Instead of tuning into the news each night or day for more updates on what’s going wrong with the US economy and now foreign economic relations in particular, rest assured that nothing you can think about will change whatever is going to happen post-G20 on April 2 in London, England, when the top leaders of 20 developed nations around the world are getting together to debate on such topics as the new world reserve currency and the possibility of better global financial markets regulation.
To some extent, you just don’t need to think about it. I’m not quite advocating a stick-your-head-in the-sand-ostrich-approach, because it’s very important to stay educated and informed on the wider world. Especially at a time like this. But no matter what happens, the things that you can do to protect yourself and improve your own situation are going to be the same. So here are some things I recommend doing to stay financially and personally intact, and also prepare yourself for “the rebound”. It’s important to keep in mind that there are lots of ways you work to “get ahead” in your life.
- Research. Invest in your knowledge. Dig your brain into some deeper material than just what you get from the media. Do you need to read up on a new technology or part of your business that you admit you don’t understand well enough yet? I don’t want to say that now’s the time to “go back to school” — trust me, the higher education bubble is already big enough – you don’t want to get stuck in another bubble just waiting to pop full of grads looking for jobs — but it is a good time to do your own research. This could be for #2, below.
- Lay the foundations for your next big project or the home business that you’ve been wanting to develop. This is arguably the most important thing you can do, especially if it’s at the heart of your career and your long-term future. Instead of focusing on growing your investments and networth, take a look at this more traditional way of improving your lifestyle by adding more value.
- Pay down debt. Enough said. You can get a guaranteed return on your money by doing so. Don’t pay more than you have to for those purchases – pay them off as soon as you can! The only person it’s holding back is you.
- Improve your income. What other ways can you make new streams of income, or make more income? Have you started a dividend reinvestment plan yet? Jeremy from GenerationXFinance gives some good reasons for taking a look at peer-to-peer lending. Take on new projects at work; make yourself more valuable there. Get to know new people on the job. Improve your working relationships. Good things come of this.
- Attend to some other aspect of your life that you’ve been neglecting. Maybe there’s a promise you haven’t kept yet; maybe you haven’t seen some friends in a while, or there’s some other part of your life that’s holding you back. These can be difficult to look at, but now might be a good time to do so. If you can clear away one section of “baggage” in your life, you free yourself for new developments and directions. Maybe it’s just a matter of getting rid of clutter.
- Do a budget rehaul. Or start your first detailed budget if you haven’t yet. Budgeting takes time and most of us never feel like we have the time to give it. So if the economy has you requestioning your retirement and your life directions, this could be a good time to sit back and reevaluate your own spending, as well.
- Do a career rehaul. Similar to #4, but broader. This is more about your life path. Look back and reevaluate your career up to this point. You’ve been wanting to make that move anyway, so now’s the time to start preparing. Get your visual CV in order. Are you on LinkedIn yet? Start networking now, before you really need it. As the HappyRock says, “Having Goals is Great, But Having Purpose Is Better.”
- Rejuvenate. Finally, take care of your self. Whether it’s as simple as getting a haircut, going out for regular walks, or taking the time out to go to a massage therapist – guys and gals, make sure you do something *truly* rejuvenating that you don’t normally get a chance to do. This point can sound like mere platitude, but it’s quite important. Slowdowns happen for a reason. They’re a natural part of any process that goes up and down, fast and slow. Our bodies and lives also need periods of slowdown, so take advantage of it.
So there you have it. It’s nothing dramatic or esoteric, I know. But if you’re like me it helps to be reminded of the bigger picture during times like this – the picture that YOU control: your whole life. It’s important to keep in mind some of the points that Pete has made in his recent article “Are you participating in All the Doom and Gloom? Don’t.” Just work on fixing your own personal economy.
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{ 13 comments }
Couldn’t agree with you more! I especially believe in #8. Times like these are great times to take stock of all the blessings in your life, be thankful, and take care of yourself. Look for affordable luxeries that can brighten up your day.
MoneyEnergy,
This sounds like a great deal of common sense and the best way to handle challenging times is through a proactive approach.
Personally, I myself will be looking into item number seven when I finish my current employment contract within a few months. I would like to do a part time course in writing, editing or journalism, an area in which I feel that I would like to develop my skills a lot further, with the prospect of eventually looking for professional opportunities within that area.
Good points, guys: being grateful on the inside and proactive on the outside by taking actionable steps to get ahead. Very essential, that nicely sums it up!
Thanks for the link ME.
I would also add a general life philosophy
of accepting the truth of the situation and
living in the moment. Choose to be happy
now as the next thing or next day won’t do it.
Money,
All of these points bring alot of merit no doubt. The way I like to think about the current climate is simple. Now more than ever you need to invest in yourself. The money is there you just have to be smart enough to find it.
In every economic melt down there is always a transfer of wealth. What side are you going to be on when things improve?
Nice post money. I really like number 1- as Benjamin Franklin said, “an investment in knowledge pays the best interest”. I think I’m finally learning to truly believe this.
Thanks guys, investing in yourself is really important – I think we all can agree on that. Take “investing” in a broad sense and do the work that needs to be done in all parts of our lives, work done now which will pay good returns later. I think we can actually extend financial knowledge we’ve learned into other areas of our lives.
Paying off debts is one of the biggest challenge that each one of us facing these days. No matter he is a millionaire or hardcore poor, debts always killing us.
I’m working on the business project thing. As soon as we settle into our house, I’m making a small investment of money and a huge investment in time and effort in the hopes of increasing our family income.
I’m a big believer in taking responsibility for yourself, and your finances. Don’t rely on the government or anyone else to make things better for you. In all honesty, the biggest reason people are hoping the government can fix these problems is so they can go back to squandering their money without worry.
Amen!! I support #3 Pay down your Debt. The less debt you have the more money in your pocket. I’m not saying not to ever get a loan. I’m saying to pay them off quickly so you are in control and not paying more for the item. Take responsibility for your spending!!!
I love, love, love #5. Releasing clutter (the inside feeling and the outside tripping-over variety) is important beyond measure. Yet another great article. Many thanks.
Thanks for all the comments. Clutter is a continual battle, but it starts in our minds, I think. There is also the problem of how to stay minimalist when there really are many things you need to hang onto, i.e., if you need reference materials, equipment, etc. Not everyone’s occupation lends itself to a home with nothing in it:)
Hello there, Just been reading through a piece of writing about some new personal bankruptcy laws and regulations and wonder if any individual scanning this understands anything about it.
Essentially my sister seems to have got herself right into a pickle and is searching for Chapter 7 bankruptcy information and asked if I could aid out.
It appeared fairly self-explanatory till I just read this about she may have to make payments under a different Chapter as well???
We had been wanting to steer clear of a lawyer due to costs therefore if anyone might help it would be much valued.
Thank you x
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