The importance of resilience to achieve financial growth

Resilience can be defined as that personal capacity of individuals to face and overcome difficult and adverse moments and situations, through the ability to adapt. Resilience is something truly profound in many ways and can be applied to any problematic and traumatic situation that we may be facing in any area of life; however, today I am going to talk to you briefly about resilience as an important factor in achieving personal financial growth.

But first of all...

What can we understand by personal economic growth?

Personal economic growth can be understood, in a few words, as the ability of individuals to achieve independence and financial freedom in their lives.

And basically, every proactive person is always looking to grow economically, that is, they are always looking to improve their purchasing power to improve their personal and family life conditions. Because we all want the best for ourselves and our families, so knowing, as in fact we know, that money is necessary for everything (or almost everything) nowadays, it is normal that most of us have as a personal goal to be free and economically independent to be able to comfortably cover our needs and those of our loved ones.

But achieving personal financial growth is almost never easy

Because it is always difficult to achieve the goals of wealth and financial growth if you are not willing to make sacrifices and work hard for what we aspire and want.

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This is where the word resilience comes in, because resilience (on this context) is precisely the ability to adapt that we must have to face and overcome the obstacles and problems that prevent us from achieving our personal economic growth goals.

This is especially important when we are in a strong bear market scenario in terms of cryptocurrencies (and other assets), like the one we are experiencing in 2022; because it reminds us that we have reasons to put up with the vicissitudes that are occurring; however, it is not always easy to be resilient when what is at stake is the money in our pocket.

How to be resilient in the current cryptocurrency price scenario?
We are clear that for traders and investors, achieving personal economic growth is about making your investments and trades generate the highest possible amount of profits and the fewest possible losses.

Knowing this, and in my view, being resilient in this scenario consists of sacrifice time and effort to achieve the economic growth goals we want to achieve. So, being resilient in the current bearish scenario of cryptocurrencies consists of resisting, under the belief and personal conviction that the current bearish scenario of Bitcoin and the other important cryptocurrencies will reverse (change to an upward trend), at some point in the future.

But as I said before, being resilient in a strong bearish scenario like the one cryptocurrencies are currently experiencing is not easy at all; because in order to be resilient we must adapt to the circumstance in order to survive it.

It can be said that adapting in such cases is a thing that is much easier said than done, but it is not impossible either. Everything will also depend on our ability to meet our personal and family living expenses, without resorting to our crypto holdings and without falling into panics that lead us to making mistakes when investing and trading in the markets.

Clearly, this means that a person who has the status of "Dolfin", that is, who is not a crypto whale, but has enough money to last as long as it takes until the crypto market recovers and changes to an upward trend; it will be best resilient (with less effort) than people who are mere minnows (or small investors and traders).

But although it will be much harder for a minnow to face these crypto market conditions, it will not be completely impossible to achieve it either. Basically, as a minnow, you should focus on finding alternative sources of income that make you hold the hard current situation of the market (such as earning money or cryptocurrencies for writing articles, or managing third-party social networks, etc).

In others words, essentially, a minnow must achieve resiliency based on its ability to find new sources of income that allow it to weather the storm of the cryptocurrency bear market until the storm passes, and by using as little of the cryptocurrency as possible.

So, being resilient is a virtue, and the greatest motivation we have to be resilient in the markets is the great reward (profits) that we will obtain in the future for having adapted and resisted the hardest times.

In addition, it is increasingly necessary for all traders and investors to develop the virtue of being resilient, because we must remember that the markets are cyclical, therefore, they change their trend from time to time; which means that we will always have years of deep and continuing downtrends, as well as years of strong uptrends. Everything is in knowing how to adapt to the circumstances to become mentally and economically stronger in the face of any eventuality or situation that arises.

What do you think? Please comment.