Persevering through hard times
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Persevering through hard times
The pandemic showed us all that our way of life can change in an instant. We went from a time of prosperity that included record unemployment rates and low inflation to a period of uncertainty, layoffs and debt. How do you overcome the odds when hard times come knocking at your door? It's a mind game, and it's a marathon and not a sprint.
I've written about strategies to survive recessions- 2008 was particularly hard on me and those that I knew and loved. I wrote a three-part series about how I survived through those hard times and came through on the other side. To say that I was unscathed after that would be dishonest- it was incredibly difficult and it left some lasting marks. I did however emerge from the trials of the recession with more grit and determination. The hardships I faced were more than enough to strengthen my resolve and my mental frame. After 10-years I am much better off mentally, financially and physically.
We may be heading into a period of uncertainty again- layoffs and corporate losses are rearing their ugly heads and people are seeing losses in real time. It's really important to know that if you see those around you preparing to leave or you get any kind of a hint that your job may be in jeopardy, it's time to start looking. You won't get a two week notice that you're going to be laid off generally, and you're likely not going to get a severance. How do you get ready for this how do you persevere? You need to avoid denial and face the facts. Just because we have an animal instinct to stick our heads in the sand doesn't mean we can avoid a big blow.
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Being stoic is a very good strategy- whenever you face uncertainty that may cause you to have loss you've got to be ready for it, and you've got to think about the worst case scenarios. No matter what you feel, if you are heading into a job loss or financial problem, avoiding it will not save you. You've got to focus your mind on survival. The number one thing you can do to survive during these times is to face reality head on whenever there's a crisis or any kind of a disaster, there's an inclination to pull an ostrich and put our heads in the sand. We think it's going to get better or deny that there's a problem. If your house is on fire, you should run out of that house you don't want to become a casualty due to the fact that you didn't act complacency is the killer.
Surviving the Recession- A Reality Check
Surviving this recession is going to mean you will need to be a highly skilled-performer at work. You're going to have to foster and grow your skills, and you're going to have to be someone who is willing to go the extra mile. You're also going to have to have side hustles or extra jobs. I've noticed a reduction in my income for my side hustles as people have less money to spend. I saw this coming, although it was a little bit shocking when my e-commerce business has seen a reduction in sales as inflation has taken over more of America's budget. I have to react and potentially take on another job doing some kind of a consulting business or complete physical labor jobs.
Mind state really does dictate survival. I've read many disaster scenarios and stories from plane crashes to factory fires, and those who survive saw the issue and left or escaped immediately. They warned others and took concrete action, but not everyone paid heed to the warnings. Those that didn't were paralyzed with fear or disbelief, and many lost. People in crisis situations ask- "Is this really happening?" and "Am I really going to lose?" and the answer many times is yes, so focus on an exit route. Make yourself better and build community where you live. Don't focus on how good or how bad others are doing, as that's a huge mistake. Instead focus on your path and what you're going to do to improve your lot. Social media is bad for people, and that we focus on what other people are doing and we get ourselves into some major trouble so please focus on what you're doing.
Plan of Action- Recession Survival
What concrete and quantifiable things are you going to do to survive the coming recession? Do you have any kind of a resale business? Are you a handyman? Are you going to become a top performer at work? Are you going through a training or education program? What are you going to do to survive? It's important to focus on this right now when times are good. It's easy to get your foot in the door when times were good, and I built my e-commerce businesses when people were actually spending money. I used that money to reinvest in the stocks that pay dividends, for my emergency fund and to pay off debt. Now that my businesses have seen reduced revenue, I'm still getting income but it's less than before. I used the prior income for good things to position myself- now I'm going to focus on more sustainable income sources.
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Inflation and debt, which are at record levels in America and around the World, are really the killer of our economy. People's livelihoods are in jeopardy and if you can't pay your bills you're in a lot of trouble. Make sure you're killing off your debt with your income, and if you have to get a second job temporarily to kill off all your debt it's worth it. Being tired or being a little bit stressed is definitely going to be worth the peace of mind you'll get when you are debt free. Debt is stress and debt is slavery, so make sure you pay it off as soon as you can.
My final bit of advice is to enjoy life daily and live in the moment. Life is beautiful, and if you're reading this, you're alive. Everyday we wake up is a gift- look at the sunrises and look at the sunsets and appreciate it. You're going to be working very hard but it's going to be a very memorable time and you'll look back on it and you will appreciate what you did. You're much more capable than you think you are and it's going to be a time of reflection, but at the end of the day you are going to be proud of yourself so just survive and you will one day thrive- give it your all.
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