely from being open to mistakes and errors that you move forward.

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          Break down what’s before you into very very small steps, then take those small steps, a little step at a time. I had a client who had been stagnating for a long period because he was afraid of failing. He didn’t want to make another move where he would make a mistake. However, not wanting to make a mistake has led him to do absolutely nothing for 2-3 years.

          On the other hand, by doing just something, you would already be making progress, whether it’s a mistake or not. Even if you make a supposed “mistake”,  you get feedback to do things differently in the next step. That’s something you would never have known if you never made a move.

          More to Help You Get Unstuck

          Featured photo credit: Anubhav Saxena via unsplash.com

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