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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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          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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          Last Updated on July 2, 2020

          13 Common Life Problems And How To Fix Them

          13 Common Life Problems And How To Fix Them

          In life, we encounter problems as we breathe. But it doesn’t get to us until we feel a major impact, and that’s when it becomes a source of concern, hurt, or sorrow.

          Life problems, depending on their magnitude, can be clogs in the wheel of progress, and we may not be able to attain our full potential if we don’t learn to place our problems in the proper perspectives as suggested in Robert Schuller’s Tough Times Never Last.

          In this article, I have identified some common areas where you will most likely face problems as you make progress towards reaching your full life potential. I have also suggested practical approaches in handling, managing, and solving such problems.

          1. Financial Crisis

          We live in an uncertain world and a financial crisis may come at different stages of life. While you should always anticipate and prepare for a financial crisis, it may still catch you off guard or the magnitude may be far more than any preparation you have made over the years.

          It could be that you lost your job or a major investment, got slammed with a lawsuit that threatens your savings, or have your livelihood be affected by a major disaster. So what do you do when you are in a financial mess?

          Solution

          To overcome a financial crisis, you will have to come to terms with the crisis. Acknowledge and accept the situation and begin recovery by setting your financial priorities right.

          The next thing to do is to identify the cause of the crisis. If it’s due to a job loss, then your effort should be directed at getting a new job. If it is having multiple debts, look for ways to consolidate your debt so that your monthly debt repayment can be consolidated into one instead of being burdened with multiple payments.

          You can also sell some of your assets to raise money to save the situation, or look for a better job if you are earning less at your current job. Don’t hesitate to ask for help from family and friends if you need to.

          2. Health Crisis

          Another major problem that might come up in your life is a health crisis. This is not far-fetched because our body systems work round-the-clock, even when we are sleeping. As a result of this, and if you don’t maintain routine health habits, health deterioration might begin to set in. Things might even get serious if you don’t attend to it early.

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          Solution

          When you are facing a major health crisis, the first thing to do is to consider lifestyle changes. This includes cutting down on junks, eating healthy diets, exercising, breathing fresh air, taking some sun, etc.

          Apart from the lifestyle changes, you have to seek quality medical help and make sure you get different opinions about the state of your health so you can get the best affordable care.

          3. Relationship, Marriage, and Family

          There may not be anything as sweet as love and family life, but it can also be the source of pain for some. Human imperfections in a relationship can cause a major crisis in life. This has been a stumbling block to many on their path to fulfillment.

          Solution

          The best thing to do is to prevent relationship problems from happening, but if they do happen, you need to face reality and begin to take steps towards addressing them. Do your best to keep the lines of communication open as this can help in strengthening your struggling relationship. Talk about the challenges with your partner and look for common grounds.

          You can also arrange to see a counselor together or read books that address the specific challenges you are facing. The worst thing you can do is to end a relationship and that’s only when you have exhausted all other options.

          4. Workplace

          The workplace is supposed to be a place where we dutifully render the services for which we’ve been hired.

          However, it is not impossible to face animosity at work—dealing with toxic people who would rather not see any good in what you do. It might be caused by differences in background, attitudes, and unhealthy competition that can result in personal conflicts. This can create undue stress and reduce productivity.

          Solution

          Be as professional as possible when dealing with toxic people. Be kind and show understanding, and try to avoid personal confrontation.

          You can even try to reach out to the persons and invite them over for a coffee and get to understand their worldview. This can help you to connect with them at their level so that you can avoid unnecessary stress for yourself.

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          5. Career Pressure

          In your quest to become more successful, you will likely encounter work-related pressure. Such can come when trying to stabilize your career or climb the career ladder. It can also come as a result of overworking and having no life. Career pressure is one of the most common life problems.

          Sometimes, it may be that the promotion you are working hard to get is not coming or positions you are qualified for are being offered to others. The pressure can get more intense when you find that most of your colleagues are moving ahead of you.

          Solution

          Check to find if you have personal or attitudinal problems. Some attitudinal problems can put you at a disadvantaged end. It may be poor communication, poor personal grooming, or poor relationship and networking skills. If it is any of these problems, then work on improving yourself in those areas.

          You can also observe your colleagues who are succeeding and take note of what they are doing differently.

          6. Unfair Treatment

          We are in a world where some people often think they have some privileges over others and may want to exercise this thinking and treat others unfairly. If you find yourself in an environment where you are being oppressed or treated badly because of your race, gender, or current status, this can make you feel really bad and can also affect your psyche and productivity.

          Solution

          There is the temptation to decry your treatment, defend yourself, and demand a change immediately, but you should really wait for the right opportunity to do that.

          When the time is right, reach out directly to the person or authority involved, and make it private. Meanwhile, you should be factual about the instances of your unfair treatments. Don’t just say it that you are being treated badly; give several undeniable instances.

          Once you’ve made your grievances known politely, keep being you. If things don’t change, you can cocoon yourself in that environment. If you have an option to leave, you can do so as well.

          7. Emptiness and Boredom

          When you are in a rut, everything becomes normal, dull, unproductive, and yet difficult to change. This can lead to feelings of emptiness and boredom. This may not seem like a serious life problem, but it can have a great impact on your life.

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          Solution

          To overcome boredom and emptiness, break out of your routines, and deliberately create a new experience for yourself. If you can’t leave your job to find a new one, start doing other things that reflect your true passion. Sometimes, the things that give us the needed drive in life are not our day jobs.

          8. Confusion

          Confusion is described as a change in mental status in which a person is not able to think with their usual level of clarity.[1]. It is inherent in forgetfulness and lack of concentration.

          It can be caused by different things including medical and environmental factors. It can also be due to the experience of a loss, a heartbreak, or abuse.

          Solution

          Don’t allow the situation to deteriorate into something more serious. Try to snap out of whatever experiences you have had that is causing confusion. Seek medical help if necessary or talk to a psychologist.

          9. Friendship Problems

          We need friends in our lives to rob minds and hang out together and even help us when we run into trouble. But many people have found themselves in serious trouble as a result of the company of friends they keep. They’ve experienced jealousy, backstabbing, and betrayal of trust. Some friends have even used the information freely provided in times of friendship to betray trust.

          Solution

          Don’t open up on everything to friends. Keep some information only to yourself. If you notice that a friend is working against you, confront them with the truth. Limit your interaction with them or get rid of such toxic friends completely.

          10. Haunting Past

          We all have pasts, and we might have done some crazy stuff in the past before we begin to live a more civilized and decent life. But sometimes, the past comes back haunting. It’s even worse when life problems of the past haunt you back and become problems of the present.

          It may be that what you have done is now striking your conscience, keeping you awake at night. Or someone who knows about it is trying to use it against you, and it is standing in the way of your progress.

          Solution

          Be true to yourself and forgive yourself. If it is an issue with another person, you can reach out to the person to settle with them. If it is a secret that is now being leaked out, own up to it, take responsibility, and move on.

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          11. Safety and Security

          You may find yourself in an environment where there have been unexplained murder, gun violence, police brutality, insurgencies, and other life-threatening situations. This can make you feel like you might be the next victim. What should you do in this situation?

          Solution

          Ensure that you watch where you go and keep your home secure. You can also get involved in a neighborhood community watch to collectively find solutions to the threat. If the situation persists, you can move to a more secure location.

          12. Failure

          Failure can bring disappointment and can also slow the pace of progress. But failure is also part of life, and we have to learn to deal with it. But what do you do when an experience of failure weighs you down?

          Solution

          You can read a book or biography to get inspired by other people’s success stories.

          13. Grief

          No one loves to grief but we can’t totally shield ourselves from it. The loss of a loved one is painful and, if not properly handled, can lead to an emotional breakdown.

          Solution

          Take your time to express emotions. You can also pen an emotional tribute to the individual. Writing can help us bring out the feelings that cannot be expressed otherwise, and it helps us breathe a sigh of relief.

          You can also cope with your grief by helping them to realize some of their unfulfilled dreams or do something in their honor. Lastly, while you think about your loss, you will still have to move on, accepting the fact that life is transient.

          The Bottom Line

          Problems are what make life worth living. They help us adapt to become tougher as we adapt to different situations. Always remember that whatever problem you are facing has a solution or, at least, a manageable approach.

          Therefore, never allow your challenges to stop you from fulfilling your true potentials in life.

          More Tips to Help You Get Unstuck

          Featured photo credit: Danka & Peter via unsplash.com

          Reference

          [1] Medicinet: Confusion: Symptoms & Signs

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