The Coming Recession — Are You Prepared?
Written by: Martin J. Fisher, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
It's no secret that the economy is on a bit of a downswing. Talk of ever-increasing prices and an impending recession are all over the news and social media. It's impossible to ignore and too easy to fall into a mindset of scarcity and fear. But just because there's a potential for tough times ahead doesn't mean you have to sit idly by and wait for them to happen.
Now is the time to prepare—both mentally and financially—for whatever the future may hold.
Because when you're prepared, you're not as easily thrown off course. You have a plan and a backup plan. And when things do get tough, you know you can handle it because you've already faced—and overcome—adversity before.
So how do you prepare for a recession? Here are a few tips to help you weather an economic downturn.
Stay positive
It sounds cliché, but your mindset really is everything. If you go into recession with a positive attitude, you're more likely to come out of it unscathed. Why? Because your outlook directly impacts your actions.
If you're constantly focused on the negative—worrying about what could go wrong and all the ways things could fall apart—you're not going to be as proactive as you need to be. You'll make rash decisions out of fear instead of level-headed moves that will actually help you weather the storm.
So stay positive and keep your eye on the prize. Be on a constant lookout for opportunities. Remember, this too shall pass.
Take inspired action
This is different from taking rash, impulsive actions out of fear. An inspired action is calculated and deliberate. It's based on your values and what you want to achieve. It's thinking two steps ahead instead of just reacting to what's happening in the moment.
For example, say you're a little concerned about your job security. Instead of just sitting at home worrying about it, you take action. You start updating your resume, networking, and looking for other job prospects to give you a better sense of what's out there. You create a savings plan that will hold you over for a few months in case you do lose your job. You start looking into side hustles and ways to make extra money.
You're not just sitting around waiting for the worst to happen. You're taking charge and doing what you can to protect yourself proactively. And that makes all the difference.
Find helpful mentors
Everyone has an opinion, and the internet is flooded with people who claim to know it all. But when it comes to financial advice, it's always best to get it from someone who's actually been through it.
Look for mentors—people who have weathered economic downturns and come out on the other side successfully. These people can give you practical, real-world advice on what to do (and what not to do) to weather a recession.
Seek mentors online and in your real life—people you trust and with your best interests at heart. And don't be afraid to ask for help when you need it. The people who care about you will be more than happy to offer their support.
Invest in Yourself
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When you work with a life results coach, you're investing in yourself, taking control of your future, and creating a life you love. This includes learning how to find your purpose and fulfill it by addressing any barriers that might get in your way.
Coaching helps you live an authentic life by addressing any barriers that might be holding you back so that you can achieve your goals and live the results that matter most to you.
If you're feeling stuck, maybe it's time to take a step back and consider your goals from an outside perspective with someone who understands what you're going through.
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Don't freak out
This last one is easier said than done sometimes, but it's important nonetheless. Remember, recessions don't last forever. They're inevitable, but they're also temporary.
So don't make any rash decisions out of fear. Don't let the media scare you into thinking the sky is falling. Keep calm and carry on. The sooner you accept that you can handle whatever life throws your way, the better off you'll be.
Martin J. Fisher, Executive Contributor Brainz Magazine
Martin is a Life Results Coach with a proven track record as a health care professional and corporate executive. He left that all behind to follow his calling to serve clients to create fulfilled lives they love. His expertise in health & wellness, pivoting & developing careers, and life patterns unite into the perfect holistic approach when creating your new life.
